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As seen in the Source link, written by on 2020-01-11 06:00:00

FAR Northern buyers have no excuse for not jumping headfirst into the property market this month with economic conditions perfect for adding a first home, or an investment property, to a lean portfolio.

Belle Property Cairns residential sales consultant Vanessa Robinson said the city was a buyer’s market and low interest rates and affordable prices should be enticing renters to buy.

“Should the pendulum swing it may do so quickly, so I honestly think it’s the perfect time to buy, most especially if you are a first homebuyer,” she said.

34 Old Smithfield Rd, Freshwater is on 1240 sqm and has a current development approval in place for four townhouses. Price in the mid $400,000s.

“Avoiding the significant cost of mortgage insurance with the Federal Government’s First Home Loan Deposit Scheme is great I would sign up tomorrow if I was a first homebuyer.

“I would like to see the government make a commitment to it long term so that young people can plan and save accordingly as even saving a 5 per cent deposit is hard.”

Elite Real Estate Service director Karl Latham agreed 2020 was the time to buy for those who still hadn’t taken the plunge.

48 Lake Placid Rd, Caravonica. Inspect today at 11.30am. Full of character and natural charm, this cute Moroccan-inspired cottage offers cool living conditions.

“After a rocky 2019, I think there’s some clear skies ahead,” he said.

“The beginning of last year was pretty poor in regards to volume. It started to pick up in the second part of the year though.

“There is a shortage of listing stock out there and we are seeing increased buyer inquiry in the $300,000 to 450,000 price range.

“Not only that, we are seeing some of the highest rents in Cairns in recorded history so it actually works out more economical to purchase a home.”

10 Etty St, Kewarra Beach. Buyers in the $400,000s. Low maintenance in a sought-after location with an open plan interior and a clever versatile floorplan.

Mr Latham said a lull in the market over the Christmas break and stable prices meant it would be easy for a first-timer to buy.

“Interest rates are expected to go down again this year so it makes much more sense to buy a property,” he said.

“We’re noticing the majority of properties on the contract board are at the lower end, we’re getting multiple offers and while open home numbers are still lower, it’s about quality not quantity.

9 Colonial Cl Redlynch. On the market for $430,000. Four bedrooms with built-in wardrobes and a master bedroom featuring an ensuite, plus an in-ground swimming pool.

“What I think is buyers in the lower end will stimulate the property market in the next bracket of properties.

“Some of these owners (of lower priced homes) will be retiring, some will be investing but a good proportion will be homeowners looking for the opportunity to upgrade.

“If these properties get snapped up then those people looking at upsizing can move on and be buying those more expensive homes.”

There are 540 homes for sale in the greater Cairns region on currently.

Of those, 191 were three-bedroom houses.

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