Homeowners urged to look beyond big city lights and buy up in regions like Cairns

first_imgCairns real estate agent Monique Odmark. PICTURE: BRENDAN RADKEBUDDING homeowners have been urged to look beyond major metropolitan areas and buy up in affordable regional centres like Cairns.Research undertaken by Propertyology found 56 per cent of local government areas in Australia still had median house prices of $400,000 or less, despite sky-high prices in capital cities such as Sydney and Melbourne.The company’s managing director Simon Pressley said Cairns, with a median house price of $405,000, remained well within reach for most buyers.“There’s no law which says one must remain living in Sydney. In fact, for generations, people have move from cities for work promotions or transfers, while many others have elected to do it for lifestyle and affordability reasons,” he said.“For those who aren’t attracted to relocating, we’ve observed a trend where more and more Australians are electing to become a reinvestor, where they invest in another location and continue renting where they want to live.”Based on the Propertyology research, a couple with an annual household income of $110,000 could afford to buy a median priced house in 69 per cent of council areas across the country.Mr Pressley, who is based in Brisbane, said the Cairns market was attractive for myriad reasons.“Gone are the days where it relied on tourism and nothing else as Cairns has learned the importance of economic diversity,” he said.“It has a strong health sector and the city continues to explore that.More from newsCairns home ticks popular internet search terms3 days agoTen auction results from ‘active’ weekend in Cairns3 days ago“It also has two strong universities there now, which appeals to international students.“We feel that in 2017 and 2018, there will be some encouraging job opportunities coming out of Cairns.“Cairns has always had strong fundamentals and doesn’t have the struggle of housing oversupply like other areas.”He said would-be property owners striving to afford to buy in Sydney should be “careful what they wished for”.The Cairns Post reported on Monday that the Far North’s lifestyle was attracting a wave of Baby Boomers and young entrepreneurs who are choosing to grow their business in the tropics.Local real estate agent Monique Odmark, of Professionals Cairns South, said affordable housing was another top reason to live in the city.“Even in popular Southside suburbs like Mt Sheridan, you can still pick up properties for under $300,000, which is just amazing,” she said.last_img

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