THE Far North remains a strong market for investors, despite the expected “COVID-19 property discount” never arriving.
Champions In Real Estate agent David Galloway-Penney said he’d been approached by a number of investors this year, with the mindset that property prices had plummeted.
Cairns rental stock below 1 per cent
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“We’re certainly getting a lot of investors coming through saying ‘find us a high-yielding investment property’ and they don’t want to spend over a certain amount of money,” he said.
“There’s investors out there just throwing the most ridiculous verbal offers at us for some properties, thinking they’d just be able to pick them up. But we’ve been able to sell them above asking price.”
He said that despite strong property prices, Cairns was still attractive for investors, with many agents reporting vacancy rates below 1 per cent, while his agency had none currently on its rent roll.
“A property like 11/49-51 Digger Street, Cairns North tells the story. It sold to a Melbourne buyer for $230,000 and (is) expected to return $400 per week,” Mr Galloway-Penney said.