Tips for investing in the Cairns Region
If your thinking of investing in the Cairns region, do your home work before you decide to buy. Many Southerners can get tricked into believing there are paying a fair price for a property because they are comparing the price to what it can buy at home. Its so important to deal with a reputable Mortgage Broker would will do the necessary valuations to ensure you are getting a great deal on the property. So what about investing in bricks and mortar in a place like Cairns which has so much to offer including beautiful uncrowded beaches, easy access to The Great Barrier Reef, great schools, restaurants and a wonderful family safe community.
We recommend testing the waters by renting first, you can do so for about $280 per week for an average freestanding villa or $440 per week for an average four bedroom plus ensuite house – (the median weekly rent across the board in Cairns is just $250 per week.)
If you decide you want to purchase a property make sure you give a us call to take you through the process and get a pre approval before you start looking. There are a few suburbs that you need over 10% deposit and certain banks dont lend in certain areas or if the property is under a particular size. The current median house price is $300,000.
But hang on, what about jobs? What are people paid in Cairns? The median annual income from the 2011 Census was just under $60,000, so the perception that you end up on the minimum wage when you move to the country is not quite right.
Most astute investors will argue that the reason you question buying properties in an area like Cairns, is that capital gains are not as significant as in the cities or on the coast. True. One of th best reasons to invest in Cairns is simply the rental return which can achieve “pay-for-themselves” returns. It is not uncommon to have a 7% gross return on the lower end of the market with a rental yield of $280 per week from a purchase price of $210,000. This is a terrific return particularly when interest rates are at all-time lows.
For more information call us on 4057 9746
We recommend testing the waters by renting first, you can do so for about $280 per week for an average freestanding villa or $440 per week for an average four bedroom plus ensuite house – (the median weekly rent across the board in Cairns is just $250 per week.)
If you decide you want to purchase a property make sure you give a us call to take you through the process and get a pre approval before you start looking. There are a few suburbs that you need over 10% deposit and certain banks dont lend in certain areas or if the property is under a particular size. The current median house price is $300,000.
But hang on, what about jobs? What are people paid in Cairns? The median annual income from the 2011 Census was just under $60,000, so the perception that you end up on the minimum wage when you move to the country is not quite right.
Most astute investors will argue that the reason you question buying properties in an area like Cairns, is that capital gains are not as significant as in the cities or on the coast. True. One of th best reasons to invest in Cairns is simply the rental return which can achieve “pay-for-themselves” returns. It is not uncommon to have a 7% gross return on the lower end of the market with a rental yield of $280 per week from a purchase price of $210,000. This is a terrific return particularly when interest rates are at all-time lows.
For more information call us on 4057 9746
