All Topics / General Property / property 4 sale in Cairns

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  • Profile photo of mk2rmk2r
    Member
    @mk2r
    Join Date: 2004
    Post Count: 35
    March 12, 2005 - 3:25 am

    I am moving from Cairns to Perth and have just signed my last deal for the time being. If anyone is interested in buying property in Cairns, there are some really good 1 bedders (under 50m2), I had a look at but didn’t end up buying (the bank wouldn’t let me), that I could recommend. There not meeting the 11 second rule but are close to it.

    For example: 48m2 furnished 1 bedder $89,000 neg
    would rent for $150p/w

    48m2 furnished 1 bedder $95,000
    renting @ $135p/w with possible increase to $140-145p/w

    39m2 furnished 1 bedder $93,000
    will rent for $150 once an a/c unit is installed

    All in good areas with good rental history.

    Note: All have the bedroom seperate from the living area. These are not studio or bed sitter apartments.

    Regards,

    Guy.[smiling]

    Profile photo of ZentraderZentrader
    Member
    @zentrader
    Join Date: 2004
    Post Count: 3
    March 12, 2005 - 6:32 am

    Hi there,
    I am looking to get my second investment property and i don’t mind if this time it falls short of a few criteria, as wish the rent to be as close to 100% of finance costs as possible, but due to larger income negative geared still suites me…I think a breakeven attitude is better for me, as I get tax benefits and providing its a growth area all good.
    Can you recommend any houses, or flats in the 150-200k price range up there, that already have tennants…? Or can find easily? please reply to zentrader@ msn.com, cheers [biggrin]

    Never Give up, Never Give up, Never Give up.
    Dalai Lama

    Profile photo of GrregGrreg
    Member
    @grreg
    Join Date: 2003
    Post Count: 121
    March 14, 2005 - 1:53 am

    Brokers please correct me if I am wrong but getting finance on a property less than 50sqm will normally limit your available lenders.

    Also I remember a Residex report on Cairns units about 4 months ago and it was less than glowing. If I remember correctly they predicted the CG for Cairns units to be aound 0% for the next 5yrs.

    Maybe they aren’t correct – but maybe they are… Time will tell.

    Cheers,
    Greg

    Profile photo of mk2rmk2r
    Member
    @mk2r
    Join Date: 2004
    Post Count: 35
    March 14, 2005 - 1:42 pm

    Zentrader,

    At the top end of the market this maybe true. At the moment Cairns is being flooded with new apartments due for completion in about 6-12months time. But buying in at the bottom end of the market should be ok. Figures releasted about 1 month ago perdict growth in Cairns in the next 20 years to be better than S/E Qld.

    Will be interesting how it all turns out.

    Guy.[smiling]

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