QLD Cairns

Your cheaper areas to insure are places like Edmonton, Bentley park, Mount Sheridan and White rock and Gordonvale.

Most parts of Mooroobool, Earlville, Kanimbla and Brinsmead are also uneffected by floodzones.

I haven't really checked the maps for Edgehill and Whitfield but would assume most parts are fine.

Kuranda is also a lot cheaper to Insure.

Other suburbs you just need to check your flood zones.

 

Thank you!!

 

OMGoshness $3500 and $4500 BC fees for 2 bedroom apartment!! Wow is all I have to say! $4500 + for insurances for homes, wow wow WOW!!

 

How's the search been going?

 

Hi @The Grinch

Yes, body Corp and insurance fees can be very high in North Queensland, but they do have a very wide range.

As a B.A in N.Q. I have done considerable research into these issues and have found that:
- Body Corp fees range from ~$1,800 to <$12,000 a year. This is based on research into over 800 unit complexes across the region, as at 2018. Insurance fees and market failure of providers do play a major role in these fees, as do savvy Body Corp committee members and Body Corp managers.
- Insurance for a house generally ranges from around $2,000 to $5,500 depending on where you buy, and who you go through.

Both of the above are things that you can investigate in advance to eliminate unfeasible prospects.

Regards

Jen

p.s. Insurance is based on a number of factors, not just flooding. And different insurers have different policies that make a massive difference!

 

Hello! I’ve mostly given it up for the minute due to the dreaded COVID but every now and then I’ll have a look. Definitely a buyer’s market in some spots... cairns seems to be steady, or the spots I’ve looked at are not showing much change.

 

Cairns historically has done well when the rest of Australia has being doing poorly, market seems almost uneffected since covid so would not be suprised if we see things heat up more and more over the next few years.

Good time to target those nice land locked suburbs

 

Cairns is slowly building multiple economic pillars but it is still a tourism dominated economy however it appears to be shifting more towards a regional hub services base sector. For me it’s still ticking all the right boxes providing you buy in the more desirable areas where you’ll get growth and cashflow.

 

Things do appear to be positive and moving in the right direction.

 

Must admit I mainly keep an eye on Trinity beach which I thought appeared to be softening. What are you seeing @The Grinch ?

 

I've been seeing tighter vacancy rates and good yields. Time on market has appeared almost uneffected. The market to me appears to be in recovery.

I've noted that many of the property's in the 200's and 300's are being snapped up quick which is always a good sign when the bottom of the market begins to move.

 

Could Cairns Be the Big Winner From COVID-19? | Hudson Property Agents

 

I have a property a little further north at Wonga Beach which I had built in 2002/3. Thankfully it has been rented on a consistent basis by sugar mill workers (Mossman).
Land purchase was in 2000, for 33k for a 800sqm block in Kalkuri close. Had NQ Homes put a house on it for approximately 210k and added a pool for another 20k.
I have been offered 450k for it on several occasions, but as a Buy and Hold investor won't be selling any time soon.

 

That's a considerable amount of profit amd good growth for 1 cycle hopefully the next boom brings that price up into the 600's which as a tourist location and proximity to port doug may very well be a place for people priced out of port to relocate.

@strongy1986 bought up Mossman as a place he would invest outside of cairns and I have been interested. We just bought in Babinda but I think for IP2 I may be looking at mossman,mission beach, Atherton and potentially Tully. Amazing vacancy rates in all areas and very very good entry level prices.

May I ask what the rent currently sits at or the yield?

 

What are the insurance premiums like these days, @The Grinch?

 

Depending on where and what you buy prices can vary. Lower premiums between $1500 - $2500. Higher premiums $3000-$5000.

Again depends where and what you buy.

 

The property has been unencumbered for 13 months now.
Current rent of $410pw. Insurance fees approx. $2600 annually.
It is a 4 bedroom home.
I too think Mission Beach has potential.

 

Not bad at all, we have a property in Mooroobool we recently purchased as a PPOR however circumstances changed and we realized it was not large enough for our needs so we will convert this to an IP once we have renivated and moved into Babinda.

Went for a drive to tully and mission beach today amd was quite impressed with current infastructure and services available in tully for such entry level prices. I'll need to do some more DD and will watch how the market performs over the next year as it has appeared volatile based in recent 5 years of data.

 

I’ve been thinking about Tully as well, looks amazing. Just worried about schools though.....