Bargain property in Caravonica? Tropical Queensland rainforest house listing slashed $250,000
There are certainly opportunities in the current 2019 market to pay less than the last price.
But is there really such a thing as buying a bargain when it comes to property? And where are they?
This series of articles looks are specific examples of sale price or asking price falling.
We take a look at where and if possible why this is happening.
We came across this property for consideration.
A Caravonica, Queensland home located in a tropical rainforest is currently listed for $875,000.
Now entering it's 7th year on the market, the house originally sought $1.125 million.
Rick Szelpuk of NewManor Realty is currently marketing the property.
Situated at 62-64 Fig Tree Drive, the home sits on a 8,200 sqm block.
The three bedroom, three bathroom house is being offered for sale for the very first time.
Built over two levels, both the upper and lower floors are surrounded by wrap around entertaining decks.
Located 15 minutes to the Cairns CBD, the listing describes the home as a "magnificent timber master piece offering unparalleled privacy."
The holding was last sold in 1989 for $31,250.
Property Observer advise that it is up to you to determine if the offering is a truly beneficial bargain.
Remember buying at the bottom of the cycle is fraught – as you can't really precisely pick the bottom nor know just how long until you see some price growth.
Be aware you could be buying a poor quality property in an area with ongoing issues of oversupply of stock.
The oversupply could be also putting downward pressure on rents.
Other price declines could be because the vendor needs a quick sale or paid way over the top on its last purchase chase.
Property Observer suggests property purchasing really does need to be a very well considered proposition with a long term mindset.
As a part of this series, we've already had a look at properties in Mount Eliza, Central Geelong, East Perth and Sydney Olympic Park.
