Just bought cheapest 2 brm unit in Cairns, QLD @ $107,000

Just bought cheapest 2 brm unit in Cairns, QLD @ $107,000 this year :)

3 kms from city. Will return $180pw; maybe $190pw after $2k makeover.
 
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...did they mention its been the subject of 3 murders, druggies live either side of the unit, the place has been broken into 46 times, and that is just this year? there is rising damp on all walls, the sewerage backs up weekly and the electrical work was carried out by harry the electrician from palm island on his weekly trip to town to load up with grog?

other than that all should be sweet, nice pickup if it looks legit..

post some pics when it becomes unconditional if you can and advise the suburb please.

best of luck
 
Well done!

P.S. Haven't you seen the action on some of the other threads by the current D&G brigade. You clearly are dreaming because such cheap properties do not exist :p:D

(I hope they see this thread.)
 
3 kms from city. Will return $180pw; maybe $190pw after $2k makeover.

Hate to burst your bubble but I paid $100K for a 2 bedder in cairns for a 2 bedder end of last year and it has the cheapest body corporate at $220 p/q

Currently under rented at $160p/w
 
Hate to burst your bubble but I paid $100K for a 2 bedder in cairns for a 2 bedder end of last year and it has the cheapest body corporate at $220 p/q

Currently under rented at $160p/w

I stand corrected, but I wouldn't have bought in Woree 'cause I know the area & it's one of the worst areas around IMO (rough area) & I've lived in Cairns for 30 years. My unit's about 2-3kms to the city, but horses for courses. Not many 2 brm units around for $100k, so best of luck!

Will post full details in a few week's time. Just changed the headline to "this year" ;)
 
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Both great buys and well done to both of you.

Did you have to negotiate much or were the agents trying to get rid of them?
What was the original asking price etc?
 
Ok. Stock standard, median priced, capital city located, residential property, around 500k worth.

it comes down to strategy. Many people (including me) buy properties less than 300k. others buy "regular" 500k investment property. Nothn wrong with that.

they both are residential property, "stock standard".
 
3 kms from city. Will return $180pw; maybe $190pw after $2k makeover.
Original price was $160,000, then dropped in price over several months
Looks like a good buy to me! That's a huge discount from the original price (33%), well done.

What was the last advertised price before you made your offer (e.g. what discount did you get off asking price)?

What would median/previous sales history say it's worth? Are these sorts of deals common in Cairns?

P.S. Haven't you seen the action on some of the other threads by the current D&G brigade. You clearly are dreaming because such cheap properties do not exist :p:D
(I hope they see this thread.)
Looks like the crash might already be under way in some areas ;)
 
Looks like a good buy to me! That's a huge discount from the original price (33%), well done.

What was the last advertised price before you made your offer (e.g. what discount did you get off asking price)?

What would median/previous sales history say it's worth? Are these sorts of deals common in Cairns?


Looks like the crash might already be under way in some areas ;)

As previously stated, full details will be revealed in a few week's time as the property is still under contract - a bit like Nathan :)

Deals like this are scarce as Nathan knows, but are out there - have to keep your ear to the ground
 
As previously stated, full details will be revealed in a few week's time as the property is still under contract - a bit like Nathan :)

Deals like this are scarce as Nathan knows, but are out there - have to keep your ear to the ground

Its going to take few weeks to be under contract? :eek:

If it was a bargain I would be signing an unconditional contract the same day my offer was accepted (unless it was a house or block of unit then i would be getting a building & pest done before signing the unconditional contract).
 
Its going to take few weeks to be under contract? :eek:

If it was a bargain I would be signing an unconditional contract the same day my offer was accepted (unless it was a house or block of unit then i would be getting a building & pest done before signing the unconditional contract).

Well, I don't have $107,000 in cash or LOC that I can withdraw, so just waiting for conditions to be approved on contract with settlement due in a few week's time.
 
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