Finding new benchmarks

What is the new price of your home?

From being a phrase right out of a real estate trainer’s handbook, this is now a VERY valid question for homeowners, with the answer changing by the month as homes hit the market and continue to sell for stronger prices.


What a breath of fresh air to be in a market where there are new benchmarks being set, that DON’T come with the preface “highest/best since 2008!”. I can tell you it’s a lot nicer sitting with an owner and planning out the extent of their potential profit, than it was working out whether they could afford to sell and pay out the bank at settlement, as was often the case earlier in my career.


One area in particular where we are seeing new benchmarks really being set though is in the sale of truly premium homes at the top of our local market. This could be beachfront just a few steps from the sand, hillside with stunning views or just an incredible residence spread across a large, flat block.


Cairns has always had these kinds of homes tucked away, built to an often-exacting standard and of a scale rarely seen, these are the homes built to a standard rather than a price (which often eclipses the money that might otherwise be spent on an existing home).


Visited by a lucky few but rarely (if ever) offered to market, these homes are typically held long term as dream homes, given the time, energy and money spent on their creation, until such time as owners made the move to downsize or return to family further afield.


As buyers enter our region with a different appreciation of values (and what can conceivably spent on a home), more properties of this calibre are being enticed out to take advantage of a demand otherwise unseen, with price tags that are far above those typically expected here in Cairns and surrounds (though sometimes still less than their original or replacement cost!).


I can recall the elated feeling the first time I prepared a contract with a “2” and six other numbers after it, there being just a single other sale at that level in all of Cairns that year. We’re now seeing that figure become far more attainable, with less surprise at an ask with a 3, 4 or even 5 at the front. I look forward to seeing what comes next!