A RISE in the value of new homes in the Far North could trickle through to established homes in more good news for the Cairns property sector.
Special data released in this week’s Herron Todd White CairnsWatch report showed the average house-and-land cost for new houses being built in Cairns was $500,000.
The figure was based on an average new land cost of $200,000 and an average new house construction cost of $300,000.
“While the average total amount for a new house-and land construction has increased by roughly $100,000 since 2007, the individual costs for both land and new house construction have been relatively stable over the past three years,” author HTW research director Rick Carr said. Real Estate Institute of Queensland Far North zone chairman Tom Quaid said “with the rising cost of both construction and the development of new land, this figure had to rise for new construction to remain a viable option”.
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