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Let’s look at Joel & Yasmin’s recent Cairns’s purchase and the story around how we searched, negotiated, and acquired this property in one of Cairn’s best suburbs.

Joel & Yasmin are busy health professionals beginning a tenure at the Cairns base hospital in 2024. So, one of the key requirements in our buying brief was to ensure we were within a 20-minute radius from the Cairns base hospital.

This immediately, ruled many suburbs off the list and allowed the team to narrow our focus on specific suburbs we believed ticked most of their boxes. The most challenging part here was firstly, establishing where they could get the most value for money.

Secondly, Joel & Yasmin intend on holding the property for 5-7 years then eventually covert the property into a long-term investment. Therefore, we had to ensure that the property we find had all the comforts of a home, but at the time same had good investment prospects.

Image: Joel & Yasmin, 19 Emperor Street, Kanimbla

The Search

A combination of off-market and on-market properties were shortlisted for Joel & Yasmin in suburbs such as Bayview Heights, Mount Sheridan, and Edge Hill. We established that their budget of 1.2 million could get them a far more superior house in suburbs like Bayview Heights and Mount Sheridan when compared to suburbs like Edge Hill, Brinsmead, and Whitfield due to the significantly higher land value there.

Due to the supply shortage in Cairns many real estate agents are opting to take properties to the market rather than sell off-market so we knew there would be some good opportunities available on the market.

After roughly 10 days engaged with Tropical Life Buyers Agency along came 19 Emperor Street, Kanimbla listed with Nicola Brag at Explore Property Cairns. This property was listed on realestate dot com, and it garnered a lot of interest. We then visited the first scheduled open home, and after that process Joel & Yasmin wanted to take the next steps of putting in an offer.

The Negotiation

The property was initially listed on the market for offers over 1-million dollars, we believe Explore Property had expectations this property would sell for around $1,050,000.

After conducting a robust comparable analysis we established that a few comparable sales that were used to create the list price of 19 Emperor Street, in fact were isolated instances were buyers overpaid.

So, we were able to determine that paying anything over the current list price of $1,000,000 would be irrational. One of the things we also learned from chatting with the agent was the vendors were building a new house in Mission Beach and needed a longer than usual settlement of 3 months.

Joel and Yasmin had some flexibility around when they could settle. In our offer we stated that we can meet the terms of sale the vendors wanted of 3-months in exchange for a reduction in price knowing full well the property wasn’t originally worth over $1,000,000 dollars. We presented the following offer with a time sensitivity of 48 hours – which was accepted by the vendors.

Price: $980,000

Deposit: $10,000

Settlement: 3-months from contract date

Finance/Building Pest: 14 Days

Special Conditions: Nil

Validity: 48 hours

Image: 19 Emperor Street, Kanimbla

The Acquisition

We managed to acquire this property under contract after the first open home. Disappointing many prospective buyers in the process. Despite the property being under contract, with our blessing the agent continued to market the property and mobilised backup buyers.

After the Building & Pest Inspection was conducted, there were a few small minor defects in the property. Tropical Life Buyers Agency renegotiated with the agent, to have all minor defects rectified prior to settlement. This was accepted as an additional condition of the contract and saved our buyers the time, headache, and cost of sorting all those things out upon their arrival.

Overall, this was a very successful purchase in one of Kanimbla’s best streets. Joel & Yasmin are excited to start the next chapter of their lives in Cairns soon.

If you’d like help navigating the Cairns Property Market, please connect with the Tropical Life Buyers Agency Team.

Tropical Life Buyers Agency

Cairns Buyers Agent | Buyers Agent Cairns

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