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It’s something we hate seeing is buyers overpay for property in Tropical North Queensland.

It wasn’t uncommon 24 months ago during COVID where buyers would pay more than $100,000 over list price to secure a house in Cairns.

Fast forward to September 2023 it’s still happening across Tropical North Queensland but not to the same extent.

Tropical Life Buyers Agency believes buyers are still overpaying for two reasons. Firstly, it’s because of the low levels of supply currently across the Region.

Listing volumes are down 30% year on year across Cairns and Port Douglas creating property scarcity resulting in buyers having to overpay to secure a property before their pre-approvals lapse.

Even though we’ve seen buyers steadily tapper off over the last 24 months since COVID and more recently from the consecutive interest rate rises. We are finding that demand is still outstripping supply right now, but not like it was 24 months ago – the market conditions now are more balanced.

In Kanimbla we seen one particular buyer pay $70,000 dollars more than comparable properties to secure their home. Check out video below:

https://vt.tiktok.com/ZSLoVUWSk/

Secondly, we believe buyers just are not temp checking and diagnosing the state of the market before diving in mainly the interstate buyers. There is far less competition, and the trend is many properties are now discounting to be sold rather than paying over list price.

Tropical Life Buyers Agency see many agencies across Tropical North Queensland still fishing for big interstate spenders, trying to get COVID prices today. Unfortunately for some buyers they fall right into this trap.

As evidence you don’t need to overpay in this current market. Our team recently secured a property for $980,000 and the agent went to market with a price guide of offers over $1,000,000. The kicker is the property was not even distressed and only been on the market a few days.

Image: 19 Emperor Street, Kanimbla

So, if you are an active buyer right now trying to secure a deal in Tropical North Queensland, note that’s it’s a balanced market now and you don’t need to be paying 1-3% over asking price.

Cairns Buyers Agent | Buyers Agent Cairns

Troyson Bassani

Owner & Head of Research

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