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Building your dream home only a few short years ago in Tropical North Queensland was on every first home buyers wish list.

Fast forward 2 years now it would take some serious convincing from estate agents, builders and developers for first home buyers to even consider a new construction.

This can be largely attributed to inflated construction costs, long wait times and a loss of confidence with home builders as many across the country small, medium and large collapse.

Image: Home Builder Collapse

With the sheer lack of new construction this only places further downward pressure on the existing stock and it’s this existing stock which come with newer bells and whistles that have first home buyers in a frenzy.

The team at Tropical Life Buyers Agency have seen this trend over the past 24 months in Far North Queensland. We’ve seen the construction cost per square metre go from $1600 per square to ballooning to over $2400 per square.

Entry level buying for new construction in Tropical North Queensland have always sat between $450,000 – $550,000, now first home buyers would need to folk out $650,000 – $750,000 for the same properties.

Image: House & Land Package for sale Mount Peter, Cairns

Building the dream home is now out of reach for many first home buyers across the Tropics but luckily buying an established dwelling still sits within reach.

What appears to be the most popular amongst first buyers is established properties in leafy green, quiet neighbourhoods that are renovated or been recently renovated.

We recently purchased a property like this for first home buyers Amanda and Josh, 8 Valmadre Street, Caravonica. It was in a quiet, leafy green, suburban neighbourhood. The property was built in the 80’s but had recently undergone a renovation with an updated kitchen, flooring, paint and bathrooms.

Image: 8 Valmadre Street, Caravonica. Built in the 80’s recently renovated.

Josh and Amanda were immediately hooked by the property’s charm but at the time haunted by the thought of building a new home in the current climate. So, their decision on buying an established property was an easy one in the end.

This property like many other established renovated properties garnered a lot of interest from first home buyers and it’s a trend we believe won’t be slowing down anytime soon.

With first home buyers now actively looking at established stock this will place further downward pressure on existing stock and we may continue to see a market across Tropic North Queensland where demand will remain strong for some time.

Cairns Buyers Agent | Buyers Agent Cairns | Buyers Agent Townsville | Buyers Agent Port Douglas

Troyson Bassani

Owner and Head of Research

Tropical Life Buyers Agency

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