Melanie Petrinec and Gavin King, Tuesday, November 23, 2010 © The Cairns Post

THE latest Real Estate Institute of Queensland figures show “M suburbs” Mooroobool and Manoora are two of the best performers in the Cairns market, with median house prices up by $41,000 and $15,000 respectively in the year to September.

We just love it here: Enza De Rosa, her daughter Letizia De Rosa and Sir Thomas would not want to live anywhere else but at Mooroobool. Picture: JAKE NOWAKOWSKI

Overall, median prices across Cairns jumped 4.2 per from $355,000 to $370,000 – beating Mackay (3.9 per cent), Gladstone (4.1 per cent) but they were 0.8 per cent behind Townsville (5 per cent).

Woree showed a rise of 16.8 per cent with median prices jumping by $48,000.

It was just pipped at the post for the most growth by blue-chip suburb Edge Hill, where median prices are up by $71,000, or 17 per cent.

Real estate experts such as REIQ regional chairman Rick Szelpuk believe the figures indicate a surge in people buying homes in traditionally cheaper inner-city suburbs as the cost of living soars.

“When times are a little bit tougher, people buy in their comfort zone,” he said.

“I think the ‘M suburb’ is a bit of a fallacy – it is a representation of good value in proximity to town.

“In the past they have been given a hard time reputation-wise, but I think it has been a reputation that is unfounded, it all comes down to affordability.”

Adam Cain, of Habjan and Cain Estate Agents, agreed people were looking to move closer to the city centre.

“There has been increased buyer activity in the Manoora and Mooroobool area,” he said.

“Properties that are reasonably priced within 5km of the CBD are attracting buyers at the moment.

“It is a reflection of the market in general that people are starting to look closer to the city.”

Mr Cain said prices had gone up at Mooroobool – which includes the upmarket enclave of City View – because of the large cross-section of housing options.

The suburb also includes Koppen Terrace, where houses have sold for more than $500,000.

Co-principal of Ray White Central Therese Plath said she had taken more inquires for Mooroobool and Manoora over the past few months than in the past.

She said most buyers were citing the proximity to the CBD and more transport options for the move.

“There’s certainly that issue because of the cost of petrol,” she said.

“They’ve got options – whereas once they are further out of town, they don’t have those same options.”

Remax agent Lance Richards said it was time for the lower end of the market to surge ahead.

Pyne: White Rock and Woree Good!

“Capital growth doesn’t hold grudges over suburbs,” he said.

“When capital growth comes, it doesn’t say, ‘I don’t know what to go in that suburb or this suburb’.

“At the moment, it seems the higher end of the market is copping more of a flogging in terms of price than the lower end.

“So the lower end is getting closer to meeting the top end because it’s the sector of the market experiencing the growth at the moment.”

Cairns Herron Todd White research director Rick Carr said despite the positive figures, improvement was slow and steady.

“The economy itself is improving slowly, and so that is at least stabilising the property market if not slightly improving it,” he said.

“It’s still very much a buyers’ market, and that is across the board in Cairns.”

Palm Cove was not included in the figures because the required amount of sales for the quarter was not met.

* Woree property prices increased by a massive 16.8 per cent!

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