237 Mccoombe Street, Bungalow QLD 4870

3 bed 1 bath on 540sqm | city-fringe Bungalow | wide gap between estimate and ask | seller testing market The buying case here rests on land position and scarcity. A 540sqm block in Bungalow, within walking distance of Cairns CBD, is increasingly hard to find at any price. The modest house offers a blank canvas for renovation or a future rebuild, and the location supports strong rental demand from professionals and investors alike. This property suits a buyer who values land banking with immediate rental income, or a renovator seeking to unlock equity through cosmetic upgrades. The seller’s high asking price signals confidence in land value uplift, not necessarily in the house itself. The risk is the price gap. Automated estimates suggest $650k, while the seller wants offers over $950k — a 46% premium that must be justified by comparable sales or development potential. Without recent sales on McCoombe Street above $800k, the buyer faces overpaying unless the property has DA approval or significant internal renovations not visible in listings. The opportunity is to negotiate hard, using the estimate range as leverage, and to treat the house as a land play with optionality. Hold for five years or improve and sell into the tightening Cairns market.