Cairns Property View – August 2017

AUGUST 2017 CAIRNS PROPERTY VIEW

Hello again, the general property market in Cairns is in a steady state.

In a recent presentation to the Cairns Chamber of Commerce, Rick Carr from Heron Todd White valuers said that it is taking much longer than normal for economic growth to feed through into job growth, to then feed through into property market recovery.

The normal expection for that sort of process to occur is about a two years. Despite the tourism growth now for the last five years, it is yet to translate through into the property market. The good news is that with three new hotels and developments on the go, things are definitely starting to pick up.

Cairns property chart showing median sales prices

Overall; Sales volumes are steady, generally prices are static, new house construction remains low, rental market remains tight (forcing rents slowly upwards) & the market should begin to re-invigorate as job security and economic confidence recovers.

In my opinion we have to be thankful as our southern neighbours have not fared so well – the Cairns median house price has risen 15 per cent over the past five years, compared to decreases in Townsville and Mackay. Also according to REIQ, Cairns is home to some of the highest gross rental yields in the state.

Selling YOUR property soon? Let’s talk,

Daniel Sheehan
0409 265 326
I sell it properly for you

 

 

See Manunda Property View report