Cairns Property View – June 2017

JUNE 2017 CAIRNS PROPERTY VIEW

Hello, that time of the year again – the End of Financial Year, yes you may have to actually talk to your accountant. Cairns Property View sees some positivity this month.

The latest HTW Valuers report shows that median property prices have increased. Their interpretation however is that this increase is largely due to sales volume at the cheaper end of the market slowing.

This softening in the real estate market condition has seen the time taken for houses to reach a sale increase from 52 days to 59 days. The median time taken to sell a unit has also increased, from 66 days to 70 days.

HTW Valuers confer that Cairns median house prices have increased by 14.2% in the last quarter of 2017 as the tourism industry has progressively recovered. However the median house price in Townsville has reduced by 7.7% during the same quarter as a result of its greater economic exposure to mining and resources. Meanwhile the same economic forces have reduced prices in Mackay by 28.8% and in Mount Isa  by 31.9%.

HTW’s National Property Clock has been calling Cairns as being at a ‘flat spot in a rising market’, placing Cairns at 9 o’clock, however due to the low levels of sales activity now being observed in the market and the lack of any rising price movement, they have reverted their assessment of Cairns back to a Bottom of Market (6 o’clock) situation.

Cairns Property View - The soon to open Aquarium

Driving to the city? The battle for car parks in the Cairns CBD will intensify next month when the council’s Lake St parking station closes for 6 months of renovations worth nearly $6 million.

During this time there will be 306 fewer spaces and the situation will worsen as hundreds of tradies in their utes, wagons and vans surge into the city centre to work on the 3 new hotel projects as well as finishing jobs at the Cairns Aquarium and performing arts centre sites. You have been pre-warned.

Selling YOUR property soon? Let’s talk,

Daniel Sheehan
0409 265 326
I sell it properly for you