Cairns Property News - February 2024

The Cairns property market is buoyant, still favouring the Sellers at the moment. I'm seeing a higher number of Buyers per property, so now it's a great time to sell.

Locally
Parts of the community are still reeling from the recent devastation left by ex-tropical cyclone Jasper's flooding, causing a significant dampener to the Cairns property market. There are some sad stories out there, my thoughts are with those effected. A steadfast takeaway from this event is to make sure you have adequate building & contents insurance, I can highly recommend using a qualified broker.

Across Australia
CoreLogic’s national Home Value Index (HVI) rose 0.4% in January, up from the 0.3% increases seen in November and December. Australian house values continued to rise at a faster pace than units in January, with the gap between the median capital city house and unit values reaching a record high of 45.2%. Meanwhile, the pace of rental value growth also lifted in January as leasing markets enter the seasonally stronger first quarter of the year.

Revision for the outdated Stamp Duty
Because it inhibits those starting their home ownership journey, the Real Estate Institute of Queensland (REIQ) is calling for an overdue revision and uplift to the stamp duty concession threshold rates for first home buyers. As it currently stands, Queenslanders can buy their first home and pay no stamp duty provided the property is under $500,000. The REIQ is pushing to lift the threshold to $750,000, which is more in line with the current market prices of the standard homes. The threshold has not been reviewed since 2008, and stamp duty had nearly tripled in the last 10 years.

Housing Crisis Report
The recent savvy.com.au report reveals the follow alarming stats; Their survey by Everybody’s Home shows two-thirds of Australians are experiencing housing stress • Rents for a 2br unit have risen 44.1% since March 2020 (national average), with wages rising only 2.5% • 98% say that they are concerned about the housing crisis• 95% of organisations say their workload has increased since the beginning of the housing crisis.

Helping you with your real estate journey
DANIEL SHEEHAN - 0409 265 326