December Update
Hi All
From the Cairns Post some more good news for those of us with property up there
The Cairns Post
22 DEC 2004
Cairns homes in $50k rise
By Peter Wex (Business editor)
IF you own an average house in Cairns it is probably worth $50,000 more than it was a year ago.
The median house price in Cairns rose by more than a quarter this year as almost the entire Far North Queensland region enjoyed unprecedented growth.
But the number of sales in Cairns dropped by 31 per cent to about 2600 - the first decrease in volume since 1996.
"There's just not the stock available," Real Estate Institute of Queensland Cairns branch president Chris Gay said.
"As soon as we are getting stock in we are getting results providing they are on market prices."
REIQ annual figures show the median price for a house in Cairns rose 26.3 per cent to $240,000 this year - the largest jump since records began in 1990.
It means the price has more than doubled since 2001 following hefty leaps last year (15.9 per cent) and 2002 (10.1 per cent).
Mr Gay said it was an Australian-wide phenomenon and the growth in Cairns appeared more sustainable than many other areas now in a slump.
"I think it makes Cairns a safe area," he said.
"We are still getting good returns for investors and the rental market is still really tight.
"I still look at our prices and they are not as expensive as a lot of other areas, so that's why I say if we do see a drop in the market place it will be minor."
Around the region, the shires of Douglas (20.8), Atherton (18.5) and Mareeba (21.9) all enjoyed impressive jumps in their median house price, continuing a 3-4 year trend.
Johnstone Shire experienced a 2.5 per cent drop in its median house price to $115,000 following a surge of activity last year when sales volume doubled.
Mareeba Mayor Mick Borzi said renewed interest in his area was justifiable.
"A number of new developments have occurred," he said.
"We've just ticked off the new industrial park yesterday, there's Wrotham Park resort, the $16 million feed lot, Barletta's stock feed mill and the water bottling plant.
"There are already 13 expressions of interest for sites in the industrial park.
"We have had five new businesses start in recent months in the main street and a couple more are under discussion," he said.
Median house prices
Far North Queensland median house prices for 2004
Number of Median % change over
house sales sale price prior year
Cairns 2600 $240,000 26.3%
Douglas 115 $305,000 20.8%
Mareeba 220 $129,750 21.9%
Atherton 210 $160,000 18.5%
Johnstone 320 $115,000 -2.5%
Hi All
From the Cairns Post some more good news for those of us with property up there
The Cairns Post
22 DEC 2004
Cairns homes in $50k rise
By Peter Wex (Business editor)
IF you own an average house in Cairns it is probably worth $50,000 more than it was a year ago.
The median house price in Cairns rose by more than a quarter this year as almost the entire Far North Queensland region enjoyed unprecedented growth.
But the number of sales in Cairns dropped by 31 per cent to about 2600 - the first decrease in volume since 1996.
"There's just not the stock available," Real Estate Institute of Queensland Cairns branch president Chris Gay said.
"As soon as we are getting stock in we are getting results providing they are on market prices."
REIQ annual figures show the median price for a house in Cairns rose 26.3 per cent to $240,000 this year - the largest jump since records began in 1990.
It means the price has more than doubled since 2001 following hefty leaps last year (15.9 per cent) and 2002 (10.1 per cent).
Mr Gay said it was an Australian-wide phenomenon and the growth in Cairns appeared more sustainable than many other areas now in a slump.
"I think it makes Cairns a safe area," he said.
"We are still getting good returns for investors and the rental market is still really tight.
"I still look at our prices and they are not as expensive as a lot of other areas, so that's why I say if we do see a drop in the market place it will be minor."
Around the region, the shires of Douglas (20.8), Atherton (18.5) and Mareeba (21.9) all enjoyed impressive jumps in their median house price, continuing a 3-4 year trend.
Johnstone Shire experienced a 2.5 per cent drop in its median house price to $115,000 following a surge of activity last year when sales volume doubled.
Mareeba Mayor Mick Borzi said renewed interest in his area was justifiable.
"A number of new developments have occurred," he said.
"We've just ticked off the new industrial park yesterday, there's Wrotham Park resort, the $16 million feed lot, Barletta's stock feed mill and the water bottling plant.
"There are already 13 expressions of interest for sites in the industrial park.
"We have had five new businesses start in recent months in the main street and a couple more are under discussion," he said.
Median house prices
Far North Queensland median house prices for 2004
Number of Median % change over
house sales sale price prior year
Cairns 2600 $240,000 26.3%
Douglas 115 $305,000 20.8%
Mareeba 220 $129,750 21.9%
Atherton 210 $160,000 18.5%
Johnstone 320 $115,000 -2.5%
