Cairns Market Update
This extract from HTW Month in Review July 2014 - Lazy Half Million gives an insight into the Cairns residential property market:
"Cairns
In July 2013 our thoughts were that a $500,000 property investment in Cairns would have secured a well located modern executive style suburban dwelling, or alternatively an above average quality apartment in the Cairns CBD, located on the mid to upper levels of a near new high rise unit development. Indeed the purchaser or investor at this price level would have found a large range of sectors, styles and locations available to choose from. However it would have been hard to spend $500,000 on a new apartment due to the prevailing lack of unit construction. Since July 2013 the Cairns market has been gaining momentum and entered the ?start of recovery? phase. The market is seeing much stronger buyer demand evident and sales activity has lifted significantly. Properties are selling faster, stock is depleting and previously unsaleable stock is starting to move. The Northern Beaches market has also been stimulated by the proposed $8 billion Aquis resort development, which although still prospective at this stage, is nevertheless generating additional market activity and increased prices in its immediate vicinity. Prices have typically increased over the last twelve months in the more popular suburbs, but there has
been little change in other areas and overall price movements have been relatively modest. While the range of choice may be a little more limited, $500,000 would have very similar purchasing power in today?s market as it did in July 2013. The $500,000 mark in the Cairns market is relative to the current median price level of around $363,000 for an established house (compared to $362,000 as at July 2013) and $193,000 for a unit compared to $191,000 in July 2013. Our prognosis is for the market to continue its consolidation and for the recovery to become more widespread, as the market continues its progression from a buyer?s market to a balance of power between buyers and sellers. For this reason the potential is there at present for astute investment into the Cairns market."
Their full report is located here:http://www.htw.com.au/Downloads/Files/260-Month-in-Review-July-2014.pdf
Also, this latest Cairns Watch report by Herron Todd White gives an overall picture of the economy of the Cairns Region. Keep in mind that the data is based on a very broad region including Cairns, Douglas, Cassowary Coast and Tablelands: http://www.cairnswatch.com.au/uploads/uploads/201406fullreport.pdf
Cheers
Jen
This extract from HTW Month in Review July 2014 - Lazy Half Million gives an insight into the Cairns residential property market:
"Cairns
In July 2013 our thoughts were that a $500,000 property investment in Cairns would have secured a well located modern executive style suburban dwelling, or alternatively an above average quality apartment in the Cairns CBD, located on the mid to upper levels of a near new high rise unit development. Indeed the purchaser or investor at this price level would have found a large range of sectors, styles and locations available to choose from. However it would have been hard to spend $500,000 on a new apartment due to the prevailing lack of unit construction. Since July 2013 the Cairns market has been gaining momentum and entered the ?start of recovery? phase. The market is seeing much stronger buyer demand evident and sales activity has lifted significantly. Properties are selling faster, stock is depleting and previously unsaleable stock is starting to move. The Northern Beaches market has also been stimulated by the proposed $8 billion Aquis resort development, which although still prospective at this stage, is nevertheless generating additional market activity and increased prices in its immediate vicinity. Prices have typically increased over the last twelve months in the more popular suburbs, but there has
been little change in other areas and overall price movements have been relatively modest. While the range of choice may be a little more limited, $500,000 would have very similar purchasing power in today?s market as it did in July 2013. The $500,000 mark in the Cairns market is relative to the current median price level of around $363,000 for an established house (compared to $362,000 as at July 2013) and $193,000 for a unit compared to $191,000 in July 2013. Our prognosis is for the market to continue its consolidation and for the recovery to become more widespread, as the market continues its progression from a buyer?s market to a balance of power between buyers and sellers. For this reason the potential is there at present for astute investment into the Cairns market."
Their full report is located here:http://www.htw.com.au/Downloads/Files/260-Month-in-Review-July-2014.pdf
Also, this latest Cairns Watch report by Herron Todd White gives an overall picture of the economy of the Cairns Region. Keep in mind that the data is based on a very broad region including Cairns, Douglas, Cassowary Coast and Tablelands: http://www.cairnswatch.com.au/uploads/uploads/201406fullreport.pdf
Cheers
Jen