Elec­tions put fo­cus on mar­ket

The Weekend Post - Real Estate - - Front Page -

THE elec­tion has been called and hous­ing af­ford­abil­ity is on the tip of ev­ery­one’s tongue.

There is the neg­a­tive gear­ing de­bate – to keep it, al­ter it, or get rid of it – there is talk of a price “sta­bil­i­sa­tion” or even the “prop­erty bub­ble” burst­ing.

Prop­erty has be­come a hot topic in our house­hold – will val­ues keep in­creas­ing?

Will we see a flurry of in­vestors try­ing to get into the mar­ket if there are to be changes to neg­a­tive gear­ing laws?

A lot of the dis­cus­sion sur­rounds Syd­ney and Mel­bourne’s over­priced markets, but be­cause of the val­ues down south it will mean the whole na­tion will face leg­is­la­tion changes.

There is not a lot of talk about re­gional markets and there, of course, is no crys­tal ball. But let’s just put things into per­spec­tive.

Ac­cord­ing to the lat­est CoreLogic Mar­ket Trends re­port, Syd­ney has ex­pe­ri­enced a whop­ping 44 per cent in­crease in house prices in the past three years. Mel­bourne has been dealt a 23 per cent price rise in that time.

In Far North Queens­land, we have seen a 13.7 per cent rise in three years and in the past 12 months, a 3.4 per cent in­crease.

The city of Cairns has the 10th high­est me­dian house price in all of Queens­land’s coun­cil ar­eas at $407,500.

Min­ing-rich Weipa was listed at num­ber four with a me­dian house price of $517,500 and Dou­glas po­si­tioned at nine at $420,000.

Again, for per­spec­tive – Syd­ney’s me­dian house price is $880,000.

I’ll let you draw your own con­clu­sions but elec­tion time or not, the Cairns mar­ket ap­pears to be a world away from those house hunt­ing down south.

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