Prices flat, but Cairns still strong

The Weekend Post - Real Estate - - News - BIANCA KEE­GAN

WHILE Cairns recorded a fairly flat June sales quar­ter, sub­urbs close to the CBD out­per­formed the rest.

Across Cairns, median val­ues for de­tached houses only rose by 1.1 per cent in the three months to June, while unit val­ues were up by a min­i­mal 0.1 per cent.

REIQ chief ex­ec­u­tive Antonia Mercorella said the lengthy fed­eral elec­tion cam­paign and ex­ten­sive un­cer­tainty around the neg­a­tive gear­ing de­bate im­pacted heav­ily on most mar­kets.

“The Queens­land hous­ing mar­ket is do­ing what it does best – grow­ing in a steady, sus­tain­able way, con­sis­tently over the long-term and it is a very good thing that we have not fol­lowed the peaks and troughs that oc­cupy the graphs of other prop­erty mar­kets,” Ms Mercorella said.

Cameron Kusher, head of re­search at CoreLogic, said ear­lier this month that de­spite the Cairns mar­ket show­ing “strong growth” 12 months ago, there had been a “ta­per­ing” in terms of price and sale vol­umes.

How­ever, ac­cord­ing to the same re­searchers, real es­tate in Whit­field, Kamerunga, Ke­warra Beach and Wonga Beach re­mained strong per­form­ers.

The Septem­ber Mar­ket Trends Re­port (which col­lates data in the three months to June) showed median house prices in Whit­field rose by 5.7 per cent, while Kamerunga held strong at a 3.8 per cent in­crease.

Ke­warra Beach recorded a 3.3 per cent rise, Wonga Beach a 3 per cent price growth and Strat­ford at 2.3 per cent.

Brins­mead (2.2 per cent), Red­lynch (2.1 per cent), Par­ra­matta Park (2 per cent) and Car­avon­ica (1.9 per cent) fol­lowed closely be­hind.

The good thing is – Cairns is not go­ing back­wards and prices are not drop­ping.

The re­gion is for­tu­nate to have had an ex­cep­tional 18 months of strong prices and de­mand from buy­ers, both lo­cally and from in­ter­state.

There are also multi-mil­lion dol­lar prop­er­ties con­tin­u­ing to ap­pear on the mar­ket, so cashed-up buy­ers are seem­ingly still out there.

CHANGE IN MEDIAN PRICE IN THREE MONTHS:

Whit­field – 5.7 per cent Kamerunga – 3.8 per cent Ke­warra Beach – 3.3 per cent Wonga Beach – 3 per cent Strat­ford – 2.3 per cent Brins­mead – 2.2 per cent Red­lynch – 2.1 per cent Par­ra­matta Park – 2 per cent Car­avon­ica – 1.9 per cent Source: CoreLogic Septem­ber Mar­ket Trends Re­port.

POS­I­TIVE: 46 Pon­ti­cello St in Whit­field was re­cently listed for $689,000.

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