Elections put focus on market
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.