Prices flat, but Cairns still strong

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.