REVIVAL ON DOORSTEP

With less inventory, buyers are branching out with selection criteria

WHOEVER turned the tap back on – I have to thank you. Rain aside, there’s something else that has been flowing in Cairns – a renewed sense of vitality in our local property market. An increased level of inquiries is once again coming through and while they’re not at the pace we would normally expect for this time of year, it’s still better than we had anticipated.

While property volumes are improving, there’s still a “wait and see” sentiment among many sellers who still remain hesitant about the local Cairns market. Granted, some of the reasons people have to buy property, such as relocating for work or finding a holiday home, aren’t as prevalent due to COVID-19, but with rents still exceeding mortgage payments for an equivalent property in many areas, first home buyers and traditional investors are still active in the marketplace.

Yes, there’s been plenty of doom and gloom perpetuated about Queensland real estate and beyond, but the supply and demand metric has remained fairly steady for most property types.

Overall buyer numbers might be down, but with available properties also down to a similar or greater degree, you’re still dealing with a similar number of buyers per property to what you’d normally expect at this time of year.

With less inventory to choose from in the market, we’re now beginning to see buyers branch out from their normal selection criteria, particularly in regards to location. An Edge Hillfocused buyer might drift into the suburbs of Whitfield or Manunda, whereas Cairns North sellers might see a few Parramatta Park or Earlville stalwarts begin to consider Bayview Heights more seriously.

It may have been perfectly fine pre-pandemic to advertise your home as the only five-bedroom residence in the area with a granite kitchen, swimming pool and room for a pony. However, with buyers comparing a wider area, you need to think outside the box of what makes your home a viable option against properties across a greater patch of our region.

Want to get your home in front of more eyes? Talk to a REIQ accredited agent about their strategies and how they’re targeting buyers from all over Cairns – not just your local digs. This is a great opportunity to do something a little different and yield better outcomes, even in a challenging environment as we continue to navigate out of this pandemic.