CAIRNS house prices stayed flat over the September quarter as much of the rest of Queensland's real estate surged back towards peak values after a tough year.
But the city’s housing market has escaped becoming the horror story it could have been, Real Estate Institute of Queensland local chairman Rick Szelpuk said.
And he predicted better things for the year ahead.
"It would be well accepted by people in the industry that this year hasn’t been a good year, but it’s pleasing to see that it’s not a horror story as it could well have been," Mr Szelpuk said.
"I think we have done very, very well when you consider the negative things that have been happening globally and locally."
The Cairns region’s median house price of $375,000 fell 5.3 per cent to $355,000 in the year to the end of September, with no shift in the past three months. Holloways Beach is the only suburb where values have seen any growth over the year, and despite a 14.2 per cent surge in the median for the three months to September, the increase over the year was only 0.3 per cent to a median of $380,000.
Manunda experienced a 12.9 per cent lift in the quarter, but data showing the change over the year was unavailable.
Bungalow, Caravonica, Kanimbla and Woree have been the hardest hit, with prices falling by more than 10 per cent over the year.
And Bayview Heights saw the biggest drop in the quarter, with its median of $320,725 down 19.8 per cent on the previous three months.
But with confidence starting to return to the region as its economy looked set to edge forward again, Cairns’ property market was likely to lift over the next year, Mr Szelpuk said.
"2010 could be a good year for us," he said.
"Sydney and Melbourne are doing well and we usually sit 12 to 18 months behind them.
"Generally, January, February and March have always been the better months of the calendar year and I think that will be the indicator."
