Confidence in property market returning
Real estate professionals are rejoicing as crowds of potential buyers return to the market.
Powe Property agents Leesa Gibbs and Tim Winborn-Sharp said 16 groups of prospective buyers turned out to a Kamerunga open home on the weekend.
“I have been selling real estate for 25 years and the last 10 have been in Cairns,” Mr Winborn-Sharp said. “This has been the most exciting open home so far. We have recently sold 9 Licuala Cl and the momentum has continued to build.”
The four-bedroom house currently still for sale is on the same street, in a cul-de-sac and close to the entrance of a national park.
“Undoubtedly the property market is picking up,” he said. “The higher levels of confidence we are now seeing in the buyers and the strong feeling that the market is at the bottom of the cycle is noticeable in the increase in sales.”
Ms Gibbs said the house was listed in early August at offers over $430,000.
“The 40 or more buyers that came to our open home were mainly couples aged from 30 to 50 years and of differing backgrounds,” she said.
“Some had young children while others were looking for a home just for two.
Cairns RE/MAX auctioneer Kianna Lafferty has also been seeing success at auctions.
Last weekend, three units on Lily St, Cairns North, sold under the hammer.
“It’s an excellent result,” Ms Lafferty said. “The turnout was substantial. A trend we are seeing is the re-entry of investors in the market, particularly southern investors.”
Ms Lafferty said low rental vacancies, low interest rates and housing affordability had contributed to increased buyer confidence.
“There is value to be had here,” she said. “Two were bought by investors and one was bought by a solidly employed first home buyer. I fielded six calls from the Sydney area... which was closely followed by Melbourne investors.”
Ms Lafferty said the three units sold “comfortably above reserve”.
She said she also noticed an increase in mum and dad investors and first home buyers now attending auctions.
According to the latest RP Data figures, the fastest suburb to sell a property in the Far North is Kanimbla at an average of 70 days, followed by Stratford.
Palm Cove and Ravenshoe experienced the longest average time on the market with 205 and 204 days respectively.
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Going strong: Agents Tim Winborn-Sharp and Leesa Gibbs had 40 people inspect this property on the weekend. Picture: TOM LEE