Far Northern housing market begins recovery
THE Cairns housing market appears to have begun a slow path to recovery after the September quarter showed encouraging signs that have not been seen for almost five years.
The median house price in Cairns rose by 1 per cent to $350,000 over the September quarter, while the number of houses sold was up 3 per cent compared with the same time last year.
Real Estate Institute of Queensland zone chairman Greg Clyde-Smith said the market had appeared to return to a historically strong spring selling season, which had been absent for almost five years.
"This year spring really has encouraged buyers to buy, which is a good sign for the future of our property market generally," he said.
After selling their Parramatta Park home last month, Alex and Kylie Wells have been looking to buy a bigger home with a swimming pool for their two young children.
"I think vendors have to be more realistic and know that the asking price has to be close to the selling price," Mr Wells said.
"There aren't any buyers who will pay 5 or 10 per cent above genuine market value."
The family yesterday viewed a Caravonica property being sold by Newmanor Reality principal Rick Szelpuk, who said he had noticed a considerable improvement in the market over the past couple of months.
"I've had two sales where there were multiple offers, which I haven't seen in quite some time," he said.
"There seems to be buyers out there and I don't think there's any reason for it not to continue."
Mr Szelpuk said the Cairns market remained undervalued.
"It's the perfect time for people in the market to come and snap up a bargain."
REIQ chief executive Anton Kardash said many buyers had been waiting on the sidelines for buying conditions to improve.
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Upgrade plans: Alex and Kylie Wells, who recently sold their Parramatta Park home, inspect a potential buy at Caravonica. Picture: STEWART McLEAN