Upswing inspires market
A glimmer of hope is returning to the Cairns property market with the latest industry figures revealing a growth in the region for the September quarter.
Houses in Bayview Heights, Mt Sheridan, Edmonton, Mooroobool and Smithfield all recorded positive sales figures for the three months to September, according to the Real Estate Institute of Queensland (REIQ).
Stuart Gay from Chris Gay Real Estate in Cairns said the sales increase being felt on a state level had finally filtered to Cairns.
“I honestly think this is the start of an upward trend,” he said. “It's looking like it will trigger something more and it has finally come down to the confidence of the locals.”
Like many agents, Angela Capitanio from Ray White Cairns Central said there has been a noticeable increase in buyer activity.
“If people perceive a property to be in their price range and a price they believe is competitive, then they will act,” she said.
“It is also the time of year when you have transferees and people wanting to find places to live because they have to enrol their children into schools.”
Bayview Heights, south of Cairns, recorded the best results, boasting a 16 per cent quarterly price increase.
“Its location is very good, it's only 10 minutes from the city and it is located well for children to go to various schools,” Ms Capitanio said.
“Bayview Heights is a bit more affordable, it's an older suburb for the most part.”
Australian First Realty agent Tim Boswell recently put a five-bedroom house on Fairview Street under contract after it had been on the market for four months.
“It went under contract about three weeks ago (and) there had been a lot more buyer interest in the last two months,” he said.
“If there are good-quality properties marketed correctly and at the right price then they will get a lot of interest.”
REIQ will release the unit and townhouse quarterly figures on December 7 but agents are already predicting a price decrease overall in Cairns.
“No doubt there will be drop (in unit prices),” Mr Boswell said.
“The number one reason would be the insurance premiums affecting the body corporates. But I think we have to be positive. In the mid to long-term Cairns will rebound and continue to grow. We have seen the bottom of the market.”
Geena Court from Court House Realty Cairns agreed, saying body corporate and insurance fees were crushing the region's townhouse and unit market.
September house figures showing suburb, median sale price for quarter and quarterly change are as follows.
CAIRNS: $350,000, +1.0 per cent
BAYVIEW HEIGHTS: $350,940, +16.0 per cent
BENTLEY PARK: $285,000, -13.6 per cent
BRINSMEAD: $384,500, N/A
CLIFTON BEACH: $464,500, N/A
EDGE HILL: $418,000, N/A
EDMONTON: $305,000, +5.4 per cent
GORDONVALE: $277,000, -7.7 per cent
KEWARRA BEACH: $350,500, -12.4 per cent
MOOROOBOOL: $348,000, +7.4 per cent
MOUNT SHERIDAN: $322,000, +11.0 per cent
PORT DOUGLAS: $405,000, N/A
REDLYNCH: $385,000, -1.9 per cent
SMITHFIELD: $365,000, +5.8 per cent
TRINITY PARK: $345,290, -9.8 per cent
WHITE ROCK: $251,500, N/A
WHITFIELD: $460,000, N/A
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Good signs: The local property market is on the rise. Picture: THINKSTOCK