Page 18 - Tropic Magazine Issue 12

Industry
Real estate

Time to rise

e Cairns real estate market is
relatively lat but there’s
movement on the horizon.

e latest house price statistics reveal a
mixed bag. Prices in some suburbs –
including the ‘M’s - were up over the past
12 months but the number of houses
being sold dropped. is combination of
rising prices and declining availability of
stock has fuelled optimism among real
estate agents, keen to spruik the start of
a hotter market in the second half of THE AGENT’S VIEW
2018, particularly when population
growth is also factored in. Nicholas Slatyer from
According to realestate.com.au, Belle Property Cairns
Mooroobool recorded the highest
median price rise over the past 12 The general word amongst agents, Not always. Buyers are very, very
months, with the “M” suburb up by a valuers, photographers, sign fussy. Late last year we had a house
strong 15.9% to a median of $404,000. printers and building inspectors I at 10 Pyne St which seemed to tick a
Aeroglen, Machans Beach, Brinsmead, speak to is pretty clear: it’s been a lot of boxes for buyers – 100m to the
and Whitfield followed in the top 5 of pretty sedate start to the year. I can restaurant strip, a highset with a
growth suburbs, recording rises between normally get a fairly good sense of relatively recent renovation, pool and
10.1% (Aeroglen) and 6.8% (Whitfield). what is happening outside our office plenty of character. Here is what
Mount Sheridan, Redlynch, Woree, from everyone else involved in the happened: listed mid-August, sold
Manoora and Bentley Park rounded out industry – even if on the periphery. three months later after 25 private
the top 10. I’ve said it to a lot of people that inspection/open homes and 124 total
enquiries. Quite a long slog.
whilst things are tracking reasonably
While prices are starting to rise, the well and there are no real desperate It isn’t unique though. 10 McHugh Cr
number of houses being sold is going in sellers any more, there is no “heat” in Whitfield was a house I thought I
the opposite direction. Little wonder in the market. What we need are would sell in a few weeks. Christmas
real estate agents are frantically some desperate buyers! and January got in the way but still…
marketing the need for new listings. It’s still the case that the CBD and 24 open homes/inspections and 121
Of the top 10 suburbs for price growth, surrounds are very tightly held. Both total enquiries before we got to a
Mount Sheridan recorded the largest apartments and houses close to the sale. Both of these sales were
drop in the number of properties sold, city are selling strongly and I suspect almost double the suburb median
down by 32.1% over the past 12 months. will continue to do so for years to price, but we were still surprised.
Brinsmead, Whitfield and Redlynch come. There is no reason for it to After the best part of 15 years selling
recorded declines in the number of sold change. If there was a sure bet for in Cairns, I still get a sense of
properties by more than 20%. good returns and capital growth I anticipation when we have new
Rick Carr from Herron Todd White said wouldn’t hesitate to advise someone listings coming into the market. We
the market overall was “static”. to buy in that area. From $100k have an amazing estate on Falcon St,
“ ough we are expecting the Cairns investment units to Queenslanders, Bayview Heights, absolute
market to experience greater impetus everything is still pretty cheap and beachfront land in Palm Cove and
during 2018, current conditions mean below replacement cost. one of Trinity Beach’s best
we continue to regard Cairns as No matter who you talk to, if apartments ready to launch. Now we
someone is looking to move to
just hope that the rest of the market
maintaining a ‘Steady State’,” he said in Cairns or “upgrade” their suburb is as excited as we are!
the latest Cairns Watch report.
they look to the Edge Hill/Whitfield
area. You would think that this would MORE: belleproperty.com/cairns
Median Price Percentage Change lead to quick sales and strong prices.

Mooroobool 15.9%
Aeroglen 10.1% e very low rental vacancy rates being observed in the current
Machans Beach 9.4% market are likely to intensify upward pressure on rents in coming
quarters but will not be able do so indefinitely for rental
a fordability reasons.
Rick Carr
Herron Todd White