Page 19 - Tropic Magazine Issue 32

TROPIC • REAL ESTATE

Interstate interest

MARKET MOVEMENTS
Nadine Edwards from
LJ Hooker Cairns Edge Hill
explains what impact southern
lockdowns have had on the local
property market. 1

We are closing in on the end of 2021 and Southern buyers have been reticent to
the property market remains buoyant. make decisions on some properties in
More properties have been placed for sale inner-city suburbs. Although many are
in the past few months than in the first happy to do virtual walkthroughs, most
half of the year, which has allowed buyers become shy to proceed and are deferring
a little more choice in certain higher price to when they can make it to Cairns to
ranges. Apartments along the Cairns inspect a property.
Esplanade are also getting
more enquiries.
Most of the Northern Beaches and
acreage properties have experienced
higher levels of southern buyer activity Competition is fierce for
this year. It appears many are happy to houses in price ranges up
purchase ‘formula’ style homes sight
unseen, despite planning to occupy to $700,000
the properties. Fear of missing out is
present in our property market,
with offers over list prices and auction
reserves still being exceeded,
in most instances by between This would be because most of the
$40,000 and $160,000. inner-city suburbs have an eclectic
Local buyers have dominated the mix of houses, with no two homes
inner-city suburbs, with most of them being the same.
knocking out any southern interest. This makes it harder for non-local buyers
I think the media hype about the to appreciate virtually.
presence of southern buyers and
lack of stock for sale has helped drive 1. 8 Bushlark Place, Smithfield was listed for offers
over $669,000 and was sold by Nadine Edwards to a
competition among local buyers. southern buyer for $740,000. MORE: cairnsedgehill.ljhooker.com.au

Why the southern interest? Buyers who intend to migrate to Cairns usually travel
at least once to the region to work out which suburbs
We have experienced more intra and interstate and styles of homes they like, and then return prior
enquiries in our inner suburbs in the past two months. to year’s end to buy a property to move into either by
However, it is yet to be seen whether that’s because: Christmas or for the commencement of the following
• It’s just the standard annual migration to Cairns, school year. I also believe some buyers who would
usually move interstate may be hesitant to do so given
which has been slowed by the lockdowns
ever-present fears of snap lockdowns. As a result, this
• People fixate on real estate when they can’t travel quarter remains unfamiliar territory. What our property
• Cairns is an attractive city to relocate to because market will look like on the other side of the lockdowns
it has (mostly) avoided lockdowns is also an unknown.

19 • tropicnow.com.au