Page 19 - Tropic Magazine Issue 33

TROPIC • REAL ESTATE

26 Friend Street, Edge Hill, was sold by LJ Hooker Cairns Edge Hill for $1,187,000

Market interest

PROPERTY
Nadine Edwards from LJ
Hooker Cairns Edge Hill looks
back at the year that was in local
real estate and what we can
expect in 2022.

What a year! Anyone involved in the
property market in Cairns this year would I believe Cairns has tracked
probably liken it to a roller coaster ride similarly to Brisbane.
… I can still say that in my 17 and a half Due to Queensland’s border closure,
years of experience, I have never seen the usual interstate migration of job
a property market like the one we have transferees and those chasing a lifestyle
been a part of this year. Those agents change was stymied.
who have been fortunate to have a Although some buyers may be
steady stream of listings have had very comfortable purchasing a property sight
little downtime with the onslaught of unseen, many are not.
buyer enquiry. Most of us have been
willing to push on given we know what it
is like when the property market grinds and decreased affordability which will all
to a halt! subdue demand and in turn, prices.
Buyer enquiry has continued to be strong I have never seen a
through the last quarter of 2021 with property market like the The September quarter reported a strong
inflation reading which has increased
properties achieving new dazzling prices one we have been a part of
through competitive bidding at auctions expectations of a tighter monetary
environment as early as 2022.
or multiple-offer scenarios. this year There are some suggestions from the
FOMO (fear of missing out) continues
to be present, and each month we have Reserve Bank that an earlier-than-
expected interest rate increase could
successfully eclipsed the previous month’s
sales data. An auction held at 26 Friend be in 2023. For those actively following
the property market, this appears to be
Street, Edge Hill, in November attracted the important information to monitor.
11 registered bidders and sold for a record Accordingly, I would expect our property
street price of $1,187,000. market to continue to be strong and A higher cash rate and an increase in
mortgage rates would most likely impact
Recent statistics have indicated that both remain buoyant through the first quarter
Sydney and Melbourne apparently slowed of 2022 as interstate buyers are free property prices in a negative manner.
No one predicted the bullish property
in monthly growth rate over October, to visit our region to inspect and market we have recently experienced.
however the Brisbane housing market secure properties.
has accelerated off the back of strong There is current conjecture that 2022 We can only form opinions on the
information we have at any given time
interstate migration, normalised will bring a tighter credit environment,
remote work, and low exposure to the increased listing levels (due to people and currently, it is still a seller’s market
with multiple buyers for each property,
COVID-19 virus. being able to freely move between states),
and the number of rental properties
available remains critically low.
Cairns rental Median rents per week These factors alone I believe will ensure
vacancy rate 2-bed unit 3-bed house that there is very little (if any) idle time in
our property market over Christmas/New
0.6 % $ 374 $ 470 Source: SQM Research Year and into 2022.

MORE: cairnsedgehill.ljhooker.com.au

19 • tropicnow.com.au