By Herron Todd White
The Cairns residential property market has continued along a fairly steady path for the first half of the year with no noticeable changes. Values are fairly steady, volumes remain flat and there is no obvious oversupply in any residential market sector. Vacancy rates remain tight with limited quality stock available and little new supply coming online.
The GA Group projects are progressing well and it is starting to look like there won’t be any follow up projects such as Nova City ready to go, so we may see a dip in construction activity once they are complete.
The announcement from Cathy Pacific that they will pull out of Cairns after flying in for 25 years is an unwelcome dent on confidence and adds further to the feeling that the gains in tourism in recent years might be levelling off.
Overall it is difficult to be particularly optimistic about the next six months and a continuation of existing conditions may be considered a good result by the time we get to December.
Speak with a Cairns Mortgage Broker today.