Property in Freshwater, Parramatta Park, Caravonica, Edge Hill and Brinsmead are posting some of the Cairns region’s best real estate returns with the biggest gains in value over the past five years.
The latest Real Estate Institute of Queensland Market Monitor revealed that the Cairns house market had been a steady performer for the past year, with the median price increasing by 1.2 per cent from $405,000 in June 2017 to $410,000 in June this year.
The annual median sale price for Freshwater properties jumped 33 per cent over the last five years while Caravonica rose 30 per cent and inner-city Parramatta Park increased 26 per cent.
The report found there had been 358 houses sold within the Cairns local government area in the past quarter. While in the past 12 months 2204 houses were sold in the region.
Few suburbs recorded enough sales to obtain a statistically reliable median house price for the quarter, but there were three suburbs which recorded median house price growth of more than 10 per cent in the past 12 months.
Palm Cove was the best performer with the median house price up by 14.3 per cent to $606,000, followed by Whitfield which was up by 13.1 per cent to $540,000 and then Clifton Beach which increased by 11.5 per cent to $557,500.
In the unit market, Cairns North was the strongest performer for the quarter with its median unit price up by 19.3 per cent to $262,500. In the past 12 months Manoora was the strongest performer in the unit market with its median up 10.3 per cent to $176,500.
REIQ chief executive Antonia Mercorella predicted the house market would remain stable for the rest of the year. But she said the unit market was experiencing a consistent contraction in prices and sales volumes.
The June quarter unit price dropped by 7 per cent, from $235,000 in March 2018 to $218,500 in June 2018. The number of houses listed for sale dropped by 18.5 per cent, from 4322 in May 2017 to 3524 in May 2018.
Ms Mercorella said the Cairns unit market was the third-most affordable unit market in the report.
Ms Mercorella said the REIQ had lobbied the Government for the first-home buyers grant to be broadened to existing properties in regional Queensland which she thought would definitely give those markets a much-needed boost, but there had been no success to date.
Article source: The Cairns Post 10 September 2018
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