CoreLogic National housing Update December 2017
December Market Outlook
Putting in a pool
Helpful hints for removing a house
What do minimum rental standards mean for landlords?
Adelaide December 2017
Brisbane December 2017
Cairns December 2017
Canberra December 2017
Darwin December 2017
Gold Coast December 2017
Melbourne December 2017
Newcastle December 2017
Perth December 2017
Regional NSW December 2017
Regional NT December 2017
Regional QLD December 2017
Regional SA December 2017
Regional VIC December 2017
South West WA December 2017
Sydney December 2017
Tasmania December 2017
Wollongong December 2017
CoreLogic NSW housing Update December 2017
CoreLogic QLD housing Update December 2017
CoreLogic SA housing Update December 2017
CoreLogic VIC housing Update December 2017
CoreLogic WA housing Update December 2017
Feel less financially stressed this Christmas
Buying off the plan? 5 things to consider before you sign
Lenders demanding greater detail of living expenses for loan approvals
Cairns December 2017
The month in review: Cairns
By Herron Todd White
Conditions in the Cairns tourism industry are revitalising significantly from the tough conditions experienced in the aftermath of the GFC. The improvement in tourism conditions initially stimulated a revival of upgrades and extensions in the industry, particularly in the accommodation and reef vessel sectors. However 2017 saw the first new developments of significance take hold, with construction commencing on three new large hotels in the Cairns CBD. Concomitant with this, the Cairns region has seen a 7.7% uplift in employment during the past twelve months and its unemployment rate has declined to 5.6%.
You would think that these improvements would have produced a significant boost in local property market sentiment, but so far they haven’t. The overall level of residential sales activity has remained in a steady state throughout 2017 and Cairns can be best described as a static market. There has been steady demand for appropriately priced residential property, but overall, prices and volumes have been flat. Median trend prices for properties sold in the month of October 2017 came in at $405,000 for a house, $205,000 for a unit, and $212,000 for a block of land.
Pressures have been maintained in the rental market during 2017 as a result of tight rental vacancy rates. The trend rental vacancy rates for October 2017 stood at 1.8% for houses, 2% for units and 1.9% overall. The low rental vacancy rates have seen rents mildly increase, with the weighted average median rent increasing over the latest twelve months from $390 to $400 per week for houses and from $280 to $290 per week for units.
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.