CoreLogic National housing Update May 2018
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Adelaide May 2018
Brisbane May 2018
Cairns May 2018
Canberra May 2018
Darwin May 2018
Gold Coast May 2018
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Perth May 2018
Regional NSW May 2018
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CoreLogic NSW housing Update May 2018
CoreLogic QLD housing Update May 2018
CoreLogic SA housing Update May 2018
CoreLogic VIC housing Update May 2018
CoreLogic WA housing Update May 2018
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Cairns May 2018
The month in review: Cairns
By Herron Todd White
In the current market climate, the prestige housing sector in Cairns starts at about $750,000, with a super prestige sector cutting in at about $1.5 million.
- Beachfront houses along the Northern Beaches
- Homes in the more elevated areas of suburbs such as Edge Hill, Whitfield, Mooroobool, Earlville and Bayview Heights
- Some acreage properties in the Northern Beaches suburbs such as Kewarra Beach
- A small number of penthouse and sub-penthouse apartments in areas such as the CBD, Palm Cove and Trinity Beach.
Houses in the $750,000 plus category are thinly traded. There were only 138 house sales in Cairns priced at $750,000 or more during 2017, compared to 137 in 2016. These compare to total market sales of approximately 2,400 houses each year in those two years. Of the 138 house sales during 2017, ten were priced at $1.5 million or more. There were also 22 apartment sales over $750,000 during 2017, of which one came in at above $1.5 million.
Conditions in the prestige sector have been slow for some time, but properties are nevertheless starting to turn over again as the market rebuilds. We expect the market to continue improving during 2018 as local economic conditions rebound, though lagging the market in general due to the shortage of buyers with the resources to participate in this sector. Around the Cairns region there are also small pockets of prestige housing located in Port Douglas, especially on Wharf Street and Flagstaff Hill, and some in Mission Beach.
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.