Cairns

The Smartline Report – September Edition

The month in review: Cairns

By Herron Todd White
September 2015

There has been a distinct dichotomy in the performance of the residential and tourist unit markets in Cairns. The tourist unit market peaked in median price terms back in 2004. This was followed by a distinct post-GFC correction from which it has only partially recovered. The current median tourist unit is still 28% down on the 2004 peak.

By comparison the median residential apartment price peaked in 2010 before lowering as a result of the slow market combined with buyer aversion to both new and established strata housing over insurance rates. The latest median residential unit price is 19% down on the 2010 peak.

However the median unit price overall has increased by a cumulative 18% from 2012 through to 2015.

The unit development story in Cairns is a very short story, as it has been at a virtual standstill over the past five years. There are projects in the pipeline but very little happening right now on the ground as they seemingly await the right trigger point to commence construction. In short, the market is on the cusp of a new phase of construction and development, but is not quite there yet.

Cairns-Sep2015

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Please note that information in this publication is subject to change without notice. Smartline assumes no responsibility for any errors, omissions or mistakes in this document. © Smartline Home Loans P/L 1999 – 2015. Australian Credit Licence Number 385325

 

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