The latest figures for Cairns
residential property are out for October, compliments of Herron Todd White
Independent property advisors.
Property continues to turn
over at a much greater rate than 12 months ago but the prices are still
slipping away from us. The August 2012 Cairns median house price came in at
$331,000, a 3.7% reduction since August 2011. The median unit price is also struggling,
reducing to $178,000 in August 2012, a 6.9% reduction since August 2011.
Rental
houses continue to show very tight supply as a result on on-going demand and
the absence of new supply, but the shortage of units appears to have alleviated
in recent months.
The
trend vacancy rate for houses stood at a very low 1.7% during September 2012,
while units displayed a trend vacancy rate of 2.9%. The overall market vacancy
rate stood at 2.4%.
Rental
housing shortages have resulted in escalated rents across all categories of
housing over the last 12 months. Between September 2011 and September 2012, the
weighted average median rent
increased
from $325 to $350 per week for houses, and from $240 to $255 per week for
units. Rents are likely to continue increasing during 2012-13 as the rental
supply stays tight.
Building approval numbers staged a recovery in August compared to their very low July figure, highlighting the variations that have occurred during the course of this year from changing grant schemes, stamp duties, etc. Though the trend level has reverted back to 2011 levels, there is a perception that there may be underlying improvements taking place in the industry as the economy slowly recovers.
The
Cairns market position remains unchanged on last month, wavering at the bottom
of the property cycle. There are plenty of opportunities to pick up a great
deal now as we begin to enter the slow recovery phase.
If
you are interested in reading the full Cairns Watch report CLICK HERE: http://www.cairnswatch.com.au/uploads/uploads/201210fullreport.pdf
Have
a great week!
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