Herron Todd White Cairns provide their analysis of the residential sales market within their national 'Month in Review' publication:
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The Cairns market remains at the bottom of the cycle. That said, the market appears to be consolidating from a dismal 2011, with sales volumes so far this year creeping up and prices at least for houses steadying. Our latest figures indicate a median house price in Cairns of $343,000 during February 2012, only marginally different from the $345,000 median house price recorded in August 2011 but still a sizeable drop compared to the $364,000 median house price recorded twelve months ago in February 2011.
The unit market also appears to be lifting in volumes though prices are being affected by higher strata insurance costs. Investor buyers in particular appear to be factoring these higher costs into the rental return equation and continuing to drive prices lower in order to maintain yields.
"...the market appears to be consolidating from a dismal 2011, with sales volumes so far this year creeping up and prices at least for houses steadying..."
The land market in recent months has been influenced by a large volume of receiver sales of both developer and consumer stock, selling at up to 30% discount to their former list prices. According to our Residential Land Survey, the number of new residential allotments sold in Cairns totalled 249 during 2011, a drop of 41% compared to the 420 lots sold during 2010, and 84% compared to the 1,583 lots sold at the peak of the market in 2007. Our belief is that Cairns land market volumes have reached bottom and are due to slowly recover, but that land sales for 2012 will still be relatively low.
View the full publication
HERE
Peter Musso licensed real estate agent at Ray White Cairns Beaches selling property in Cairns' beautiful northern beach suburbs including Trinity Beach, Kewarra Beach, Clifton Beach, Palm Cove, Trinity Park, Smithfield, Yorkeys Knob, Holloways Beach, Machans Beach, Caravonica and surrounds.
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There are many different types of land surveys. Residential land surveys are among the most common, and are the type of survey most likely to be encountered by the general public. Residential land surveying involves the precise measurements of the boundaries of a certain piece of real estate.
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