Cairns Real Estate Market 'Month in Review'

Herron Todd White provide their monthly review of the Cairns marketplace:

The conventional wisdom is that being a transient city, Cairns has a high proportion of renters in its population, with the counterpart that it has a lower than average incidence of owner-occupiers in its property base compared to other Australian cities. Nevertheless with the slow state of the present market, in particular the investor market, it seems to be intending owner-occupiers that are sustaining the majority of current property market activity.

Owner-occupiers appear to buy across the entire spectrum of property types, whether that be houses, apartments or acreage properties. While represented across the entire spectrum of locations, owner-occupiers appear to show a higher degree of concentration either in the older established suburbs or in areas such as Redlynch.

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"we are seeing some former rental properties being snapped up for owner occupation while the price is right... This is further reducing the supply of rental properties in an already tight rental market..."

With Cairns being a buyers market, we are seeing some former rental properties being snapped up for owner occupation while the price is right. This is further reducing the supply of rental properties in an already tight rental market, and may have the spiralling effect of inducing even more people to buy rather than rent due to the looming rental shortage. However there is also a degree of buyer hesitancy in the apartment market due to the hike in ownership costs arising from higher strata building insurance / body corporate charges.

Source: Herron Todd White 'The Month in Review' June 2012

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.