Showing posts with label selling. Show all posts
Showing posts with label selling. Show all posts

September 10, 2012

China Boom Good for Far North's Economy

Just a quick post to update on a "hot topic" in the Far North at present - the recent introduction of direct flights from China. As someone on the ground speaking with buyers each day this topic comes up in every conversation involving the outlook for the local economy and property markets. And for good reason; the largest industry in Cairns is tourism with agriculture worth only half that in total gross domestic product. Needless to say when international conditions deteriorated post-GFC the economy in Cairns suffered - for better or worse, tourism is our life-blood.

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With further direct flights from China now confirmed by Cathay Pacific Airlines the extent to which Cairns is able to take advantage of this emerging international market is of increasing speculation. Without doubt there will be further news to come!

China boom is good fortune for Far North's tourism industry
Article printed by The Cairns Post 6th September 2012

THE number of Chinese travelling to the Far North is expected to double to nearly 190,000 a year within 12 months of three new services coming on stream from next month.

That’s the prediction of Cairns Airport chief executive officer Kevin Brown after Cathay Pacific Airlines yesterday announced changes to its arrival and departure times from Hong Kong to link to its flights from mainland China.

It comes as Chinese visitor numbers to the Far North continue to soar with the latest figures showing a 27 per cent jump on 2011 figures to 94,000 in the year ended June 30.

China Eastern flights arrive from Shanghai in October, China Southern flights from Guangzhou in December and the changes in Cathay’s daily schedule to connect with flights from Shanghai, Beijing, Guangzhou and other cities are from November.

Mr Brown said he expected the 3500 seats a week to be full.

"Passenger numbers could double within a 12-month period."

"Passenger numbers could double within a 12-month period," he said.

Mr Brown said the airport would be working with key organisations such as Advance Cairns, the chamber of commerce, Tourism Tropical North Queensland, James Cook University and the convention centre to ensure the success of the trial flights, to make them permanent, increase the frequency and to enhance the Cathay services.

"It’s not just tourism, but business, corporate, education and academia travel as well," he said.

Cathay’s Queensland business development manager Howard Field said the airline’s changes were to ensure smooth connection to flights between Hong Kong and eight cities in China and to prevent overnight stays in Hong Kong.

"We expect Chinese numbers to grow by 25 per cent," he said.

Tourism Tropical North Queensland chief executive officer Rob Giason said the flights meant the Far North was on target to reach 200,000 Chinese holidaymakers visiting the region by 2015. "But that could very well accelerate," he said.

Mr Giason said as well as the direct flights the industry expected to maintain the high numbers coming to Cairns from other cities such as Brisbane and Sydney.

According to Tourism Research Australia’s international visitor survey overall international visitors were down 6 per cent to 616,000 while spending was up $35 million to $800 million.

Cairns is the third most popular destination in Queensland for the Chinese after the Gold Coast (412,000, up 18 per cent) and Brisbane (109,000, up 35 per cent).

The survey also found the number of Japanese visitors was 87,000 (down 11 per cent), the UK 76,000 (18 per cent), the US 75,000 (down 1 per cent), NZ 44,000 (up 19 per cent) and Germany 41,000 (down 13 per cent).

Mr Brown said he treated the IVS figures, particularly Japan and Europe, with "a degree of caution".

"I don’t think they are as bad as that. I deal with actual passenger numbers not sample survey sizes," he said.

Mr Brown said he believed the Japanese figures were far better.

"I’ve been speaking to many tourism operators who have said they haven’t seen so many Japanese in a long time. It’s still a very strong market."

Peter Musso licensed real estate agent at Ray White Smithfield 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, Kamerunga and surrounds.

August 15, 2012

Multiple Offers on a Property

This isn't exactly a topic specific to real estate in Cairns and Far North Queensland however it is something which I find myself discussing regularly with people; multiple offers on a property.

In the event where a property is listed for sale by private treaty (with an asking price) and more than one buyer expresses interest in making an offer to purchase, each of these buyers will be advised that there will be another offer in consideration and that the offer with the most attractive price and terms to the seller will be accepted.

To maintain fairness each of these buyers cannot know the price or terms of the other offers and must simply make their best offer in hope that it is accepted over all others.

This is at odds with a property which is listed for sale by auction whereby all bids (offers) are made in a public forum and each buyer is aware of exactly how much more they will need to offer in order to purchase the property. This method of sale through the bidding process will almost always produce the highest possible purchase price.

The Real Estate Institute of Queensland (REIQ) recently released a statement discussing this topic and also clarifying the legal obligations of the real estate agent during the multiple offer process:

The REIQ often receives queries from consumers about multiple offers on a property. A multiple offer occurs when more than one prospective buyer makes an offer on a property by submitting a Contract of Sale.

Multiple offers often happen in a seller’s market when competition for residential property is greatest and there are more buyers than there are properties for sale. However, it can occur in any market and especially for properties within an affordable price range.

Occasionally prospective buyers have alleged that agents tell them there is another offer on the property in order to secure a higher price for the seller, when in fact there is no competing offer.

There are heavy penalties for agents who mislead or deceive buyers by telling them there are competing offers when there are not.

When a seller is to be presented with multiple offers, a prudent agent will inform prospective buyers of that fact in writing and obtain a written acknowledgement. This gives potential buyers an opportunity to submit an offer if they have not already done so, or to revise an existing offer that has not yet been accepted by the seller.

Real estate agents have an obligation under the Property Agents and Motor Dealers Act to submit all offers that comply with the seller’s instructions to the agent.

Exceptions occur when, for example, the seller instructs their agent not to submit offers under a certain dollar figure.

Agents also have a statutory obligation to attempt to get the highest possible price for the seller. The law further requires that agents be fair to buyers.

Buyers should also be aware that sellers will examine all the terms and conditions of each offer before deciding to accept or reject any particular offer. The conditions can make certain offers more attractive for reasons other than the proposed price alone.

Some sellers may be prepared to accept a lower price if the offer is unconditional rather than take the risk that a higher offer may not proceed to settlement, because of the special conditions required by a buyer.


Statement posted by the REIQ on the 13th of August 2012.

Peter Musso licensed real estate agent at Ray White Smithfield 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, Kamerunga and surrounds.

July 1, 2012

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.

March 3, 2012

Cairns Beaches Video Market Update


Short video update on current market activity experienced in Cairns northern beaches.
Presented by Peter Musso - Ray White Cairns Beaches - 0425 713 700
Location: Coral Sands Resort - Trinity Beach QLD 4879

Subtitle: Hi everyone, welcome to my first video update for the year, we've been very busy so I'm happy to be able to report on healthy market activity throughout January and February. Buyer activity remains strong following on from the spike in activity that we saw late in 2011, typical for that time of year but good nonetheless that it has remained.

A change that we have noticed is fewer properties coming onto the market which will help to bridge the gap between supply and demand that we have seen in recent times. The majority of buyer enquiry is circulated around the affordable housing segment, between the $250,000 and $350,000 level, with demand for units slightly less however good for those that are priced to represent clear value within the marketplace and of course auction properties with no advertised price.

As predicted we are continuing to see strengthening rental market conditions with tightening vacancies and increasing rents, something I heard a buyer say last week was "with rents expected to increase further why shouldn't I buy?" This was music to my ears as it is the message that we have been trying to get across to the marketplace for quite a while now. Hopefully we see and continual shift in buyer perception in that direction.

If you would like a quick discussion regarding local market activity feel free to call me directly at any time, have a great day and thank you for watching.

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.

February 21, 2012

Cairns Property Information Seminar

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This Thursday (23rd February) Ray White Cairns Beaches & Ray White Smithfield will be hosting an information seminar for buyers and sellers of local real estate.

The event will feature a number of guest speakers on the current state of the market and discuss the associated opportunities available. Whether considering buying or selling locally it is sure to be an event not to be missed.

Location: Paradise Palms Country Club, Kewarra Beach
Time: 6:30pm Start - 8:30pm Finish
Contact: 07 4057 9111 or sales.cairnsbeaches@raywhite.com *Booking not necessary however recommended

January 24, 2012

Ray White Smithfield - New Cairns Beaches Agency


An agency-specific item however important news to local buyers and sellers of real estate nonetheless. Ray White Cairns Beaches will soon be opening a new ‘sister’ office at Smithfield, to be named Ray White Smithfield.

Centrally located within Cairns' northern beach suburbs close to the Smithfield Shopping Centre, the office will receive high exposure in a position on the Captain Cook Highway.

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Personally I am looking forward to further expanding our reach to buyers within the northern Cairns region and beyond but also providing sellers with a new and central port on the beaches for all real estate needs as a member of the largest real estate network in Australasia.

It is an exciting time of growth for our business and I cannot help getting enthusiastic about it all - feel free to give me a call at any time, even if you might simply appreciate a quick chat regarding local market activity.

Peter

0425 713 700
peter.musso@raywhite.com
www.petermusso.raywhite.com

Peter Musso - Ray White Cairns Beaches - Real estate agent selling property in Trinity Beach, Kewarra Beach, Clifton Beach, Palm Cove, Trinity Park, Smithfield, Yorkeys Knob, Holloways Beach, Machans Beach

October 23, 2010

CAIRNS' SELLERS INFORMATION EVENING AT RAY WHITE CAIRNS BEACHES

This coming Tuesday Ray White Cairns Beaches will be hosting an information evening for owners and anyone who might be interested in learning more about the current status of local property markets.

Economic information will be discussed and intimate advice provided to those who might have any questions or queries regarding selling or buying in the current market.

Whether you're on the market and not sold, going onto the market with many questions, or seeking direction of any kind at all the team at Ray White Cairns Beaches would love to have you along!

When: Tuesday 26th October @ 6:00pm
Where: Ray White Cairns Beaches, Trinity Beach Rd, Trinity Beach
R.S.V.P: Phone 07 4057 9111 or email peter.musso@raywhite.com


Peter Musso - Ray White Cairns Beaches - Property agent selling real estate in Trinity Beach, Kewarra Beach, Clifton Beach, Palm Cove, Trinity Park, Smithfield, Yorkeys Knob, Holloways Beach, Machans Beach