Vacancy rates in Cairns remain tight: HTW residential
The Cairns residential property market has continued along a fairly steady path for the first half of the year with no noticeable changes, according to the latest Herron Todd White (HTW) residential report.
"Values are fairly steady, volumes remain flat and there is no obvious oversupply in any residential market sector," the valuation firm commented.
Vacancy rates remain tight with limited quality stock available and little new supply coming online.
"The GA Group projects are progressing well and it is starting to look like there won’t be any follow up projects such as Nova City ready to go, so we may see a dip in construction activity once they are complete," HTW said.
The announcement from Cathy Pacific that they will pull out of Cairns after flying in for 25 years is an unwelcome dent on confidence and adds further to the feeling that the gains in tourism in recent years might be levelling off.
"Overall it is difficult to be particularly optimistic about the next six months and a continuation of existing conditions may be considered a good result by the time we get to December."
A two bedroom apartment in Cairns City with water and mountain views has recently been sold for $558,000.
Situated on the fourth floor, unit 403 at 27-29 Wharf Street (pictured below) comprises two bedrooms with walk in robes, open plan living and dining areas, large balcony and kitchen with bench tops.
The complex features resort-style swimming pool, gym, BBQ area and intercom.
A current listing is a historic Freshwater home priced around $600,000.
Set on a 924 square metre block, the Queenlander style home at 119 Old Smithfield Road (pictured below) comes with four bedrooms, office/study or fifth bedroom, family living room and timber pannelled kitchen.
Other features include large laundry/utility room, purpose built workshop, in-ground pool, and tropic gardens.
