Large drop in sales activity in Cairns region: CoreLogic
Across Cairns, median values have shown little to no growth over the past year, with detached house values rising by 1.1 percent and unit values up by a minimal 0.1 percent, according to CoreLogic's regional market report.
The rental market across the region has also shown fairly steady conditions, with rental rates for houses unchanged over the year, while unit rents have risen by 1.8 per cent.
Investors can expect a similar level of returns, with gross rental yields down slightly for houses, from 5.4 per cent in June 2015 to 5.3 per cent in June 2016 and remaining at 7.3 per cent for units.
There has, however, been a relatively large drop in sales activity, with transactions 8.2 per cent lower than one year ago and the average time taking to sell houses lengthening by 12 days and units taking 8 days longer to sell.
