Cairns property market to continue to plod in 2020: HTW residential
The Cairns economy and residential property market continue to plod along, according to a recent Herron Todd White (HTW) residential report.
The valuation firm asked their valuers to give an educated outlook on the residential market in their service areas.
"Our best guess is that 2020 will look a lot like 2019 (which looked a lot like 2018)," the valuation firm said.
The report notes the $176 million redevelopment of the Cairns Convention Centre is due to commence in June 2020. With Riley, Bailey and Flynn (the Crystalbrook Collection Hotels) being finished, the first half of 2020 will lack a large construction project and the lack of activity may extend the normally quiet summer period further into 2020.
The changes to GST charges on foreign-flagged superyacht charters and predictions of a surge in superyachts visiting for leisure and maintenance is a real positive for Cairns and is exactly the type of stimulus needed to support the local property market.
2020 is an election year with council elections due on Saturday, 28 March 2020 and state government elections due on Saturday, 31 October 2020.
"Unfortunately the uncertainty elections cause tends to have a negative impact on market activity with people delaying decisions until after the dust has settled," the valuation firm said.
"If we had to have a wager on where the residential market would be in December 2020 our bet would be the same or slightly less sales than 2019 and median prices similar to or slightly below 2019."
A two bedroom apartment in Cairns CBD has recently been sold for $232,000.
Located at 2/157 Grafton Street (pictured below), the apartment comes with open plan living and dining, kitchen, balcony and two bedrooms upstairs.
The property last sold for $320,000 in 2005.
A current listing is a two bedroom apartment in Cairns City with uninterrupted views.
The apartment at 3/138 Abbott Street (pictured below) has been listed for sale with a price of over $400,000.
It comes with designer kitchen, open plan living, front patio and undercover parking.
