Tuesday, March 19, 2013

2013 Property Market Movement Report

The Queensland Valuer-General has released the 2013 Property Market Movement Report ahead of the release of land valuations on March 20.   The section on the Far North has been copied below.

Within Cairns Regional Council area the median residential land value fell by 2.1%; multi-unit land -1.4%; commercial -0.7%; Industrial flat at 0.0%; while primary production land was the winner at +6.7%.

The Cairns property market appears to have generally
stabilised, after 5 years of falling values. The key industries
of tourism and construction are still negatively impacted by
the strong Australian dollar. However, increasing tourism
numbers associated with the growing Chinese sector have
raised confidence.
The residential and rural home site market within the
Cairns locality has generally experienced very little
change in value over the last 12 month period. Low rental
vacancy rates have led to greater market turnover and a
stabilisation of the established residential market. The
push from the bottom and softening from the top has led
to a compression of the value range within the housing
Residential land values within Port Douglas locality have
generally stabilised following the declines of previous
years. However, values have fallen in some other areas
where the supply of land is still greater than demand.
Values have been reduced at Wonga Beach and there were
some market corrections north of the Daintree River.
Land values in the Babinda locality have reduced slightly
due a lack of demand.
Distressed sales have been prevalent in the commercial,
industrial and multi-unit market sectors. However,
properties which are well located and have secured
tenancies in place are still holding their levels of value.
Land values in all three sectors have levelled out within
the Cairns region over the last 12 month period. The
Port Douglas locality has also experienced a levelling
in the market for these land use categories. In other
areas however, low visitor numbers and difficult trading
conditions has continued to affect the viability of some
commercial property. Values in the Cape Tribulation area
have been reduced to reflect this.

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