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 generallystabilised, after 5 years of falling values. The key industriesof tourism and construction are still negatively impacted bythe strong Australian dollar. However, increasing tourismnumbers associated with the growing Chinese sector haveraised confidence.The residential and rural home site market within theCairns locality has generally experienced very littlechange in value over the last 12 month period. Low rentalvacancy rates have led to greater market turnover and astabilisation of the established residential market. Thepush from the bottom and softening from the top has ledto a compression of the value range within the housingmarket.Residential land values within Port Douglas locality havegenerally stabilised following the declines of previousyears. However, values have fallen in some other areaswhere the supply of land is still greater than demand.Values have been reduced at Wonga Beach and there weresome market corrections north of the Daintree River.Land values in the Babinda locality have reduced slightlydue 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 securedtenancies in place are still holding their levels of value.Land values in all three sectors have levelled out withinthe Cairns region over the last 12 month period. ThePort Douglas locality has also experienced a levellingin the market for these land use categories. In otherareas however, low visitor numbers and difficult tradingconditions has continued to affect the viability of somecommercial property. Values in the Cape Tribulation areahave been reduced to reflect this.