Kanimbla Property Report - July 2024

KANIMBLA 6 Monthly Property Report: January - June 2024

Brought to you by Karl Latham

YOUR KANIMBLA PROPERTY MARKET REPORT “Currently, the Cairns market remains active, but I believe it has reached its peak...”

9 Tanganelli Close Sold $1,000,030 by Karl Latham 2

Kanimbla 6 Monthly Report

I’m pleased to present my mid-year update on the Cairns property market for 2024, highlighting the significant challenges and shifts experienced in the first half of the year. The market faced a tough start due to Cyclone Jasper and subsequent floods, particularly impacting the northern beaches. Many properties remain unrenovated due to delays in trades and insurance, leading to a heightened demand in the lower end of the market as displaced individuals seek new homes.

high, especially for rentals under $400 per week. Changes in rental legislation now limit rent increases to once a year per property, impacting landlords’ strategies.

While the market shows signs of slowing, it remains active, with educated buyers playing a crucial role in navigating the competitive landscape.

Thanks for reading and I look forward to helping you with your real estate goals.

Currently, the Cairns market remains active, but I believe it has reached its peak, especially for properties above $750,000. There is potential for modest growth in properties under $600,000 and units under $400,000.

The mid-market, around $750,000, continues to be robust, catering to upgraders. However, the top-end market, above $1 million, is slowing down, with properties taking longer to sell and prices starting to stabilise.

The rental market remains extremely tight, with a vacancy rate around 0.8%.

There are sporadic fluctuations in enquiry levels, but overall, demand is

Karl Latham Twomey Schriber Property Group 0403 887 645 karl@tspropertygroup.com.au

CLICK HERE to watch my full Cairns property market update on YouTube.

SALES FOR THE PAST 6 MONTHS

35

Highest Sale

$1.82m

Total properties sold

20 15

Houses

Lowest Sale

$270k

Land

KANIMBLA’S NEW MARKET STATS The below stats are calculated over a rolling 12 month period and compared with the results from the same period 12 months ago.

$741k Median sales value

47 Number of sales

12.5 Days on market

11.6% 6.0% 32.4%

$680pw Median rent for houses

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Kanimbla 6 Monthly Report

OUR PROPERTIES SOLD IN THE PAST 6 MONTHS Address

Bed

Bath

Car

Land Size (m²)

Sale Price

12 Kingfish Street

4

2

-

762

$425,000

4 McFarlane Drive

4

2

3

705

$610,000

41 McFarlane Drive

3

2

2

702

$745,000

17 Rainbow Street

4

2

2

702

$985,000

9 Tanganelli Close

5

3

2

750

$1,000,030

Twomey Schriber Property Group

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KARL’S STANDOUT SALES IN KANIMBLA M O ulti ffe pl rs e

4 McFarlane Drive List price: Offers over $595,000 Sold price: $610,000 Offers: 1 Days on market: 7 Buyer inspections: 21

M O ulti ffe pl rs e

Land size: 705m² Attributes: 4 Bed, 2 Bath, 2 Car

17 Rainbow Street List price: Offers above $890,000 Sale price: $985,000

M O ulti ffe pl rs e

Offers: 9 Days on market: 3 Buyer inspections: 16 Land size: 702m² Attributes: 4 Bed, 2 Bath, 2 Car, Pool

9 Tanganelli Close List price: Offers over $895,000 Sale price: $1,000,030 ($105,030 over asking) Offers: 9 Days on market: 7 Buyer inspections: 23 Land size: 750m² Attributes: 5 Bed, 3 Bath, 2 Car, Pool

Karl Latham is CAIRNS & NORTH QLD’S HIGHEST RATED AGENT Based on a 5.0 star rating from 340 reviews received on realestate.com.au

WHAT IS YOUR PROPERTY WORTH? Download an instant report for your property Click here to enter your address for an INSTANT Digital Property Report that highlights your market value including recent sales, rental history, suburb report and more.

CLICK HERE

Twomey Schriber Property Group

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320 Sheridan Street, Cairns North QLD 4870 Email: karl@tspropertygroup.com.au Mobile: 0403 887 645 Phone: (07) 4031 3138 Website: www.tspropertygroup.com.au

Data taken from CoreLogic and other sources we assume to be reliable as at 08/07/24. We assume no responsibility or liability for any errors or omissions in the content. The information contained in this document has no guarantees of completeness, accuracy, usefulness or timeliness.

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Kanimbla 6 Monthly Report