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6 Monthly Property Report: January - June 2024
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PROPERTY MARKET REPORT
“Currently, the Cairns market remains active, but I believe it has reached its peak...”
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.
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
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.
Karl Latham Twomey Schriber Property Group
