The end of the financial year means its time to take stock of the local property market

first_imgNow is the time to take stock of the local property market, a according to Real Estate Institute of Queensland (REIQ) Chair for the Cairns region, Tom Quaid. Picture: Brendan Radke.LIKE Christmas, the end of financial year seems to sneak up on many of us (or me, at least). While I can’t imagine many local home sellers getting on the EOFY sale bandwagon, it is at least a good chance to stop and reflect on the (financial) year that’s passed thus far and what it has meant for property.Moving into this financial year, there had been significant promise in the air, buoyed by the (eventual) commencement of earthworks on the first stage of Nova, the first major CBD project to be released in almost a decade. Swift construction works across the Crystalbrook Collections’ three City projects and an overall tightening of supply across both the rental and sale markets. At this point, that promise still seems to be floating ahead but hasn’t yet translated to quite the market we expected to see. More from newsCairns home ticks popular internet search terms3 days agoTen auction results from ‘active’ weekend in Cairns3 days agoStock levels remain tight across most sectors of the market, with buyers generally seeing less choice than they might have 12 months ago. Absent real motivation to purchase however (be it job change, relocation, downsizing or upgrade), buyers seem happy to wait for the right property to come up rather than accept what is available, meaning sellers still need to be sharp both in their presentation and pricing. Bucking this trend, we are seeing more choice emerge at the upper end of the market, with an increasing number of transactions $2 million and above enticing more owners to bring their own properties to market. With two such sales completed in our own office over the past 12 months and more opportunities ahead, we’re encouraged to see this kind of confidence in the market (but would love to see it trickle down to other price points). At the other end of the spectrum, the reduction in the First Home Owners Grant has yet to eventuate in the last-minute run we might have expected as people look to lock in the existing $20,000. It will be interesting to see if the reduced incentive leads buyers back to more affordable existing homes at a wider range of price points though only time will tell. For now, we continue to look ahead with optimism but make sure it’s backed up with plenty of hard work in the meantime. Tom Quaid is the REIQ Far North zone chairmanlast_img

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