CoreLogic have released their annual Regional Properties Statistics for the year ending March 2016.
CoreLogic data shows the following statistics for the Cairns QLD Region:
House prices in Cairns have risen 2.7% over the year to March 2016. The current median value stands at $375,425.
Unit prices over the same period have also risen by 0.8% and are now standing at $227,230. Over the past year to February 2016 there have been 5,510 House and Unit sales which is -2% less than the previous year, however it is 11% above the five year average for the region.
Vendor discounting was down -7.2% with the average time on the market for a house being 82 days compared to 94 days for a unit.Rental yields remained steady at 5.3% over the past 12 months with the average weekly rental rate for a house sitting at $380 per week.
Integrated Valuation Services’ Market analysis shows that the residential property market in Cairns experienced increased sales activity with relatively strong growth in median prices during the 2014 calendar year; and moderate growth to stabilising prices and slightly reduced sales activity in the 2015 calendar year. The Cairns Housing Market to date in 2016 appears to be reflecting a market in equilibrium with relative stable sales activity and little evidence of price movement.