Flat prices remain in Cairns residential property market

The Cairns residential property market holds steady but is subject to sudden change, according to the June report from the valuation firm Herron Todd White.

2018, according to Herron Todd White, has been a "stodgy" time for the Cairns residential property market.

Residential property demand remains constant, but prices have remained flat and the market has remained stuck in a steady state position, and the latest trended median price readings in Cairns for sales during April 2018 stood at $405,000 for houses and $209,000 for units, the valuation firm noted.

"Although these represent price changes during the past twelve months of -2.4% for houses and -5.5% for units."

An assessment by HTW valuers found that "individual property value movements over the past 12 months have been varied by no more than plus or minus 5%."

The upshot is that even though solid fundamentals are in place with low rental vacancy rates, no obvious oversupply in any market sector and continued economic improvement, the Cairns property market is still being hampered by a lack of confidence and a constrained fiscal environment.

"We have been expecting demand for most residential property to revitalise during 2018 as a result of ongoing economic improvement", the report suggested.

The report forecasts a slow but steady increase in sales volume which will flow through to modestly rising prices although so far it hasn’t happened.

What’s more they boldly predict, is that if it doesn’t happen in 2018, it never will.