30/07/2020
A popular question Iām asked daily from nervous Cairns Property owners is: "Should I put my property on the market right now, or wait until things settle down/improve?"
I am sure itās a question on a lot of peopleās minds, including maybe you, so here are my thoughts.
Letās look at where the market in Cairns is right now.
Inventory is low as sellers are hesitant to put their property on the market, however buyer inquiry is strong.
Some agents are reporting very high numbers at open homes and quick sales occurring due to competition from buyers (for example, I just sold a 3 bedroom home in Bentley Park within a week of advertising and plenty of surplus buyers looking for a home who missed out)
Therefore yes there are properties selling in todayās market and quite quickly.
So is it worth you waiting before going to market? The first question I would ask is why are you selling?
Upsizing?
Downsizing?
Divorce (not a nice word but happens, especially thanks to COVID-19 increasing numbers)
Considering moving from Cairns? etc etc
Numerous answers to āWhy are you sellingā as everyoneās situation is different, however if you are waiting for things to improve in Cairns before going to market my answer would be YES and NO.
In regards to the actual virus, YES Cairns has been blessed as has most of Queensland with not many cases or deaths reported compared to most of the World, so as far as COVID-19 I feel we have knocked it in the head in our Region for now.
As far as Cairns economy is concerned re improvement in the short term my answer is NO.
The reason I say this is as a local of 30 years plus, I have seen the economy fluctuate quite dramatically. Seen the good and the bad and today we are heading into the unknown.
Property expert analyst Terry Ryder reported recently in the property observer that many Queensland regional areas have performed quite well since COVID-19 arrived on the scene, but not Cairns. In his article he states:
"The one disappointing result comes from Cairns, which stood out strongly in the previous Autumn survey as a rising market with nine growth suburbs. But this Winter survey finds only two growth suburbs, with sales in most Cairns suburbs falling away recently. This is an economy strong reliant on tourism, including international visitors, which has taken a serious hit from Covid-19"
Cairns obviously rely's heavily on Tourism and we are seeing domestic tourism starting to trickle back but it could be sometime yet before we see some serious numbers and who knows when the International traveller's will appear, could be sometime yet.
This will obviously have some effect on property prices as real estate growth is all about confidence (other than manufactured growth) and I cant see much stimulating the local economy short term, in-fact many people feel it will become worse before it gets better.
So my answer to the question of āShould I put my Cairns Property on the market today or wait until things improveā
My answer would be āI know whatās going on in the local market right now and plenty of sellers out there looking to buy so yes fine to go to market now". That's if your property is property presented and you apply a Mass "Media Marketing Campaign" then yes you will attract buyers.
If you ask me what will the property market look like in Cairns in the next 6-12 months I would say I honestly couldnāt tell youā¦..No one can with any confidence.
If considering going to market in the very near future and you are unsure, maybe we should chat today as I know I can help you.
I have done this for years helping many clients including local homeowners PLUS Queensland's largest developers, helping them sell out their projects.
If you feel we are a good fit after we meet, let's team up today and get your property sold.
Private message me on facebook or call now
Terry Loftus 0412 472 172
