Joel Market Update

Market Update
Hello, I'm Joel from Belle Property Cairns, your Palm Cove Apartment Specialist. Welcome to our June 2024 Market Update, coinciding with the end of the 23-24 financial year.
As we transition into our peak season, it's fantastic to see both tourists and locals enjoying the sunshine, marking the end of a long wet season. Occupancy rates are high, and forward bookings are strong, promising healthy income statements for property owners.
Occupancy rates are high right now and forward bookings are looking good, I expect most owners to be very happy as their monthly income statements should show some nice numbers.
The sales market has regained momentum, with demand and inquiries up significantly on last quarter. Properties with good income potential or suitability for owner-occupiers are selling quickly, often at prices higher than previous sales. However, apartments with high body corporate fees remain more challenging to sell.
Overall, the market is robust, with stable growth in home and apartment prices holding strong. Although fewer properties have traded in the past year, the lower stock levels and consistent demand have kept prices buoyant. Current stock availability is slightly up from the last quarter, as more sellers evaluate their options moving into the new financial year.
So to the numbers,
Market Stats - Apartments
• Median Price is $405,000 down 2% over 12 months.
• There have been 101 recorded apartment sales in Palm Cove over the last year, down 28% on the previous period.
• Currently there are currently 33 Apartments for Sale (40 including properties Under Offer).
Market Stats - Houses
• Median House Price is currently $1,220,000 up 11% over 12 months
• There were 36 recorded home sales in Palm Cove in the last 12 months, down 44% on the previous period.
• Currently 25 Homes for Sale (30 including properties Under Offer).
Your Palm Cove Apartment Specialist
I’ve sold 38 apartments in Palm Cove over the past year, contributing to Belle Property Cairns' total of 52 sales. We’ve been involved in 40% of all residential sales in the area.
So if you're looking to sell, there's a good chance I'm already speaking with potential buyers interested in your property.
As always, I'm happy to provide free appraisals and market advice if you're weighing your options.
Thank you for watching. Have a fantastic day, and I look forward to seeing you on the esplanade soon!