Cairns residential real estate commentary went missing last month but has returned in the latest national Covid edition from valuer Herron Todd White:
Market evidence is mainly anecdotal at this stage, however in summary:
◗ Many sale contracts which were conditional during March fell over as purchasers pulled out due to overwhelming uncertainty;
◗ Most sale contracts which were unconditional proceeded to settlement;
◗ Demand has fallen significantly since mid-March;
◗ There has been an increase in properties for rent, mainly due to properties being brought back into the permanent market from the short-term and holiday market.
While the local HTW CairnsWatch is now every two months I presume this commentary is still coming from Rick Carr as it exhibits some familiar humour:
Almost all of our staff are working from home. We are adapting to contactless inspections for properties where we can’t get internal access or access at all with the use of new technologies and working with owners and tenants to accommodate their specific requirements which range from no contact at all to a care factor of zero.
Source: HTW Month in Review