CairnsWatch. May Level 1, 95 Sheridan Street Cairns Qld 4870 PO Box 6843 Cairns Qld 4870
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1 CairnsWatch May 2018 Cairns
2 OVERVIEW AT A GLANCE The progressive recovery in the Cairns economy suffered a setback over the last month as its labour market indicators took a distinct turn for the worse. Hopefully this is a short term relapse, and the Cairns economy can return to the accelerating improvements we have expecting during On the property front, current market conditions still show that Cairns remains very much in a steady state position. Airport Passenger Trend: 1.9% (April 2017 to April 2018) Employment Trend: 4.5% (April 2017 to April 2018) Unemployment Rate Trend: to 7.4% (as at April 2018) Economic Growth: to 0.5% (year to June 2017) If this CairnsWatch bulletin has been forwarded to you from someone else and you would prefer to receive it direct each month, add your name and address here it s simple and it s free! The Fine Print: Information in this publication is based on an analysis of data from a number of sources, subjected to technical procedures of seasonal adjustment and trend analysis. Seasonal adjustment is a means of removing the effects of normal seasonal variation from the data, so that comparisons can be made of data against their established seasonal patterns. Trend analysis smooths the seasonally adjusted estimates to provide a clearer picture of the underlying behaviour of the series over time. The trend estimates are derived by applying a 13- term Henderson-weighted moving average to the seasonally adjusted data. It applies the same procedures used by the Australian Bureau of Statistics in producing trends for national aggregates. Rick Carr Research Director Herron Todd White Cairns Phone: Fax: rick.carr@htw.com.au No responsibility is accepted to any third party that may use or rely on the whole or any part of the content of this publication. Neither the whole nor any part of this publication or any reference thereto may be included in any published or photocopied documents, circular or statement, nor transmitted or published in part or full in any way, including electronically, without written approval of the form and context in which it may appear. Liability limited by a scheme approved under Professional Standards Legislation. The scheme does not apply within Tasmania HTW Copyright 2018 CairnsWatch May
3 EMPLOYMENT Persons Employed in the Cairns Region Number of Persons Employed (Log Scale) 130,000 Cairns Region Unemployment Rate Unemployment Rate (Actual and Trend Basis) 12% Actual Trend Cairns Region All Queensland 10% 120,000 8% 110,000 6% 4% 100,000 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Oct-08 Oct-09 Oct-10 Oct-11 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 Source: Derived from ABS Labour Force Survey data Trended employment figures for the Cairns Region (inclusive of Cairns, the Cassowary Coast, Douglas and the Tablelands) estimate that there were 112,800 persons employed during April 2018, down from the estimate of 114,400 persons employed during March Trend employment is now indicating a loss of over 5,000 persons in jobs over the 12 months from April 2017 to April 2018, equivalent to a 4.5% reduction over the period. The unsettling element is the rapidity of the reduction since November N.B. The ABS Labour Force figures are estimates derived from a sample survey of only about 500 Cairns Region residents, and hence are subject to a potentially large margin of error. Neither the actual nor the trend estimates should be interpreted as precise values. 2% Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Oct-08 Oct-09 Oct-10 Oct-11 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 Source: Derived from ABS Labour Force Survey data There was a significant reduction in the region s unemployment rate during 2016, but that reduction is now being undone, initially as a result of more people joining the search for work and more recently as employment growth has turned negative. The Cairns Region had a seasonally adjusted trend unemployment rate of 7.4% as at April 2018, up from the revised trend estimate of 7.2% as at March In addition, the Cairns Region s April 2018 trended unemployment rate has moved up to well in excess of the State unemployment average of 6.3%. N.B. To be counted as unemployed in the ABS Labour Force survey you need to not have a job and be actively seeking work. People who do not have a job and are not actively seeking work are not counted as unemployed, they are regarded as not in the labour force. CairnsWatch May
4 EMPLOYMENT Cairns Job Ads Monthly Average Jobs Advertised 1,000 Actual Trend Herron Todd White does Property Valuations Herron Todd White Cairns has a wealth of experience in providing valuation services across the tourism, commercial, industrial, rural and residential property sectors. 400 From residential units and townhouses to specialist valuations, acquisitions and resumption, Herron Todd White Cairns team of specialist staff provides valuations across all property types Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 Apr-18 Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 Feb-18 Source: HTW Analysis of Employment Websites The trend in the number of jobs being advertised on employment websites for the Cairns and Far North region has buttoned off noticeably over the last six months. The seasonally adjusted trend in the number of jobs being advertised in April 2018 is 14.1% higher than it was in April 2017, but is down 0.7% compared to December CairnsWatch May
5 TOURISM Airport Passenger Numbers Monthly Passenger Arrivals + Departures (excl Transits) 450, , ,000 90,000 International Flights Domestic Flights Herron Todd White does Tourism Valuations Buying or selling a tourist property? Herron Todd White has valuers specialising in all forms of tourism related property including pubs, roadhouses, hostels and caravan parks, and the entire accommodation spectrum from small motels and serviced apartments through to large scale resorts. 50,000 30,000 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Oct-08 Oct-09 Oct-10 Oct-11 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 Source: Derived from Cairns Airport data Passenger number trends at Cairns Airport remain in steady growth mode for travellers on domestic origin/destination flights, and are a notch higher for those on international origin/destination flights. Airport passenger comparisons over the twelve months to April 2018 have been muddied by an early Easter this year compared to last, as well as April 2017 s results being inflated by one-off impacts from Cyclone Debbie last year. Nevertheless there has been an overall airport passenger trend increase of 1.9% over the 12 months from April 2017 to April 2018, consisting of a 1.5% trend increase on domestic flights and 4.6% trend increase on international flights. CairnsWatch May
6 PROPERTY Property Prices Median Sale Price (Log Scale) $450,000 Property Metrics Median Days on Market 120 Median Vendor Discount 8% Houses May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 $320,000 Units 90 6% $230, % $165,000 Vacant Land 30 2% $120,000 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Oct-08 Oct-09 Oct-10 Oct-11 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 * All sales are classified to date of contract (not date of settlement) ** Recent months are provisional and subject to revision Source: HTW Analysis of RPData 0 Houses Source: CoreLogic Units 0% Houses Units Although median price trends have technically declined over the last six months, we regard these movements as illusory due to the predominance of property sales shifting from more expensive areas such as the Northern Beaches to less expensive areas such as the Southern Corridor. Our inmarket perception is that like-for-like property prices have remained static. The latest trend median prices, for properties sold in the month of April 2018, technically came in at $405,000 for a house, $207,000 for a unit, and $172,000 for a block of land. N.B. The median property price is the actual sale price of the middle-priced property from the list of properties sold each month. Movements in median prices do not necessarily equate to movements in individual property values. In the face of relatively flat market conditions in terms of volumes and prices, market metrics have remained stable for house sales in the latest quarter, but shown some improvement for units. The median time taken for units to reach a sale has decreased from 70 days for units sold in the twelve months to November 2017, to 65 days for units sold in the twelve months to February The median time taken to sell a house remained unchanged at 56 days over the same period. The median vendor discount the difference between the asking price first advertised on a property and its ultimate selling price also reduced for units but remained stable for houses. CairnsWatch May
7 PROPERTY Rental Vacancies Percentage Vacancy 8% Houses Units Total Herron Todd White does Tax Depreciation Schedules 6% 4% 2% 'Balanced Market' Range Do you have an up-to-date tax depreciation schedule? You could be missing out on thousands of dollars each year in allowable depreciation for your investment property. Depreciation is an important part of maximising your investment returns from an income generating property. Contact us on for an obligation-free quote. 0% Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Oct-08 Oct-09 Oct-10 Oct-11 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 Source: HTW Rentroll Survey Though rental vacancy trends have been somewhat wobbly over the last year, rental vacancy rates remain extremely low and continue to indicate tight verging on stressed market conditions. Our latest survey results show that the trend rental vacancy rates for April 2018 stood at 2.1% for houses, 1.8% for units and 1.9% overall. Coupled with the low level of new rental supply being created due to relatively low levels of new housing construction and reduced levels of investor housing activity, rental market conditions are expected to stay tight and/or stressed for some time. CairnsWatch May
8 PROPERTY Building Approvals Number of New Dwellings Approved in Cairns Urban Area 200 Houses Units Total (Actual Trend) Herron Todd White does Rural Valuations Selling the farm? Herron Todd White has valuers specialising in agribusiness from cane farms to cattle properties and banana plantations Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Source: Derived from ABS data Upward revisions to the building approval figures for the Cairns urban area made last month have not been maintained, with the latest figures now showing that building approval levels have been consistently reducing in trend terms since mid Approval figures for March 2018 are indicating a trend average of around 45 houses and 1 unit being approved per month. In trend terms the March 2018 approvals are now 19.8% below the (previously revised) levels recorded in March CairnsWatch May
9 SPECIAL TOPIC Economic Growth Gross Regional Product ($ million per annum at constant prices) 10,000 8,000 6,000 4,000 Herron Todd White does Socio-Economic Research Herron Todd White Cairns carries out specialist project consulting assignments in all areas of socio-economic research, including demographic studies, statistical surveys, market research, strategy planning, cost benefit studies, and socio-economic impact assessment. Contact us today to discuss your requirements. 2, Source: NIEIR The Cairns Regional Council area had an economic size (in terms of Gross Regional Product) of $8.415 billion in , equating to 2.71% of the total Queensland economy, and 0.50% of the national economy. During the halcyon days from to , the Cairns economy grew at an average rate of 5.5% per annum. However, growth since then through to has averaged only 0.5% per annum. Growth remained lacklustre in the , still at a slow 0.5% and well behind population growth for the year of 1.3%. Indeed over the period from to , population has cumulatively increased by 16.4%. However the economy has only grown by 4.9% over the same period, which implies that economic value per capita has reduced by a cumulative 9.8%. That is the extent of the slump we need to recover from in future years. CairnsWatch May
10 PROPERTY National Property Clock Bathurst Gold Coast NSW Central West Orange Sunshine Coast Coffs Harbour Melbourne Newcastle NSW Central Coast NSW Mid Nth Coast Approaching Peak of Market Peak of Market Starting to Decline Bendigo Canberra South East NSW Herron Todd White does Townsville Market Information Herron Todd White produces a quarterly publication of Townsville Market Information entitled Townsville in Focus. Like CairnsWatch, it is free of charge. Adelaide Adelaide Hills Albury Ballarat Barossa Valley Brisbane Burnie-Devonport Dubbo Echuca Gippsland Hobart Launceston Lismore Mildura Mount Gambier SA Iron Triangle Tamworth Rising Market Declining Market Sydney For further enquiries or to subscribe, contact townsville@htw.com.au or call (07) Steady State/ Start of Recovery Approaching Bottom of Market Cairns Emerald Gladstone Hervey Bay Horsham Ipswich Mackay South West WA Townsville Warnnambool Whitsunday Bottom of Market Lismore Alice Springs Bundaberg Darwin Perth Rockhampton Entries coloured dark blue indicate positional change from last month Toowoomba Source: Residential Property Ratings Compiled by Herron Todd White, April 2018 Herron Todd White s National Property Clock is prepared each month based on the local market perceptions of its Australia-wide network of offices. Though we have been expecting the Cairns market to experience greater impetus during 2018, current conditions mean we continue to regard Cairns as maintaining a Steady State. CairnsWatch May
Property Metrics Median Days on Market 120
Property Prices Median Sale Price (Log Scale) $45, Property Metrics Median Days on 12 Median Vendor Discount 8% May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 $32, 9 6% $23, 6 4% $165, Vacant
More informationPROPERTY. Property Sales Number of Sales per Quarter. Property Prices Median Sale Price (Log Scale) 1,600 House Sales. Houses.
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