Now the election is over, we may see a more positive market, but maybe with the problems the parties have in claiming victory and not having a government formed, could impact on the market. Then there was Brexit, this did seem to effect buyers moving over from the UK, making their purchasing power drop and the exchange rate drop.
We have record properties on the market at the moment, with not too much happening; hopefully the election blue will be shaken off in the next week or so. Brian White CEO of Ray White was quoted as saying that New Zealand had a very good June, historically NZ always has highs and lows a month or so before us, so that is a good sign.
The Cairns Watch from HTW valuers came out during the week and showed that the volume of sales in Cairns from April15 till April 16 had dropped by over 12%. This is indicative of what we are seeing on the coal face. But this has been expected with all the talk of the Aquis project making a false economy in the Cairns region, this could be just a correction in the market, specially as the prices have not fallen dramatically. Positively some good approvals have gone through Council and we should have some great construction projects coming up