CAIRNS REAL ESTATE TRENDS: ALL YOU NEED TO KNOW
Cairns is Northern Queensland’s day trip capital—where every day is a vacation day, where you can enjoy the sun, sea, and other natural charms this city has. Another plus point to this city? Winter doesn’t exist in Cairns! In this article we’re going to break down what makes Cairns such an attractive city to homeowners and tourists, but also some key trends to know about.
Tourists’ Paradise
Everyone can enjoy the numerous beaches, rainforests, rivers, and water holes Cairns has. Tourists flock Cairns due to its laid-back atmosphere, awesome nightlife, and the many activities they can do here.
The Cairns Esplanade offers a large recreational space where you can enjoy BBQ with your friends, go for a run or a walk, or just enjoy the atmosphere. There is also the Lagoon, a man-made beach, where you can enjoy the sunshine. If you want to go eat somewhere, walk a bit further to Marlin Marina Boardwalk, where you can choose from various restaurants.
Perfect Combination for Study and Recreation
Cairns is also the perfect place for students, especially international students if they want to learn English or study in Australia. James Cook University, CQ University, and Tropical North Queensland Tafe are some of the universities they can go to.
Cairns is the perfect place for students because when studying gets too much, the beach and other leisurely activities will welcome them.
Tourists and students alike will find it easy to fall in love with the city—not only the place is beautiful, but also the locals. One would find them happy to lend anyone a hand. And due to the influx of people from different backgrounds coming to the city, you will evidently find Cairns as a melting pot of diverse cultures—just look at the restaurants offering different cuisines.
Is Cairns a good suburb to buy an investment property?
Because of these factors, you should consider investing in a property in this paradise. Let’s first look at the numbers:
How much are properties in Cairns?
As of August 2018, the median sales price for houses in Cairns are $389,000 for a house, $211,000 for a unit, and $194,000 for a block of land.
In terms of sale trends, June 2018 showed a 2.1% trend decrease in house sales, offset by an 11.6% trend increase in unit sales and a 6.4% trend decrease in vacant land sales.
How Fast Are Cairns Properties Sold?
The median time for rental units to be sold is 62 days, as of June 2018. For houses, it takes 57 days. As for the median vendor discount, which is the difference between the asking price and the selling price, it has significantly reduced for rental units. Sold houses experienced a lesser reduction.
Rental vacancy rates remain low, as survey results for August 2018 showed. The figures stood at 1.9% for houses, 1.9% for units and 1.9% overall. June 2018 showed that the median rental rate is $400 to $410 per week for houses and rental units cost $285 per week.
Is Construction Welcome in Cairns?
Building approvals were 47.3% up in July 2018 compared to December 2017. Extra construction activity will definitely be welcome in Cairns!
How is Cairns’ Price Movements Compared to Queensland Regional Coasts?
Median house prices in these regions have differed over the last five years. Sunshine Coast has experienced an escalation since 2012 but now has plateaued as the market reaches its peak. Mackay and Townsville, on the other hand, experiences a decrease in median house prices. Cairns, fortunately, after stagnation, are now better off with higher median house prices than Mackay and Townsville.
Where is Cairns on the Property Clock?
Cairns property market steady state is due to the pickup in unit sales, the absence of any substantive price growth across the market.
Aside from the booming property market of the thin city, Cairns has a high market demand due to:
Employment Boom
The year 2018 is the start of an employment boom in the city, which will drive employment growth and property prices.
University Expansions
As CQ University and James Cook University expanded to Cairns, the student market will also increase.
Tourism
Cairns’ tourism sector will bring more jobs with a $120M port expansion, new hotels, and a new eco resort—these new amenities can generate and accommodate more tourists.
Coastal Advantage
Because of its proximity to the continent, Asian businesses are eyeing Cairns, as Australia is a big exporter of agricultural products to Asia. And since the city is located in a coastal area, the presence of Australian Navy can also help create jobs.
Because of these, now is the perfect time to invest in a property in this booming city! The burgeoning wave of students and tourists will raise the demand for rental properties generating more income for property owners.
Also, if you ever decide to retire in this beautiful city, there’s a home to welcome you with open arms.
If you want to invest in a property in this beautiful city, we have your back. With our years of expertise and advanced techniques especially in social media, we will help you find a Cairns property that suits your tastes, needs, and priorities. Just give us a call any time or leave us a message on social media.
