Cairns Property View – October 2019

Cairns Property View – October 2019

The Cairns property market is still holding steady. It has had it’s share of ups and downs over the past couple of years, due in large part to the patchy local economy and a recovering tourism sector. The market standout continues to be the region’s rental sector, with vacancy rates sitting at 2.3 per cent.

According to the latest REIQ report, the Cairns housing market now represents the second most affordable tourism centre in Queensland, behind Fraser Coast. For the third consecutive quarter Caravonica was the Cairns region’s best performing suburb – posting yearly median house price growth of 18.5 per cent to $468,000. Other highlights over the 12 months were Earlville, up 10.4 per cent to $397,500 and Holloways Beach, rising 12.7 per cent to $400,000.

A number of government measures have been recently announced. There is $2 million for a new marketing campaign focusing on attractions in Cairns, also a $20 million contract for upgrades to wharves at the Port of Cairns to allow larger cruise ships to dock. It complements other current works to widen and deepen shipping channels.

Drawings have been unveiled for the major redevelopment of the Cairns Convention Centre, the $176million project includes a range of public spaces, including a Sky Terrace, as well as larger exhibition and function facilities.

The Cairns Regional Council continues to spend locally, in 2018-19 it supported more than 3,200 local jobs and injected $312 million into the city’s economy. The most recent approval for the two roundabouts in Florence Street to be replaced by signalised intersections as part of a $10.5 million upgrade.

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Daniel Sheehan
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