Property Profile - FNQ: Cairns Real Estate on the Rise

Title: Property Profile - FNQ: Cairns Real Estate on the Rise

Introduction:

The Cairns property market has been making waves in recent years, showing remarkable improvement in 2021 and 2022. While it may have passed its peak in 2023, the market remains strong and robust. In this property profile, we'll delve into the recent trends and highlights of the Cairns real estate scene, shedding light on what makes this tropical paradise a standout in Queensland's property market.

Cairns: A Market Winner

Subtitle: Rising Strong in 2022

Cairns emerged as a market winner in 2022, according to The Price Predictor Index published by Hotspotting. This index ranked Cairns as a standout high achiever among Queensland's major regional centers. A total of 19 out of 28 suburbs analyzed in Cairns were ranked as rising or consistent locations, reflecting the city's resilience and growth potential. Whitfield even made its mark on the National Top 50 locations for Consistency, with strong quarterly sales figures.

State's Strongest Property Market

Subtitle: A Beacon of Growth

In September 2022, Cairns earned the distinction of being rated as the strongest property market in Queensland, as per PropTrack data. The city's property market was on the rise, fueled by a combination of factors such as affordable housing, a tropical lifestyle, and job-creating projects. These elements contributed to a building boom in the region.

Market Dynamics in 2023

Subtitle: Passing the Peak

As of Hotspotting's Autumn 2023 report, Cairns had passed its peak levels, and market activity was showing signs of subsiding. Four Cairns locations (Cairns City, Caravonica, Edmonton, and Trinity Beach) were classified as declining markets. However, the city still featured four rising areas (Bentley Park, Kewarra Beach, Mooroobool, and Mount Peter), indicating that the market's vitality was far from extinguished.

Building Boom and Housing Solutions

Subtitle: Meeting Housing Demand

Cairns has experienced a surge in residential building approvals, with 845 approved in FY2022 and 1,035 in FY2021, compared to 548 in FY2020. Multiple housing developments are either in the pipeline or under construction, reflecting the growing demand for housing in the region. A prefabricated, affordable homes site is also in the works, aimed at alleviating housing pressures, including low vacancy rates and rising rentals.

Impressive Price Growth

Subtitle: A Testament to Strength

Price growth remains a common theme across Cairns, with many suburbs recording double-digit growth in their median house prices in the 12 months leading up to March 2023. Edge Hill led the pack with an impressive 18% increase, followed closely by Holloways Beach (16%), Edmonton (16%), Bayview Heights (15%), and Kewarra Beach (15%). Numerous other suburbs also recorded annual growth rates between 10% and 14%, demonstrating the consistent strength of the Cairns market.

Strong Performance in Apartments

Subtitle: Apartments on the Rise

Cairns is not only witnessing strong growth in house prices but also in apartment values. All suburbs in our analysis recorded median unit price increases of 10% or more in the 12 months to March 2023. This level of growth showcases the overall robustness of the Cairns property market.

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Conclusion:

Cairns' real estate market has been on an exciting journey of growth and resilience. Despite passing its peak in 2023, the market continues to show strength and promise. With strong price growth, a building boom, and a commitment to providing housing solutions, Cairns remains an attractive destination for both residents and investors. Whether you're looking for a tropical lifestyle, capital growth, or rental income, Cairns has something to offer for everyone in the ever-expanding world of real estate.