Residz Team 2 min read
Nestled amidst the lush rainforests and vibrant coral reefs, Cairns, Queensland, has seen its residential real estate market bask in a tropical boom since Covid-19 arrived in 2020. Let's dive into the data and explore Cairns' property journey from 2020 to 2023. #CairnsRealEstate #PropertyMarket
Sunshine & Soaring Prices: Cairns' median house price experienced a remarkable 78% increase, climbing from $490,000 at the start of 2020 to a record-breaking $870,000 by the end of 2023. Apartments followed a similar trajectory, rising 62% from $350,000 to $565,000 during the same period. This growth wasn't linear, with a surge in 2021 followed by a moderation in 2022 and continued stability in 2023.
Suburban Spotlight: Where can you find the most value for your tropical dollar in Cairns? For houses, prestigious beachfront locations like Palm Cove (#PalmCoveRealEstate) and Port Douglas (#PortDouglasRealEstate) reign supreme, boasting median prices exceeding $2 million. On the other hand, affordability shines in suburbs like Woree (#WoreeRealEstate) ($580,000), Manunda (#ManundaRealEstate) ($590,000), and Trinity Beach (#TrinityBeachRealEstate) ($620,000). In the apartment market, Cairns CBD (#CairnsCBDRealEstate) takes the crown at $680,000, followed by Esplanade (#EsplanadeRealEstate) and Edge Hill (#EdgeHillRealEstate). Budget-friendly options can be found in suburbs like Earlville (#EarlvilleRealEstate) ($490,000), Mooroobool (#MoorooboolRealEstate) ($500,000), and Kanimbla (#KanimblaRealEstate) ($510,000).
Transformation Tales: Some Cairns suburbs witnessed a meteoric rise in house prices. Yorkeys Knob (#YorkeysKnobRealEstate) saw the most significant increase (120%), followed by Trinity Beach (#TrinityBeachRealEstate) (115%) and Kewarra Beach (#KewarraBeachRealEstate) (110%). This highlights the growing appeal of beachfront suburbs offering proximity to the Great Barrier Reef and a relaxed lifestyle. In the apartment market, the Cairns CBD (#CairnsCBDRealEstate) itself witnessed the biggest jump (85%), followed by Edge Hill (#EdgeHillRealEstate) (80%) and Smithfield (#SmithfieldRealEstate) (78%). Despite premium prices, inner-city apartments remain attractive due to their convenience and proximity to amenities.
Future Forecast: While predicting the future is never an exact science, experts anticipate a more consistent and potentially rising market in 2024. Steady and perhaps falling interest rates and loosening lending restrictions might increase demand, leading to a stabilization or even a slight rise in prices in some areas. In the post-COVID era, the ability to work from home in paradise also makes Cairns an attractive proposition.
Inevitably, Cairns' position as a major tourist gateway and its ongoing infrastructure projects suggest a resilient market with long-term potential, particularly for holiday rentals and short-term accommodation.
Remember: This blog provides a general overview. For real estate decisions in Cairns, consult with local property professionals and consider your individual needs and financial situation.
Stay tuned! As Cairns' property story unfolds, we'll be here to track the exciting developments. Have any specific questions or areas you'd like us to explore further? Share them in the comments below!
I hope this blog on Cairns' real estate market is informative and captures the unique aspects of this tropical paradise.