QLD Cairns market looking?

Hello all,

Interested to hear from people up in Cairns about how the property market is going?

Have an interest in Palm Cove and surrounding areas and wondering if the same interest and momentum happening elsewhere is also happening in those area mentioned?

 

No one on with any info on what's happening with Cairns property?

 

I don't have any personal knowledge of the Cairns market but Herron Todd White have published their monthly report for Feb 2021, which you might find somewhat useful:
https://static.htw.com.au/HTW-month-in-review-February-2021-Residential.pdf

 

North queensland
Here's my post in another section of the forums from a month and a bit back. It seems OP your namesake's area is doing well. The rest of Cairns - I don't know. Cairns' local economy seems to rely quite heavily on tourists. I don't know how travel is these days as I'm not doing it myself.

 

Thanks for the info

 

mate Palmcove would be nice for a PPR but it’s a economy is largely underpinned by the tourism sector. Palmcove had a good run in terms of Capital Growth in 2019. It’s such a small suburb with such a large variation in stock and price point. You got houses that sell for 4M plus and units which sell for 250k. So those two major variations causes the median price to fluctuate all the time. Edge hill and Whitfield would be the places that are gentrifying right now and would make solid for investments however stick to upper Edge Hill and Upper Whitfield as the demographic is better.

 

This certainly won't hurt:

''More than 75,000 people flew into Cairns for the Easter weekend as Queensland’s tourism sector bounced back after Brisbane’s three-day COVID-19 lockdown.''

75,000 fly into Cairns as tourism operators enjoy busy Easter weekend

 

The Cairns market is extremely strong at the moment, for both the rental and sales market. Generally, rentals have a vacancy rate of under 1% at the moment - a great time for property investors! If you have any other questions, please ask

 

Vacancy rates now at 0.4% (as good as zero) and rents up almost 22% YoY for units - any feedback from those on the ground? Going by the trajectory of what other QLD regionals are doing after 15 odd years of nothingness, likely we are looking at the start of a significant boom cycle here? Toowoomba, Rockhampton, Cairns where prices haven't moved in this cycle appear to be on the verge of a super cycle, when you look at supply levels, vacancy, rental yields etc?

 

Here’s hoping

 

I Just bought a place in Manoora, 4kms from the centre of town, and event with the high insurance and rates it is positively geared from day one. Not all are like that, I think I was just lucky to find a place that already had features that renters are willing to pay that bit extra for.

 

Risky place to invest Manoora. How did you narrow down asset selection to mitigate downside risk?

 

Please help us understand all the numbers that make it positively
geared from day one.

 

I wouldn’t be worried about the numbers I’d be worried about the area that’s certainly not an investment grade suburb.

 

Agreed, but It has its areas with housos but also has better areas in the Edge hill SS catchment.

It's close to the centre of town and has varied zoning. Need to make sure you get in medium or low-medium density.

 

Bundy vs Rockhampton mate? Bundy looks to be a better investment but the price point is more than Rockhampton at present.

 

Bundy is only short term so you need to time the market. It’s got to much future land supply with subdivision after subdivision in the pipeline on the West and East. Rockhampton inner middle ring is very scares, plus the yields are better.

 

Good luck buying a cheap property in Palm Cove.
It's big $$$ for anything decent! Unless of course it is for your PPOR.

 

Ok then mate thanks for the heads up. Visited Rocky when I was younger to visit a cousin and the place has a nice charm to it, despite what others think.

1. when you say inner middle ring do you mean -
Frenchville, norman gardens, up around the university or Parkhurst a bit further past the uni. Also would around the hospital be fine too?

2. What’s your thoughts on Gracemere, seems like alot of Land on the west side for development but perhaps near the Gracemere state school might be decent?