Cairns - Far North, Queensland
The Cairns property market has recently been described by a property developer as an enigma; it has strong underlying fundamentals yet it underperformed in 2018. Confidence is struggling and the blame has been laid on tougher lending conditions.
The Cairns economy remains solid: building approvals have increased; supply and demand is balanced; vacancies are contained; and rents are rising. Investors can find encouragement in the high rental yields and affordability of dwellings available across the city.
Thanks in part to a proactive Cairns Regional Council, thousands of new jobs have been created in the last two years, bringing the unemployment level below the state average. Construction projects include a new performing arts complex, convention centre, hotels and resorts.
The Port of Cairns is to undergo a major makeover allowing access for larger ships as well as four new naval patrol craft. This will be accompanied by a $300 million expansion of the Cairns Naval base.
This report covers the Cairns LGA including the towns / suburbs of Bayview Heights, Bentley Park, Brinsmead, Cairns City, Cairns North, Edge Hill, Gordonvale, Kewerra Beach, Manoora, Manunda, Mooroobool, Mt Sheridan, Smithfield, Palm Cove, Parramatta Park, Trinity Beach and Whitfield.