Top 5 Reasons to Buy Property in Cairns
If you’re considering investing in property in Australia, we strongly recommend you consider purchasing in Cairns.
A coastal suburb in Queensland, Cairns is a vibrant tropical destination that is highly popular among tourists and locals alike.
With a diverse range of properties, a strong economy, and a desirable, laid-back lifestyle, Cairns is quickly becoming one of the top investment destinations in Australia (and it’s expected to maintain that position for years to come).
In this blog, we will highlight the top five reasons why you should consider investing in property in Cairns.
Reason 1: Strong Economy
One of the most frequently cited reasons people have for buying property in Cairns is that the city has a very strong economy.
The latest reports show that Cairns has a Gross Regional Product of $10.3 billion. It’s also home to over 14,000 registered businesses, offers over 84,400 jobs, and has an unemployment rate of just six per cent.
The Cairns economy is supported by multiple industries, including tourism, healthcare, and education. Education contributes approximately $700 million to the city’s economy, healthcare contributes around $1.4 billion to the city’s economy, and tourism contributes roughly $2.1 billion.
And if you’ve ever visited, it’s not hard to understand why tourism is one of the biggest backers of the Cairns economy.
Cairns is a popular tourist destination thanks to its close proximity to Asia (making it a favourite among travellers from all over the continent) and its status as a major gateway to the Great Barrier Reef.
The city welcomes a steady stream of tourists year-round. Because of its consistent tourist activity, Cairns experiences a stable demand for accommodation and investment properties.
If you want to rent out your home and earn extra income from vacationers, Cairns is an ideal location for your next property investment.
Reason 2: Diverse Range of Properties
Cairns is also a popular destination for buyers because it offers a diverse range of properties, from apartments and townhouses to sprawling waterfront homes.
It doesn’t matter if you are a first-time investor or an experienced property investor. Cairns has something to offer everyone, making it an attractive location for all kinds of buyers and renters.
The city's property market is highly competitive, too, with a wide range of properties available at different price points to suit all budgets.
Recent data shows that the median sales price in Cairns is around $577,000 for houses and $280,000 for apartment units.
Those numbers are quite a bit lower than some of the other major cities in Australia, making Cairns an attractive option for people who want to invest in new properties but feel priced out of more expensive markets. The lower prices also create more opportunities for returns in the future as well.
Reason 3: Desirable Tropical Lifestyle
Cairns is well-known for its beautiful weather and the desirable tropical lifestyle it offers its residents.
Throughout the year, the city’s temperature typically ranges from 17 degrees to 31 degrees Celsius. Seriously, you can throw away your puffer jackets, it rarely drops below 13 degrees or above 32 degrees.
In addition to its warm, inviting temperatures, Cairns also provides easy access to many beautiful beaches and other outdoor attractions, such as hiking trails, bike paths, and botanical gardens. Even those who aren’t particularly interested in the beach life can find plenty to keep them busy here.
All these benefits make Cairns a popular holiday destination. However, it also attracts a lot of people looking to relocate, either because they’re retiring or just want to fulfil their dream of living by the sea and enjoying year-round tropical weather.
Reason 4: Significant Growth Potential
Cairns is a rapidly growing city. It currently has a population of over 160,000 people, and the population is expected to grow by around 2 per cent annually.
In part because of its strong economy and gorgeous climate, Cairns is easily one of the fastest-growing areas in Australia. Its growth is not expected to slow down any time soon, either. This impressive development presents a significant opportunity for property investors.
The demand for housing is likely to continue to grow in the coming years, meaning you will have an easy time renting out your property or selling it and seeing a return on your investment.
Reason 5: Impressive Rental Yields
Speaking of renting out your property, Cairns also offers substantial rental yields for property investors.
The city's high demand for accommodation, coupled with a limited supply of properties, has created opportunities for investors to generate significant rental income.
It doesn’t matter if they own single-family homes, apartment units, or anything in between. There’s a demand for all kinds of rental properties and opportunities for owners to generate additional income.
What does the rental market look like in Cairns?
Nearly one-third of the city’s residents live in rental properties, according to the latest reports, and the median rent is $520 per week. As the area continues to grow, there will likely be even more demand for rental units (and the median rental prices are sure to rise as well).
Cairns is easily one of the best locations for investors looking to generate significant rental income and enjoy long-term capital growth. Even if you don’t want to live there yourself, it would still be a wise investment to buy property there.
You could also buy property in Cairns and list it as a vacation rental spot. Many people are eager to rent houses and units (especially those that are close to the beach) for their vacation to the area.
Buy Property in Cairns Today
Cairns is an intelligent investment destination that offers a strong economy, a diverse range of properties, a desirable tropical lifestyle, impressive growth potential, and high rental yields.
With its steady demand for accommodation and a limited supply of properties, Cairns is quickly becoming one of the most attractive investment destinations in Australia.
If you're considering investing in property, Cairns should be at the top of your list. Contact our team today to learn more about the area or start your search for the perfect property.
