Real Estate
21 August, 2021
Property continues to perform strongly in the Cairns market
THE latest Cairns Report a week ago paints an interesting picture for Cairns economy however the full impact of the recent lockdowns is not yet evident in the latest figures.
The latest Cairns Report a week ago paints an interesting picture for Cairns economy however the full impact of the recent lockdowns is not yet evident in the latest figures.
The housing rental market continues to be tight Nicholas Slatyer from Belle Property reporting 70% fewer residential rental properties available on July 1 versus the COVID peak (2/4/29) The limited availability is pushing rents up significantly and creating a lot of anxious tenants in the marketplace.
All though we have a tight rental market there appears to be only modest increase in rents. The average weekly rent for a 2-bedroom unit is $332 whilst a 3-bedroom house is costing $416 on average per week.
The property sales market is showing strong growth, with the median unit price lifting 6 per cent and the median house price rising 3 per cent over the past 12 months.
Domestic tourism has taken a hit in the past 3 months with lockdowns interstate taking a toll on our local operators. However, our airport arrivals continue to show signs of recovery, although not approaching pre-COVID levels.
