Discovery

I am looking at buying an investment property in Cairns and would glady welcome comments about the property market from people living in Cairns.

DrWho

You'd want to hope that it doesn't suffer the same fate as nearby Port Douglas...

The Australian

Bix

Cairns was in boom for 7 years and bucked trends across the country during that time.

Growth was extremely strong when the GFC hit and because of that Cairns has seen a steeper decline than a lot of other places.

There are some big projects coming up but house building has died until finished stock is moved.

Having said that I have not witnessed any major decrease in property prices except at the top end +/- $1 million mark.
Houses are staying on the market for longer rather than prices being hacked.

General market is steady enough but pretty flat.

Was announced this week that rents were reducing for the first time for a very long time. Reason attributed to low interest rate coupled to the first home owners grant allowing people to purchase a house cheaper than they can rent.

wanderingwombat

There were a lot of lifetstyle resort apartments being developed in Port Douglas, aimed mainly at buyers from the southern states. Not everyone down there wants a PD apartment and oversupply probably occured before many of these projects even started.

The drop in PD prices comes as no surprise.

WW