Yorkeys Knob in Cairns
Oct 13th 2009, 11:00 am
#1
Forum Regular
Thread Starter
Joined: Jul 2006
Posts: 69
Yorkeys Knob in Cairns
Compared to Darwin where I live, properties in Cairns appear to be quite cheap. I have seen a couple of investment properties in Yorkeys Knob (Cairns) on realestate.com. I am planning to fly down to Cairns to check the properties but I just wonder if Yorkeys Knob is a good area for investment properties.
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Oct 13th 2009, 11:53 am
#2
Proudly Deplorable
Joined: May 2003
Location: Alloha snack bar
Posts: 24,246
Re: Yorkeys Knob in Cairns
Compared to Darwin where I live, properties in Cairns appear to be quite cheap. I have seen a couple of investment properties in Yorkeys Knob (Cairns) on realestate.com. I am planning to fly down to Cairns to check the properties but I just wonder if Yorkeys Knob is a good area for investment properties.
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Last edited by Amazulu; Oct 13th 2009 at 12:13 pm.
Oct 13th 2009, 12:59 pm
#3
da Bonehead
Joined: Jan 2004
Location: Lion in da jungle
Posts: 22,767
Re: Yorkeys Knob in Cairns
Approx figures from the 2006 Census:
50% of properties are rentals.
40% of which are flats, units and apartments.
75% rented through real estate agents.
$185 median weekly rent.
Unemplyment rate in Cairns is the highest in Australia at about 13%. This is having a negative affect on population growth which has dropped from a high 3.5% per annum at the turn of the year. It now stands at 142,000 and the growth is officially zero.
Cairns was basically overlooked with the stimulus packages but Fed government are (supposedly) on the case now.
Rental availability is the highest it's been since first half 2006 topping 5% in places like the Southern corridor and Kewarra beach.
There has been a downward pressure on rents for several months now. I did come across a website the other day where a few investment property landlords were suffering with longer than normal vacancy periods and lower rents.
Economic downturn is having a dramatic affect but there is also a glut of apartments / units / flats built over the last 3/4 years. I think that will also affect the rental market as availabilty of them is approaching 10%.
I'm sure "she'll be right" but it'll take a while. In the meantime the one area families can save is by renting somewhere cheaper so the low end of the market will always be filled.
I can't put my hand on any figures but I did hear YK had a sizeable number of student renters that attend the James Cook university up the road in Smithfield.
YK itself is an older burb with mainly older housing stock.
(not saying it's bad) There is a good beach with stinger net. A yacht marina and club. Some parklands but not a lot else. Location is very convenient. Thing that I personally don't like is that it is in the flight path and the planes do come in quite low and noisy over the marina area.
Oh, and the main road into YK is prone to flooding once or twice a year.
50% of properties are rentals.
40% of which are flats, units and apartments.
75% rented through real estate agents.
$185 median weekly rent.
Unemplyment rate in Cairns is the highest in Australia at about 13%. This is having a negative affect on population growth which has dropped from a high 3.5% per annum at the turn of the year. It now stands at 142,000 and the growth is officially zero.
Cairns was basically overlooked with the stimulus packages but Fed government are (supposedly) on the case now.
Rental availability is the highest it's been since first half 2006 topping 5% in places like the Southern corridor and Kewarra beach.
There has been a downward pressure on rents for several months now. I did come across a website the other day where a few investment property landlords were suffering with longer than normal vacancy periods and lower rents.
Economic downturn is having a dramatic affect but there is also a glut of apartments / units / flats built over the last 3/4 years. I think that will also affect the rental market as availabilty of them is approaching 10%.
I'm sure "she'll be right" but it'll take a while. In the meantime the one area families can save is by renting somewhere cheaper so the low end of the market will always be filled.
I can't put my hand on any figures but I did hear YK had a sizeable number of student renters that attend the James Cook university up the road in Smithfield.
YK itself is an older burb with mainly older housing stock.
(not saying it's bad) There is a good beach with stinger net. A yacht marina and club. Some parklands but not a lot else. Location is very convenient. Thing that I personally don't like is that it is in the flight path and the planes do come in quite low and noisy over the marina area.
Oh, and the main road into YK is prone to flooding once or twice a year.
