Cairns on top 100 value for money index

CAIRNS has been ranked among the top 100 affordable property hot spots in Australia.

The recent CoreLogic Top Affordable Suburbs Report includes suburbs and towns where the median value was less than $500,000 and had grown in median value over the past 12 months.

Cairns comes in at number 72 and is one of just 11 Queensland areas on the list. Its valuefor-money unit market was also singled out as one of the nation’s best.

Chris Gay Real Estate’s Stuart Gay recently purchased a home on Cairns’ southside and said confidence had returned to the Cairns property market.

“A lot of commercial tenants are moving into bigger premises, and there’s a lot of start-ups filling smaller properties,” Mr Gay said. “An area like Cairns thrives on small businesses, and we’re starting to see movement in residential properties.

“There are so many positively geared properties at the moment, and most are returning nearly 6 per cent net as an investment. Ninety per cent of tenants would be able to afford the property they’re renting with what they pay in rent if they could get a deposit.”

A CoreLogic spokesman said: “This report identifies the top 100 suburbs across Australia that have performed strongly and consistently across an extended period of time.

“Eighty-eight of the 100 markets were identified from house median value and growth and 12 markets were included based on unit median value and growth.

“For buyers, paying the right price for the right property is crucial, while for sellers, meeting the market to achieve a sale is equally important.”

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