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Cairns House Prices & Property Market Trends 2024

Cairns House Prices & Property Market Trends 2024
4th December 2023

Is Cairns Australia’s next investment hotspot?

As the median house price across Queensland continues to soar, Cairns has emerged as a serious investment hot sport for first-time home buyers and property investors alike.

Today, Cairns is home to some 250,000 local residents and an endless supply of tourists looking to make the most of everything that the area has to offer. Once seen as a retreat for those brave enough to embrace the heat and the scarce local job opportunities, Cairns has come a long way over the last decade. Today, Cairns population annual population growth of 1.6-2.0% is more than double the national average.

So, with local numbers soaring and increased economic opportunities underscored by a $10.3 billion grow regional product offering from the local economy, the real estate prices and market opportunities in the region are closely following suit.

Table of Contents 

Why are more buyers choosing Cairns?

Cairns was once viewed solely as a holiday hotspot. A transient local population that came and went with the warmer months, Cairns has evolved dramatically over the past decade. 

Cairns isn’t the only area in regional Queensland that is making the most of the boom with Rockhampton and Mackay both enjoying similar growth.

Of course, tourism continues to play a key role in the local economy, however, new opportunities in agribusiness, construction, health, and manufacturing means that the local population is diversifying, and, in many ways gentrifying. 

A combination of increased economic opportunities and fierce competition in neighbouring metros are both putting the Cairns real estate market under the spotlight for investors and those looking to make the shift into a new area.

Cairns Area Overview & Critical Insights

Before we take a closer look at Cairns real estate market prices and trends in 2024, let’s take a step back to better understand the local demographics, and the numbers that provide insights into the Cairns region.

Population: 161,391 (ABS Data, 2021)

Families: 64,841

Median Age: 41

Number of Private Dwellings: 115,390

Median Household Size: 2.4 persons

Median Weekly Household Income: $1,445

Median Monthly Mortgage Repayment: $1,517

Average Motor Vehicles Per Dwelling: 1.8

Cairns House Prices & Property Market Insights

The Cairns property market is on the rise with impressive growth figures recorded on units and houses over the past twelve months to the end of Q1 2023.

Of these numbers, the growth is further highlighted by the 33.2% growth of houses and 38.9% growth in units – a superb outlook for investors and a stat that should also create a sense of urgency in those looking to secure their piece of the Cairns real estate market in 2023/24. 

Top-line statistics & insights

  • Year-on-year (YOY) dwelling prices increased by 6.1% to January 2023 (Houses 4.7% & Units 13%).
  • From March 2020 to January 2023, house prices rose by 33.2%, and unit prices increased by 38.9%.
  • Median rental for houses was $520, and for units, it was $380 in Q1 2023
  • YOY rental price increases were over 8% for both houses and units in Q1 2023 

Cairns Property Market Trends 2024 and Beyond

Cairns has performed exceptionally well over the past three years as new economic opportunities arise and buyers and investors seek new horizons amidst Australia’s increasingly competitive property market. 

With a growing local population driven by new opportunities and a diversified economy, Cairns is well and truly shedding its image as a holiday-only destination for Aussies. The notable increases in property prices over the past 12 months, as well as the increasable 33.2% increase in house prices and 38.9% increase in unit prices between March 2020 and January 2023, mean that Cairns is an attractive prospect for real estate investors and live-to-buy investors alike.

Whether you’re looking to stake your claim on a new patch of land with a house and land package in Cairns, or you’re looking to purchase an existing dwelling – Cairns has a lot to offer. 

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