Advertisement

Cairns becomes a property hot spot with nation’s best yields

Cairns is Australia’s best place to buy an investment property, according to SQM Research.

Oct 11, 2023, updated Oct 11, 2023
The Government will spend $30 million on the development of two wharves and a business plan for further expansion

The Government will spend $30 million on the development of two wharves and a business plan for further expansion

The property research company said Cairns had the country’s highest unit gross rental yields.

Citing Domain’s Rent Report, SQM said there were several suburbs that had yields of 8 per cent which it said was “basically cash flow positive”.

The comparable yield in Brisbane was 5.73 and Sydney is 4.52.

Domain’s chief of research and economics Dr Nicola Powell said the gross rental yield looks at what the price of a property would be its rental income.

“It’s the income from rent versus how much it would cost you to purchase that house,” she said.

“When you have a yield of over 7 or 8 per cent, that is a very strong yield. It’s cash-flow positive.”

“The suburb of Bungalow is just 2.8 kilometres from Cairns CBD and currently has Australia’s highest median gross rental yield at 8.93 per cent.

InQueensland in your inbox. The best local news every workday at lunch time.
By signing up, you agree to our User Agreement andPrivacy Policy & Cookie Statement. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

“Apartments there have a median price of just $200,000 – which is merely a deposit in the Sydney property market. ”

However, unit development had dried up in Cairns and there were about 700 units on the market compared with 2000 pre-Covid.

 

 

Local News Matters
Advertisement
Copyright © 2024 InQueensland.
All rights reserved.
Privacy Policy