EDITOR’S NOTE A WORD FROM YOUR AGENT
AWARDS AND RECOGNITION 02 03 06 12 18 24 29 30
CAIRNS REGION MARKET OVERVIEW
CAIRNS CITY BY THE NUMBERS NOTABLE SALES
1 YEAR TREND 10 YEAR TREND
CAIRNS NORTH BY THE NUMBERS NOTABLE SALES
1 YEAR TREND 10 YEAR TREND
PARRAMATTA PARK BY THE NUMBERS NOTABLE SALES
1 YEAR TREND 10 YEAR TREND
WESTCOURT BY THE NUMBERS NOTABLE SALES
1 YEAR TREND 10 YEAR TREND
ABOUT THE AGENT
I hope you find as much value and insight in this report, as I found enjoyment in creating it for you. Over the last 8 years of serving the community, it’s been a constant process of evolution, trialing new ways and formats, to bring you, the property owner, the right information at the right time, in a way that's clear, insightful and informative Whether you own an apartment in Cairns as your home or as an investment, for most people, their property is their largest asset It has been and continues to be, my goal to be your trusted adviser, empowering you to make the best decisions possible while on your own real estate journey Whether we have yet to connect or if you’re one of the many clients that I have the privilege of speaking with regularly, I’ll be here when you need me
TIM LYON APARTMENT SPECIALIST
Unlike some property markets, that can be riddled with various sub markets and hotspots, our region in general maintained an air of consistency and predictability across the board. All suburb and property types (apartments, houses, land) experienced a consistent “tightening” of availability, we experienced consistent price growth over the financial year despite a changing media sentiment and sales volume remained in the sellers favour with the market promptly “gobbling up” properties as fast as they could be made available.
We owe all of this to several factors but the most impactful of all, has been the increase in population to our region. While quite modest compared to many other locales, it’s important to remember that Cairns is a relatively “small” city with a considerable degree of isolation. This means that when people relocate to our region, unlike some others, the option of living a distance out of town and adopting public transport to commute into their place of employment, in favour of more affordable housing, is not an option. This concentrates the effect of even modest population increases, to have a greater impact on our housing demand.
The hard numbers in terms of supply and growth - At the close of the financial year, there is approximately 70 less properties on the market across our entire region, than at mid 2024, this represents an 11% reduction in supply over the past 12 months Interestingly, in February of 2024, to much attention and speculation, supply levels for the first time in 30 years, dropped below 700 active listings and have since stayed well below this, while experiencing little of the original commentary. Median values rose roughly 14.3% from start to finish of FY24/25, with a majority of this growth occurring in the last half of 2024.
Of course, one of the most important conversations as a property owner, is less about where we have been and more about where we are going. For the following financial year, I think it's a fair assessment to say that we are likely to see more modest market gains, short of any significant economic or financial changes. Some larger real-estate markets outside of North Queensland, have begun to return to their “peak and trough” cycles and as always, they tend to capture the medias attention.
Cairns has been forecast to grow from a population of 170,000 to approx. 240,000, over the next 25 years, and while that sounds promising when considering the effect of population on property prices in our region, we have some large hurdles ahead of us to accommodate such an increase. The main headwinds being a significant lack of land available for development which may create a bottleneck in our markets growth. Additionally, our supply of fresh water was only designed for a much smaller population. While the government has committed an additional $875 million dollars to help secure our water supply, by 2026 demand is forecast to exceed current capacity and we know all too well the constraints projects of this magnitude can be plagued by.
The final piece of the puzzle that could have significant impact on property prices is an unexpected one, and that is an increase to property availability. Stock levels are still at historical lows and have trended tighter and tighter for several years, but likewise, so has gross/overall buyer activity. If anything were to cause uncertainty in our local economy or market, or were we to see a sudden increase in high density development, it would not take a staggering increase of new properties to hit the market, that would cause a form of “supply shock” and rapidly flip our market to a balanced market slightly favouring sellers, to one strongly in favour of buyers.
PROPERTIES TRANSACTED
MEDIAN DAYS ON MARKET
$536,354
MEDIAN APARTMENT VALUE
3.9% REPORTED INCREASE IN VALUE
One of the most complex markets in Cairns is the CBD Due to its diverse offering of property types, the differing buyer demographics and price points that accompany them, the City despite requiring deep insight to accurately interpret, is an excellent gauge of the apartment market as a whole What we can see here is that regardless of price point, there has been strong buyer demand across the board, a very healthy median “days on market” and the average ownership period has remained almost double the average of other locales Longer ownership periods equal superior price growth potential as it typically means less availability to meet demand. It also showcases that a large portion of the population within the suburb, tend to be of a more mature and established demographic While the reported median value has risen 3.9% to $536,354, I believe the actual increase has been more significant. This figure is likely understated due to automatic valuation estimates not always being accurate.
11.1
AVERAGE TENURE PERIOD (YEARS)
$590
Under$200,000-4
$200,000-$400,000-30
$400,000-$600,000-28
$600,000-$800,000-15
$800,000-$1,000,000-14
$1,000,000-$2,000,000-6
Over$2,000,000-2
PROPERTY SALES BY PRICE (12 MONTHS)
Penthouse property featuring 4 beds, 3 bathrooms, 2 car parking and spanning over two levels. Sold $1,820,000
This apartment had undergone an extensive, bespoke renovation with no expense spared and achieved the highest reported sale price in the CBD, for a residential apartment, since 2013.
Sold $3,350,000
This was only the third property to come available in this sought after address in 10 years. It was the highest sale price in the CBD, for an un-renovated 3 bedroom apartment, without lift access.
Sold $685,000
This apartment was sold twice in under 12 months, with the second sale achieving a $60,000 premium over the previous, highlighting the significant growth and demand that the suburb experienced. Sold $640,000
The first and only 2 bedroom apartment, since this complex was developed, to sell for above a million dollars. It features uninterupted views out to the Coral Sea and transacted off market. Sold $1,050,000
Paying close attention to our one year trend below, it confirms the lack of “seasonality” that the Cairns City Apartment market experiences, with only two distinct “slower” periods. We can see that the market tends to slow around the second half of June and first half of July, as well as the Christmas/New Year, holiday season. It’s important to note that these slower periods do not represent periods of lower value, but more of lower buyer activity which can lead to sellers accepting less than they could have and/or decreases in stock levels resulting in fewer transactions. We can also clearly see a consistent increase to the median sales value, stability in the rental market and a lengthening of days on market, which may hint at the trending reduction of buyer activity overall.
What I find the most interesting about the 10 year statistics below, is 2022 Here we can see an immense contrast to all the years prior. The number of properties sold more than doubled, it was the largest single year gain in median value previously and it marked a turning point in buyer activity, showcased by the emerging trend of reduced days on market What can also be extracted from this information, is just how sharply rental yields have fallen over the past 10 years, our market has gone from one that investors could easily find positively geared properties in, to one that requires far deeper thought, and the consideration of short term holiday let properties, if a positively geared purchase was desired
MEDIAN VALUE
$425,101
MEDIAN APARTMENT VALUE
17.9%
Cairns North, has always been a powerhouse suburb in the apartment space due to its high number of transactions, faster paced market dynamics and the fact that it contains one of the regions premiere, high density developments, The Lakes Resort The suburb as a whole tends to skew towards a greater number of owner occupied and long term tenanted properties, as opposed to short term holiday let In addition to this, the slightly shorter average tenure period compared to Cairns City, means that the age demographic on average, is slightly younger too. A median price increase of 179%, means that this suburb actually out performed many other apartment heavy suburbs, thanks to its comparative affordability and desirable location In the chart beside, we can see that properties between $200,000 to $400,000 made up nearly half of all transactions A majority of these sales took place within The Lakes Resort alone. While apartments located along Lake Street and Digger Street made up the bulk of sales in the $400,000 to $600,000 range
8.9
Under$200,000-21
$200,000-$400,000-103
$400,000-$600,000-81
$600,000-$800,000-10
$800,000-$1,000,000-8
$1,000,000-$2,000,000-8
Over$2,000,000-1
TENURE PERIOD (YEARS) PROPERTY SALES BY PRICE (12 MONTHS)
Landmark sale. First 2 bedroom, 1 bathroom apartment in the complex to sell for $400,000. Previously all preceding comparable sales had transacted in the mid to high $300,000's. Property was renovated, boasted a desirable floor plan and lift access.
Sold $400,000
Originally purchased in July of 2023 for $300,000. The purchaser completed some tasteful yet cost efficient renovations, ultimately selling it in July of 2024 for $420,000. It was then resold just 10 months later for $470,000. This sale perfectly highlights the rapid, compressed growth that the apartment market has experienced in Cairns North. It is to date, the highest sale for a 1 bedroom apartment along the Esplanade. Sold $470,000
The highest selling 2 bedroom, 2 bathroom apartment in Cairns North, without lift access (excluding The Lakes Resort). The property was partially renovated yet still in an overall “entry level” spec. Sold $483,500
Sold off market, the sale of this 2 bedroom, 1 bathroom apartment set an impressive precedent for value within the complex and for apartments that boast an attached courtyard. The most recent, previous sale within the complex, was a fully renovated apartment with an identical floor plan, that sold for $451,000, at the time an already impressive and unprecedented figure . Sold $510,000
Our one year market trend below clearly showcases a couple of things. One, the consistent price growth that the suburb has experienced over the last 12 months, a historic price barrier shattered at the start of 2025 with the median value exceeding $400,000 for the first time ever (almost double the median value 10 years prior). Most of all, we can see a very consistent level of market demand, that other apartment heavy suburbs simply don’t experience, as evidenced by the days on market barely fluctuating over the course of the 12 month period. This is thanks in part by a vast number of properties within the suburb sitting within an in demand price bracket, coupled with the “brand name” suburb appeal and popularity of location
A reoccurring trend we find, is that 2022 was a significant turning point, not just in Cairns North, but across the entire region in general Cairns North experienced not only its highest level of properties transact in history, but was also the single highest trading suburb for apartments in the entire year, regarding number of sales We can see an almost vertical upshot of growth, with median prices almost doubling in 6 years Of note, is that a majority of the 17.9% reported increase in median value, occurred in the 1 half of the 24/25 financial year. Confidently, I think its unlikely that we will see a further increase of this magnitude, to the median price, due to affordability constraints, however overall demand certainly supports some further growth
PROPERTIES TRANSACTED
20.5
MEDIAN DAYS ON MARKET
$425,658
MEDIAN APARTMENT VALUE 12.7%
REPORTED INCREASE IN VALUE
Parramatta Park, has always been an interesting suburb It is a suburb that generally has lower body corp levies, extreme close proximity to the CBD, in many cases closer than Cairns North, and until recently, a comparatively low median price, meaning investors could find favourably yielding properties with ease and occupiers were able to afford larger properties for less. In rapid time, the median value of the suburb has caught up to contend with the likes of Cairns North despite not being considered a “brand name” suburb. I believe there are some slight price discrepancies to the reported median value due to the automated valuation estimates not always being accurate, however it’s correct to say that in today’s market, a 2 bedroom, 2 bathroom apartment in Parramatta Park, will command a similar price to a comparable quality apartment in Cairns North This is driven in monumental part, by current supply constraints and buyers feeling forced to secure whatever is available.
11.5
TENURE PERIOD (YEARS)
$460
MEDIAN ASKING RENT UP 15%
Under$200,000-0
$200,000-$400,000-36
$400,000-$600,000-28
$600,000-$800,000-4
$800,000-$1,000,000-2
$1,000,000-$2,000,000-1
Over$2,000,000-0
PROPERTY SALES BY PRICE (12 MONTHS)
Currently the highest sale price for an apartment in the suburb. This 3 bedroom, 2 bathroom, 2 car apartment, eclipsed the previous record by $15,000 and the one before by $55,000. The apartment itself had no major renovations completed, the complex is regarded as one of the best, if not the best, in the suburb. Sold $585,000
This 3 story, 3 bedroom, 3 bathroom, 2 car apartment, received an unexpected stream of demand from the market, ultimately transacting $125,000 higher than an identical property sold for just 13 months prior . Sold $570,000
This all original, 2 bedroom, 2 bathroom, 1 car apartment, showcases just how much Parramatta Park’s median price has caught up with previously better performing and more sought after suburbs. Located on the top floor of a 3 story walk up, it’s value now contends with the likes of many developments in Cairns North. Sold $473,000
The second time this complex has made its way on my most notable sales list. This 2 bedroom, 2 bathroom, 2 car apartment, featured renovated bathrooms and was a landmark result for the 2 bedroom apartments in the complex, ultimately transacting for $75,000 more than a near identical apartment just 9 months prior and the first 2 bedroom apartment to transact in the $400,000's. Sold $440,000
Our table below highlights a very important metric that has driven Parramatta Park’s significant price growth, its exceptionally low median days on market Holding one of the lowest days on market across the region, the suburb mostly boasted an average time to sell of less than two weeks. It’s likely that due to the low turnover within the suburb and the fact that there is rarely multiple comparable properties available within the suburb, buyers experienced unprecedented urgency to secure properties, as fast as they could be brought to market.
Two significant price barriers exceeded in just three years, from the data below we can see that Parramatta Park has risen in price at a greater, more condensed rate, than most other suburbs. This has been largely due to the suburbs notoriously low availability and turn over, as well as its previously lagging median value. It was one of the highest yielding, most positively geared suburbs in our region, thanks to its more affordable median sales price The suburb still retains its title of being one of the highest rental yielding markets, but that is now mostly thanks to its lower body corporate levies when compared to other competing markets such as Cairns North
MEDIAN VALUE
MEDIAN APARTMENT VALUE 10.4%
The apartment market in Westcourt is largely made up from the performance of a single development, Cairns One. As that one complex is responsible for such a significant portion of the statistics, it will be our sole focus moving forward. The value of the apartments within the development, are far in excess of the rest of the suburb’s median values, so it's important that we take some of the figures with a grain of salt All property configurations within the complex experienced some of their best growth in the last two years, unlike other locations which appreciated more, earlier. We are certainly seeing this complex continue with its momentum, with some configurations starting to command outsized growth compared to others With the marked increase in Body Corp levies, as well as median value, I am seeing that the demographic of purchasers within the complex is shifting from a popular option for investors, first home buyers and younger couples, to a more financially established, mature age group, as affordability becomes a larger factor
9.5
Under$200,000-9
$200,000-$400,000-55
$400,000-$600,000-22
$600,000-$800,000-4
$800,000-$1,000,000-0
$1,000,000-$2,000,000-1
Over$2,000,000-0
This 3 bedroom, 2 bathroom, 2 car apartment, set a new precedent for value within the complex. Ultimately transacting well above its advertised price, with strong competition from multiple buyers, there was further interest in the property at even higher prices, but with differing conditions. Of special note, an identical floor plan to this property sold just 13 months earlier for $499,999. Sold $593,000
The first 2 bedroom, 2 bathroom, apartment within the complex to sell in excess of $500,000. Since its sale, several other comparable properties have now surpassed it. The property was in mostly original condition, excepting a recent repaint, new carpets and air-conditioning. It was taken to Auction and sold prior to Auction day. Sold $530,000
At the time of writing, apartment 207 comfortably sits as not only the highest sale price for a 1 bedroom apartment within the complex, but also one of the most unlikely. Located on the 1 level, it is in all original condition with no cosmetic upgrades, faces the gardens bordering the complex and receives minimal natural light. There have undoubtedly been superior properties not a great amount of time beforehand, transact for less. st Sold $349,000
The importance of taking the statistical data with a grain of salt was highlighted on the previous page and it’s made even more evident looking at the trends below I am confident in stating that the actual growth within the Cairns One complex, is closer to 10% in the last 6 months alone, with multiple 2 bedroom, 2 bathroom apartments fetching over $540,000, and the median value of 1 bedroom apartments reaching over $325,000, in the last few months of the financial year. A lot of rental data is left to be desired, as in the last 12 months Cairns One has experienced an even greater degree of lack of rental stock than other suburbs, coupled with many rental properties being leased without any form of advertising, limiting the available data. At the time of writing, fully furnished 1 bedroom apartments within the complex are fetching in excess of $575 per week and fully furnished 2 bedroom, 2 bathroom apartments in excess of $680 per week
What we can see in our trend below is a recurring theme, I am sure not just for Westcourt, but for the Cairns apartment market as a whole, (our housing market changed much sooner), is the significant change in market behaviour during 2022. The transaction volume more than doubled, days on market more than halved and continued to maintain this new standard for the preceding years Of note, much of the properties that have sold in the past 4 years, have been investors who either, held on from the GFC and could finally recoup their losses or investors who purchased in the mid to late 2010's, exiting the market with a sizeable capital gain I find most interesting that days on market at the time of writing, is almost the lowest they have ever been This is likely caused by the fact that in our current market, there is rarely a competing listing within the complex available for purchase, whereas in previous years, it was common to see multiple similar properties available at the same time.
Having a far superior and somewhat obsessive knowledge of every single apartment complex, comparable sales and listings on the market serves the dual purpose of 1) a far more reliable appraisal, with no guesswork or misleading valuations. 2) My intimate knowledge of the other apartment buildings and competing properties gives me a powerful advantage when negotiating with buyers and has yielded an impressive track record in higher-than-expected sales prices.
Specialising in apartments means that unlike other agents, I have probably already met your eventual buyer, several times over, at other apartments that I have sold This gives me a superior insight into their entire buying journey, their requirements, budget and a greater level of rapport with them, resulting in better deals, better prices and a better experience overall
Through years of trial, error and iteration, I have refined a strategy and methodology of bringing a property to market, perfectly suited to the apartment market, that is proven to yield the best chance of success at reducing the time it takes to sell, maximises the final sales price and minimises the risk for clients. It is a specific sequence of actions, taken at the right time, coupled with consideration given to buyers psychology, the individual campaign stages and understanding how buyers behave differently at different stages of their journey.
Open communication is vital throughout your sale Together, we will agree on a communication strategy that ensures you always know exactly what is happening I believe in consistent, relevant and a transparent flow of information This will give you the ability to make fully informed decisions on offers and any pivots throughout the campaign
100% List to sell ratio
$26,800 Average value added through negotiations
54 Number of sales this FY
14.6 Average days to sell
389 Glowing, 5 star reviews One of Cairns’ most awarded
2x consecutive Top 5 Agent, Cairns
4x consecutive Agent of the year, Cairns North
4x consecutive Agent of the year, Westcourt
Agent of the year, Parramatta Park Trusted Agent Top 20% Nationwide Price Expert
