KANIMBLA
6 Monthly Property Report: July - December 2024
Brought to you by Karl
Latham
YOUR PROPERTY MARKET REPORT
“...Cairns is at 10 o’clock on the residential property cycle, indicating a rising market.”
20 MESSINA CLOSE Sold Off Market by Karl Latham
The Cairns property market showed strong recovery in 2024 following the floods, particularly in the southern corridor, where properties in the $500,000–$700,000 range have been highly sought after by investors. More than 50% of Cairns suburbs saw double-digit median price growth, especially in the 4870 postcode, while Palm Cove experienced an almost 20% decline.
Units performed exceptionally well, with some suburbs like Bungalow seeing up to 37% growth. The rental market remains tight, with vacancy rates as low as 0.2% at the beaches and 4% in Smithfield, well below the balanced market level of 3%.
Rental yields range from 4.6% to 6% for houses and 6% to 8% for units, attracting many investors.
Looking ahead to 2025, the Cairns economy is strengthening due to major infrastructure, healthcare, and commercial developments, leading to job growth and increasing population demand. The real estate market is expected to continue rising, with
Herron Todd White placing Cairns at 10 o’clock on the residential property cycle, indicating a rising market.
However, with the federal election expected around April–May, the market may experience a temporary slowdown. Sellers are advised to carefully consider timing when listing their properties.
For further insights or selling advice, I encourage you to reach out.
Karl Latham Twomey Schriber Property Group
0403 887 645
karl@tspropertygroup.com.au
MARKET TRENDS: HOUSES
9
Median sale days on market
12.6 years
Average length of ownership
$687.50pw
Median asking rent
ACTIVITY: HOUSES
4 DELANEY CLOSE Sold Off Market by Karl Latham
2024 Statistics Properties sold 568 $320.3m
Value of properties sold
13
18,310
4,047 6,807
17
Median days on market
Enquiries received Active buyers
Open home attendees Sales team members
250+ 13%
Combined years experience Top market share in Cairns
WHAT
IS YOUR PROPERTY WORTH?
Download an instant report for your property
Click here to enter your address for an INSTANT Digital Property Report that highlights your market value including recent sales, rental history, suburb report and more.
Email: karl@tspropertygroup.com.au
Mobile: 0403 887 645
Phone: (07) 4031 3138
Website: www.tspropertygroup.com.au