Despite a string of interest rate hikes that took the Cash Rate from 0.1% to 4.1%, the real estate market in Cairns has remained remarkably robust.
In the 7+ years since June 2016 rents for both 3-bed houses and 2-bed units have increased by about 45%, while median prices for house and units are both up about 25%. This 20% gap opened up in the years running up to the COVID pandemic and has remained relatively constant since. The increase in regional migration that the pandemic initiated, combined with the fact that prices is Cairns were at relatively low levels, saw the market rally strongly in the early days of the pandemic. Earlier this year it looked as though rents (particularly house rents) might have been taking a breather after such an impressive move higher, but that rest appears to have finished and rents are once again marching higher in the latest August data.