Cairns home prices surge 9.8pc, outpacing Brisbane

Home prices in Cairns have surged 9.8 per cent in the past year, one of the strongest gains in the country, outpacing Brisbane.

The latest PropTrack Home Price Index, out Monday, found Cairns sits among the top 20 strongest performing regions in Australia.

REA Group senior economist Eleanor Creagh said “with 9.8 per cent growth over the past year, 2.6 per cent over the past quarter (it is) one of the stronger performing regions in the country and within regional Queensland as well”.

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Areas once considered among Queensland’s most affordable are now under pressure from buyers including Cairns.

Ms Creagh said population growth and affordability remained key factors for Cairns.

“Really comparative affordability and population growth. When you look at these regions, they’re some of the cheapest within regional Queensland and are continuing to see strong population growth.”

This as the data showed Brisbane home prices surged $86,000 in the past year – the biggest single rise of all Aussie capitals – up 9.6 per cent annually to reach $936,000 for all dwellings (including houses and units) and a powerful testament to the Queensland capital’s resilience.

Regional Queensland set an even hotter pace with a 9.9 per cent rise – seeing medians rise by $75,000 to $738,000 – with a shocking four of its SA4 regions topping national charts off huge double digit growth in the past year.

Townsville led the nation with its 17.6pc surge to $569,000, followed by Mackay–Isaac–Whitsunday which hit a 14.7pc rise to $565,000, Central Queensland increased 14.3pc to $547,000 and Toowoomba (west of Brisbane) was up 14.1pc to $697,000. Their closest regional rival in the rest of the country was the South East of South Australia that saw a 13.9pc increase to $525,000.

REA Group senior economist Eleanor Creagh

Among buyers who have flocked to Cairns for its affordability is NRLW Dragons captain Zali Hopkins who bought a block of land in Cairns with her mum in 2021, which is now setting her up to invest further.

She paid $228,000 for the land before going on to build a four-bedroom house which was completed a year and a half later and rented out.

“The entry point was perfect for my mum and I, and the rent was so high that it almost covered the mortgage,” Ms Hopkins said. “The area we bought in was close to the water, and it has a lot to offer lifestyle-wise”.

“My advice to others — especially NRLW players — is to work hard, stay focused, and if possible, try to save a portion of your salary. Investing in property can be a smart long-term move. Set goals that are realistic and achievable, and start planning early. It’s never too soon to think about your future beyond the game.”

Dragons fullback and State of Origin player Zali Hopkins has begun investing in property, buying in Cairns in Queensland. Picture: Jeremy Piper

Australia has now seen eight consecutive months of growth with home prices hitting a new high nationally and records tumbling across the country as the property juggernaut shows no real sign of a slowdown.

Ms Creagh said the market upswing was being fuelled by interest rate cuts, improved buyer sentiment and stronger borrowing capacity.

She said regional Queensland was firmly in the spotlight for investors and other buyers now.

“As we enter spring, the housing market appears poised for another leg higher, albeit strengthening in some capitals while normalising in others.”

For Brisbane, this means that while growth may be moderating slightly off its blistering pace set since the pandemic, the city remains a powerful force in the housing market.

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