Cairns

 

The Smartline Report – March Edition

 

The month in review: Cairns

By Herron Todd White
March 2016

With new construction and development remaining quiet in Cairns, gentrification is not an especially strong force in the overall development landscape. The inner suburbs of Cairns North and Parramatta Park have traditionally been the popular gentrification areas of Cairns, with some extension into suburbs such as Edge Hill, Manunda and Westcourt.

In Cairns North the main gentrification route has been the development of new residential unit complexes, given its Tourist and Residential zonings, proximity to the CBD and the adjacent recreational amenity of the Esplanade.

The area has also seen the development of several tourist apartment complexes based on its handy location midway between the airport and the CBD. However with the slowdown in new unit development in Cairns in general there has been little movement on this score for some years. There was something like 980 new units built on greenfield or recycled sites in Cairns North over the period from 2000 to 2008. However there’s been absolutely nothing since.

Parramatta Park has experienced significant gentrification over the years typically based on renovation and modernisation of its older style Queenslander dwellings. This also reflects the character precincts in place in much of Parramatta Park as opposed to the more blank canvas development approach that has taken place in Cairns North. By way of example, renovated Queenslanders in Parramatta Park currently command a market range typically of $450,000 to $600,000, compared to a typical market range of $350,000 to $450,000 for unrenovated dwellings.

 

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Please note that information in this publication is subject to change without notice. Smartline assumes no responsibility for any errors, omissions or mistakes in this document. © Smartline Home Loans P/L 1999 – 2016. Australian Credit Licence Number 385325

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