Cairns and Coffs

From: Gail H

There seem to be lots of reasonably priced units which are rented out at reasonably healthy rentals in both Cairns and Coffs Harbour. Does anyone know anything about potential problems of:

Oversupply/price stagnation
Vacancy rates

in either or both of these areas.

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Reply: 1
From: Simon and Julie M

Hi Gail

I would imagine that Cairns real estate would have suffered after Sept 11. Tourism around Australia took a downturn and most of Cairns tourists arrive by air. My sister bought a house in a Cairns suburb at a very reasonable price some months ago. This would suggest to me that the land value in the suburbs is minimal. Have you emailed any of the Cairns Real Estate agents and asked about rental returns on units and vacancy rates? I would also be interested to know.

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Reply: 2
From: Jenny Nowakowski

Hi Gail

I bought a villa in Coffs a few months ago and I'm getting a 9% return.

My property manager said before Christmas that the rental market was tight and there wasn't much around and I could put my rent up by $5 per week when my tenant was going to move out, but then my tenant decided to stay after all!

There's been some other discussion about Coffs before, if you do a search for Coffs Harbour.

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Reply: 2.1
From: Medine Simmons

Hi Gail,

A friend has several rental properties (flats) in Cairns. She believes that since the economic down turn in Japan there has been a lot less tourist business in Cairns. This has lead to less tourist industry workers wanting to rent her fully furnished flats. She has had to drop the prices, but has now rented them all :)

I wonder if you could get hold of a tourist industry publication to see if things are still depressed up there?

Cheers, Medine.
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Reply: 3
From: Dale Gatherum-Goss

HI Gail!

A client of mine bought in Cairns last year after doing extensive amounts of research. The month after Sept 11 was terrible for him because cashflow dried up, but, I understand that things have just about settled back to normal since.

He is willing to share his research if you would like. Just let me know and I will put you in contact with him.

Have fun

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