Sorry, I cannot help you with any personal experience or knowledge of the area but I am sure your due diligence is not just confined to opionions here so I would encourage you to keep researching outside of the forum. Ring a few REA's in the area and find out what the rental situation is and what area's are most popular. Find out where the schools, transport and shopping areas are to cross reference. Get on the internet and look at council and state websites to see what development, business, resource etc spending may be happening in the area and what drivers are feeding the local economy. You will soon narrow down to a couple of areas. Good luck.
They are both good areas. Smithfield not only has schools, but also the university, as well as large shopping centre etc. Redlynch is also a very fast growing area with schools (state primary, high school as well as year 1 to 12 Catholic college) and a new shopping centre. Both locations have a limited supply of future land to release (unlike the southern suburbs) so in my opinion current purchases are that much more valuable due to the fact that future supply will dry up sooner than the southern suburbs which are not hemmed in by the mountains and the sea.
I really don't think you can go wrong with either of these locations.
I'm agreeing with Glucose on this one. Redlynch and Smithfield have shown good CG's over the years. Both were a bit stagnant for about 10 years, then in the last couple of years have really gone ahead. Very easy to rent properties in this area...so lots of potential tenants for you.
Both are good suburbs to invest in as both have good long term future growth rates.
According to domain.com.au -
Smithfield 9.5% for houses
Redlynch 9.5% for houses and 4.8% for units
Although which will have the better growth is a very crystal ball type question, i would personally invest in Redlynch. This is because when you look at the amount of money going into upgrading and into new infrastructure in the suburb, you would think that property prices would have to benefit. Money is currently being invested into the Redlynch Central (shopping centre), widening roads and into the schools.
Redlynch is also ideally situated as it is only 15 minutes from the beaches and only 15 minutes from the Cairns CBD. Perfect for all tenants as it covers your rental market from families to uni students to professionals working in town. In addition the current rental vacancy rate in Cairns is very tight at only 2.6%. Assuming you are not overly aggressive with your rental price, you should have no trouble renting your property out.
You can also see the popularity of Redlynch by the way new developments are being snapped up. Redlynch Groove by Benchmark (completed earlier this year) (98 units) and Somerton Park by Hedley (due for completion mid this month)(20 or 30 something townhouses) both sold out off the plan. The Glades by Hedley (due for completion mid next year) and the land development beside Redlynch Central and Redlynch Valley Estate are also performing quite well.
I hope these bits of information help assist you in choosing your location.
If you have any more queries in relation to the Cairns property market, don't hesitate to send me an email at firstname.lastname@example.org