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
[email protected]