Cairns Report - June 2024
Record highs for Cairns real estate. The June 2024 edition of Cairns Report reveals both house and unit median prices have hit new record highs in Cairns, while the rental vacancy rate drops again, remaining at crisis levels. Unfortunately... residential building approvals continue their steady decline.
While the recent budget offered some individual tax savings, the Cairns region didn't see substantial direct benefits. With the government continuing to spend beyond its income, our short-term prospects largely depend on local initiatives, subject to any election promises from upcoming state government elections. Although ongoing disaster repair stimulus provides some relief, our economic fate remains intertwined with broader macroeconomic conditions. Hopefully the cost of living relief measures can sustain tourism.
Check out all the latest data and trends in the local economy alongside insightful commentary from Michael Wilson from PVW Partners, Nicholas Slatyer at Belle Property Cairns, and Vanessa Maruna at Holding Redlich.