A stunning modern city, once a magnet for tourists, with two World Heritage listed areas, now Cairns is evolving into a multi-industry region with health, retail and education being its major employers.
Situated in Far North Queensland, Cairns is 1,700km north of Brisbane.
The city is connected to global destinations through Cairns International Airport, which is just an 8 minute drive from the CBD. Cairns is the fifth busiest airport in Australia with 5 million passengers per year.
Cairns is enveloped by awe-inspiring natural wonders, including the Great Barrier Reef and the lush rainforests of the Wet Tropics World Heritage Area.
As of 2022 the Cairns Local Government Area has seen consistent population growth, with now 172,200 residents. The city is projected to increase by another 100,000, or 60% by 2050.
The residents of Cairns experience a year-round tropical climate, a highly coveted lifestyle among Australians. For property investors, Cairns presents an unparalleled blend of natural splendour, and economic potential.
Cairns is a thriving regional economy with a diverse mix of industry sectors. The city boasts a significant maritime sector with a major seaport and the HMAS Navy Base, offering maintenance services for large vessels. This strategic location, coupled with proximity to the flourishing Asian and Pacific markets, has fuelled its economic growth, with the Gross Regional Product reaching $10.22 billion in the year ending June 2022, marking a 3.4% increase on the previous year.
In terms of employment, Cairns demonstrated a strong performance with 84,907 people employed in the region as of 2021/22, with the Health Care and Social Assistance sector stands out as the leading employer, generating 15,973 local jobs during the same period.
The Education, Accommodation/Tourism, Construction and Public Administration industries follow closely, together forming the backbone of Cairns's labour market. The strength of these sectors, coupled with ongoing investment in local skills and talent, is expected to sustain the robust employment levels moving forward.
Bentley Park in Cairns has a current median house price of $457,000 compared with $806,000 for Brisbane metro, providing an affordable entry point for an investor. Like all good property markets, Bentley Park has provided both exceptional capital growth of 8.3% and rental yield 6.2%. When combined, the suburb has provided investors with total returns of 10.2% p.a. over the last 5 years.
To facilitate the projected population increase of 100,000 by 2050, more than 1,400 new dwellings need to be built every year over the next three decades to meet this demand. That translates to significant construction jobs and growth in the surrounding areas.
Cairns is host to two universities, James Cook University, known for its strong marine biology program with campuses in Smithfield and City, and Central Queensland University, which offers a broad spectrum of courses, from business and science to creative arts.
Investing for the future, Cairns South State Development Area has been established, a 1159-hectare industrial area to facilitate economic industrial growth and is located to support anticipated trends in rail freight sector.
Other major projects in the pipeline for Cairns include:
CBD to Smithfield $359m for highway upgrades to improve travel times.
The Queensland government has allocated $300m for this important work.
Architect Hansen Yuncken is leading the $250m project which will create more than 610 jobs during construction and benefit the region long-term with better facilities.
Cairns Southern Access Road Corridor upgrade $255m will be spent to widen the road to 6 lanes.
Road safety upgrades to more than 31km of the Kennedy Highway between Kuranda and Mareeba will cost $210m.
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