Property Investment opportunities ripe in Earlville, Cairns

According to Urbex Realty General Manager, Craig Covacich, the rental crisis in Cairns has created an unprecedented incentive for southern investors to redirect their investment portfolio and build new for rent in the city.

“The Cairns market is hungry for good quality rental occupancies, but the options are not keeping up with the demand. The market is at a historical low, so there is a fundamental investment opportunity on the cards for buyers to build brand new quality homes for immediate rent,” Craig said.

Real Estate Institute of Queensland (REIQ) revealed Cairns saw a 1.2 per cent vacancy rate in February 2021, with only 171 properties available to rent, compared to 0.6 per cent vacancy rate as of September this year.

“The vacancy rate has continued to drop significantly since March 2020, with rental rates increasing by six per cent, which has made it extremely difficult for prospective tenants to find a new home,” Craig said.

“In 2020, approximately 36 per cent of the 168,000 plus population were renting and with many relocating for work, a sea change, or due to COVID developments in the last 24 months, the demand for rental housing opportunities is expected to increase. One of our core shifts is looking at how we can create solutions to meet this demand with the land available within proximity of the city’s CBD.”

To counteract the rental crisis, Urbex has worked to deliver a housing solution, offering buyers a solid financial investment with a quality house and land package for long term gain in the tight rental market in Cairns.

With land starting at $235,000 for a large 764m² lot to $250,000 for 834m², Sales Consultant Leigh Martin says there is a lot of opportunity for a variety of investors.

“This option gives buyers the versatility to build an investment portfolio that will see good return, whether it is a two storey or a single. The rental appraisals we’ve seen for a two-storey home came in at $800 per week, with a gross rental yield of 5.3 per cent.”

Located in the popular Enclave community, the turn-key home package starts from $785,000 providing investors a good size family home with an option to rent the whole home or live in and rent out a downstairs as a single occupancy option.

Enclave is an Urbex development, nestled in the heart of Earlville, and offers unique allotments spanning up to 834m². With the CBD located 7km away, shopping centres and schools a short drive, Enclave’s last near-CBD residential land release has gained attraction from locals and young investors alike in recent months.

Interested home buyers are encouraged to get in touch or register their interest.