Investing in cairns good idea or bad?

Im considering investing in Cairns as property is very affordable here.  I havent started my research whether is financial a good idea yet.  Does anyone know if its a smart idea?  What areas are worth investing in?

Thanks,
Erika

Erika,

are you looking at investing in residential or commercial in Cairns?

Shane

kind regards

Shane

Hi Scratch,

Im looking at residential.  Would like somewhere family orientated and in an area that would attract longer term reliable tenants.  I personally love the area and would like to buy a place I would also possibly like to make my own home in a few years or a place I could sell for profit to upgrade.

Any suggestions of subburbs in Cairns or should I forget the Cairns idea?

Erika

I have done a little bit of research in Cairns, personally it sounds like you are thinking about this purchase a little too emotionally istead of running the numbers and going for the best deal.  Cairns is a beautiful place, but if you are looking for an investment I think you will definitely find a better deal elsewhere.

If you are set on Cairns then I think at this stage there are too main options.  On the south side Edmonton seems to be the suburb with the most growth in recent times, there is still some development going on there and it is only 10 minutes to the city centre.
On the North side most of the development id happening in the Northern beaches areas like Trinity Beach/Park, but I would probably recommend Smithfield, it is a family oriented suburb.  Smithfield is about 15 minutes to the city, is at the bottom of the Kuranda range, has good shopping, James Cook Uni and good schools.

hope this helps

Shane

kind regards

Shane

Sorry two options, not too.  Fat fingers

kind regards

Shane

Hi,

I have got a few units in cairns.

The market is depressed and you can get fairly modern 2 bed units for $120k or less rent 180-200pw.

Dont buy studios there as they are trouble with high strata etc and generally in motel blocks.

Goodluck

Nathan Birch - W: www.nathanbirch.com.au E: nathan@nathanbirch.com.au
DEAL FINDER www.binvested.com.au

Thanks Scratch and Nathan,

Yes youre right Scratch I am emotionaly attracted to Cairns which is one reason why i am interested in buying here.  I know i could probably make more money somewhere else, just dont know where!  Id like somewhere down the east coast and because im currently living near Cairns im looking into that.  Ill do some research on Smithfield. 

Thank you

Being emotional is fine as long as you are using it to your advantage, like its where you live so you know the area well. As long as you still perform your due diligence and run the numbers I have no doubt you will find a good investment in Cairns.

kind regards

Shane

Hi Erika

How did you go with your research? Did you buy a property or are you looking elsewhere?

Cheers