Deciding to purchase property in Cairns, whether to nest (live in) or invest (rent out), comes with its own set of advantages. Cairns offers a vibrant lifestyle, a growing economy, and a promising real estate market. Here are key considerations for both options:
Nest: Living in Cairns
Advantages:
- Lifestyle Benefits:
- Natural Beauty: Proximity to the Great Barrier Reef and the Daintree Rainforest.
- Outdoor Activities: Enjoy activities like snorkeling, hiking, and beach outings.
- Climate: Warm tropical climate year-round.
- Community and Amenities:
- Healthcare and Education: Quality healthcare facilities and reputable schools.
- Community Feel: Friendly and welcoming local community.
- Cost of Living:
- Affordability: Generally lower property prices compared to major Australian cities.
- Cost Efficiency: Savings on rent and potential for property appreciation.
Considerations:
- Employment: Ensure job opportunities align with your career.
- Lifestyle Fit: Assess if the tropical, laid-back lifestyle suits you and your family.
Invest: Rental Property in Cairns
Advantages:
- Strong Rental Market:
- High Demand: Driven by tourism, population growth, and lifestyle appeal.
- Rising Rents: As seen in the July 2024 market snapshot, rental prices are on an upward trend.
- Economic Growth:
- Tourism: A major driver of the local economy, bringing consistent demand for short-term rentals.
- Infrastructure Projects: Ongoing developments enhancing the city’s appeal and potential property values.
- Affordable Investment:
- Lower Entry Costs: Compared to cities like Sydney or Melbourne, making it easier to start investing.
Considerations:
- Market Research: Stay informed about local market trends and future developments.
- Property Management: Factor in costs and logistics of managing a rental property, especially if not local.
- Investment Goals: Align your investment with long-term financial goals and risk tolerance.
Conclusion
Nesting: Cairns offers an exceptional lifestyle with natural beauty, community amenities, and an affordable cost of living. It’s an ideal place for those looking to enjoy a tropical, outdoor-oriented lifestyle.
Investing: The strong rental market, economic growth, and affordable property prices make Cairns an attractive option for property investors. With careful market research and professional advice, investing in Cairns can provide both rental income and potential capital growth.
Ultimately, whether to nest or invest in Cairns depends on your personal circumstances, lifestyle preferences, and financial goals. Consider both options carefully and seek professional advice to make an informed decision.