Cairns home prices defy national downturn as affordability buffers market from sharp falls

Add as a preferred source on GoogleCairns’ resilient property market is holding firm in the wake of the housing downturn, with home prices barely moving in September. The latest PropTrack Home Price Index, released Thursday, shows the Cairns median home price remained flat last month, slipping just 0.01 per cent to $671,000. Values are still 8 per cent higher than this time a year ago. The Cairns city skyline, showing the Pacific Hotel, the Shangri La, the Pullman Reef Hotel Casino, Harbour Lights and the Hilton hotel. Photo: Brendan Radke. The result comes after Cairns largely defied the property downturn sweeping Australia’s capital cities, supported by relative affordability, tight housing supply and strong lifestyle demand, but the market has become increasingly volatile. Cairns home prices fell 0.16 per cent in July — the first monthly decline since April 2020 — ending a remarkable six-year growth streak. Prices bounced back 0.35 per cent in August to a median of $673,000, leaving values 10.13 per cent higher than a year earlier. Units were the standout performer, rising 0.67 per cent in August to a median $456,000, up 11.43 per cent annually. House prices increased 0.26 per c...