Home prices in Cairns have outperformed Queensland’s biggest cities in June, weathering the economic storm hitting Australia’s property market.
The latest PropTrack Home Price Index for June 2026 revealed Cairns’ median price is $675,766, up 0.01 per cent from May.
Meanwhile, prices in Brisbane and the Gold Coast fell for the first time in three and a half years, dropping 0.2 and 0.3 per cent respectively.
Cairns’ median home price is up 0.01 per cent in June, beating out Queensland’s major capital cities during a hit to the property market. Picture: Brendan Radke
PropTrack senior economist Anne Flaherty said regional Queensland areas avoided decreases in difficult market conditions thanks to strong buyer demand.
“Cairns is popular with retirees who are less concerned with timing the market – it’s more of a lifestyle decision to purchase out there,” she said. “These markets, it comes down to supply, always.
“Even when we see interest rates increasing, even when we see adverse economic conditions that can impact the market, fundamentally it comes down to how many buyers you have out there relative to how many properties go up for sale, and how competitive those buyers are willing to be.”
PropTrack senior economist Anne Flaherty said Cairns was able to take the hit because homes were still in high demand across the city.
MORE NEWS: ‘Adventurous’: Qld’s top new architectural designs
Secret beach shack sale smashes suburb record
Revealed: Brisbane one of the most expensive cities to build a home
Other regional markets across Queensland saw smaller drops or continued to rise, with the median home price in Townsville jumping 0.12 per cent.
“Regional markets outperformed capitals over both the month and the year,” Ms Flaherty said.
“Similarly, units have recorded smaller declines over the month compared to houses, and have seen stronger growth over the year.
“Looking ahead, affordability is likely to remain a key driver of market performance, with the share of buyers looking to purchase in more affordable areas, such as regional markets, expected to increase.”
PropTrack’s June Home Price Index has Cairns’ median sit at $675,766, with other regional markets like Townsville continuing to grow.
The market change has come after the Reserve Bank of Australia rose the national interest rate three times this year, now sitting at 4.35 per cent.
Meanwhile, the federal government announced changes to negative gearing and the Capital Gains Tax in April, designed to steer investors away from buying existing homes.
Ms Flaherty said these factors, along with continued cost of living pressures, had likely scared buyers out of the market.
“There are still a healthy amount of homes going on the market,” she said. “We’re seeing vendors have to adjust their price expectations downwards, so I think there’s a lot of opportunity out there.”
Almost every capital city in Australia saw a drop in home prices last month, including Brisbane, which fell by 0.2 per cent.
CEO of buyers agency Happy Buyers Club Sam Hunter said the news marked a positive change for the housing market.
“The latest data suggests we’re heading back towards something that resembles a normal market,” he said.
“Prices are finally stabilising. That’s not bad news.”
“Eight weeks ago people were happy to pay a five per cent premium just because there was competition, and now they’re cautious to buy something for what it’s worth because they’re the only offer.
“That’s just human nature, and this market feels more like 2022 than 2009.”
Happy Buyers Club CEO Sam Hunter said the change in the market was a healthy sign for Australia, considering the speed in which prices had been rising.
Prices fell for the third month in a row nationally, dipping by 0.3 per cent in June.
The nation’s median price is now $903,000 – 0.9 per cent lower than its peak in March, when the year’s second interest rate hike was announced.
Prices across all capital cities have dropped by 0.4 per cent, with Sydney and Perth seeing the largest dip at 0.5 per cent.
Darwin was the only capital city to see its median rise, going up 0.2 per cent.
English (US) · 