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Cassowary Coast Rents Soar!

Cairns and Port Douglas have long dominated the Far North Queensland property market with their ever-growing rental yields and median house prices.

But there is one Far North Queensland Local Government Area you may have never heard of that’s now starting to make waves and that’s the Cassowary Coast.

Cassowary Coast Local Government area sits roughly 1 hour south of Cairns and it’s centred on the towns of Innisfail, Cardwell, Mission Beach and Tully.

Image: Innisfail, Cassowary Coast

Often referred to as the forgotten baby brother of Cairns, its property market failed to fire for many years due to several cyclones that have lashed through the area notably category 5 cyclone Yasi in 2011.

Since then, the Cassowary Coast property market had been stagnant due to a lack of economic stability and demand for housing. Now 12 years after Yasi the Cassowary Coast property is starting to fire.

In the last 12 months the median rent in Cassowary Coast has grown by a staggering 32% ranking in the top 3 of Australian Local Government Area’s with the fastest median rental growth in 2022. It comes as no surprise to the Tropical Life Buyers Agency team as we’ve been monitoring this marketplace for several years waiting for the optimum buy window.

With the Agricultural sector particularly banana farming now back to similar production levels pre-COVID we knew this would create further jobs and these jobs would lead to housing demand.

Image: Mission Beach, Cassowary Coast

The median rent for Cassowary now sits at $424 per week with overall vacancy rates sitting at 0.4%. Investors can expect yields of around 5% and entry level homes sit between $300,000-$400,000.

The median house price is currently sitting at $465,000 and it’s a market we are monitoring closely, for investors as the Cassowary Coast may become a more attractive and affordable proponent for those open to a daily commute into Cairns and a quiet area for downsizing baby boomers.

Buyers Agent Cairns | Cairns Buyers Agent | Buyers Agent Port Douglas

Troyson Bassani

Owner & Head of Research

Tropical Life Buyers Agency

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