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Cairns Regional Council have just scrapped a proposal to charge non principle places of residence at a higher rate following intense public and industry backlash.

Image: Cairns, Tropical North Queensland 

Set to be determined as part of the council’s 2023–24 budget, the plan would have seen non-principal places of residence rated at a higher rate than principal places of residence.

With Queensland’s rental crisis gripping Cairns, where vacancy rates haven’t risen above 0.8 per cent in two years and were recorded at 0.7 per cent during the December 2022 quarter. The team at Tropical Life believe ‘common sense’ has prevailed as this increase would have only been passed onto already distressed tenants from investors.

Many of the investors that buy investment stock in Cairns are just Mum and dad investors looking for positive cash flow and capital growth properties and Cairns is a market that offers both and this proposal would only scare them away. 

The Tropical Life team believe that market invention by Government bodies never work and only creates further problems.

Investors have been dodging bullets after a long list of attempts have been rolled out also by the Queensland Government such as additional land tax to sting investors.

Tropical Life Buyers Agency have seen a healthy trend of investors wanting to park their money in Cairns and when local councils are also looking to sting investors interest is lost very fast and the investment gets spent elsewhere. 

With still a large influx of interstate demand, due to our affordability, strong yields, lifestyle drivers and booming local economy Cairns will continue to stack up as a solid investment proposition for investors and council should not forget this move anytime soon.

If you are an investor that needs help navigating the Tropical North Queensland property market reach out to the Tropical Life Buyers Agency team.

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