The low rental situation is having an effect on the current climate in the housing market of Cairns.
Supply is low for rental properties to satisfy demand for the residential influx of new arrivals and others in Cairns.
This is having a positive effect on the sales side of the market and is pushing the market along as we are seeing more sales happening.
With a low rate of new unit and residential property approvals coming up, this will put a further demand on the rental activity in Cairns and surrounding areas.
For those doing their homework on the consideration of a purchase as an investment property, it is certainly a good time to consider it seriously. Price are at their best at the moment current moment and renting the properties will present no problems if they are priced accordingly and in reasonable condition.
Purchasing a unit is popular for investors as there is very little maintenance required and it may be covered by the Body Corporate facilities; something you should always check out.
Residential dwellings will require maintenance periodically and can be an expense depending on the age of the property.
However now is a great time to look and buy.