CAIRNS has been identified as one of Australia's hot spots for property investment, lifestyle and affordability.
The city was featured in The Australian newspaper's Wish magazine as one of the top 10 seachange cities in the country and was also listed as one of the top 10 property hot spots in Queensland.
And Redlynch is the suburb to watch in 2006, according to the latest research from valuer Herriots in its Queensland's Annual Hot Spots 2005-2006 report. It said that based on research undertaken from September 2004 to September 2005 there was good demand for vacant sites in the developing valley suburb.
"Redlynch has a new shopping centre, two existing primary schools and a planned high school which are proving attractive to buyers," Herriots Cairns partner Natalie Bond said.
"Our valuers report that vacant land has been selling well there with values increasing from an average of $120,500 in 2004 to $136,500 in 2005.
"Redlynch also has large areas of development land for future growth."
But Ms Bond said the overall Cairns residential property market had been "ticking along quite nicely" during 2005 with average increases of about 10 per cent.
"As is the trend for most of Queensland, the main driver for increased values and demand for hot spots has been affordability," she said.
"The strongest performing suburb in 2005 was Gordonvale, with a 25 per cent increase from 2004. Average sale prices jumped from $172,500 in 2004 to $215,000 in 2005."
Other strong performing "affordable" suburbs in 2005 included White Rock with a 23 per cent increase and Mooroobool with an 18 per cent increase. Herriots top 10 hot spots were Cairns, Caboolture, Bowen, Brisbane North, Mackay, Innisfail, Ipswich, the Sunshine Coast, Rockhampton and Townsville.
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