THE property market might have slowed, but statistics show the Far North's property growth compares favourably with the rest of the country.
An RP Data analysis of the top 50 growth areas for units in Australia, showed three Cairns suburbs made the cut: Portsmith (16), Mooroobool (26) and Clifton Beach (35).
Based on an analysis of the unit market by RP Data research analyst Cameron Kusher, there was a mix of city (68 per cent) and regional (32 per cent) suburbs.
RP Data research analyst Cameron Kusher said the Far North was benefiting from the "sea change" phenomenon.
"Mooroobool is probably one of the most affordable suburbs for units in Cairns," he said.
"Portsmith is close to Cairns’ CBD, its median price is mid‑range so there is probably some ‘catch-up’ happening there." He said Clifton Beach was simply "an attractive place to live".
Median house price figures from the Real Estate Institute of Queensland consistently show Clifton Beach as one of Cairns' more expensive suburbs.
Mooroobool has traditionally been seen as slightly unfashionable, but its proximity to the city has increased its appeal.
With value growth slowing in most markets, identifying locations for the best capital growth has become difficult.
Based on the RP Data Top 50 unit analysis, Mr Kusher believed gross rental yields would continue to improve in the next two years, as price growth slowed and investors’ focus switched from value growth to rental return.
Mr Kusher said there had been a "marked slow down" in the past six months, and it would take two or three interest rate cuts to "get the property market moving again".
