Cairns real estate: Goldsborough leading way for home value growth

The top 20 price growth suburbs for the 2020-2021 financial year have been revealed and there are some surprise star performers among them.

SOUTHERN suburbs of Cairns have been star performers in home value growth for the 2020-2021 financial year.

The highest median and second highest growth was for Goldsborough, where property prices leapt by 16.2 per cent to a median of $792,464.

Natiesha Olufson of Explore Property, who sold a Goldsborough home this month, is not surprised by the skyrocketing figures.

“We had five offers on the property with more than 30 groups through to inspect, over a three day period,” Ms Olufson said.

This four bedroom home on 0.43ha at 49-51 Costain Street, Goldsborough, sold for $630,000 in March. It was marketed by Cairns Property Office. Picture: supplied.

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“Goldsborough is an affordable acreage option for families wanting more space, it has a lovely country feel in the estate, with a mix of elevated and flat land acreage.”

White Rock, Gordonvale, Mt Sheridan, Mt Peter, Bentley Park and Edmonton all made the top 20 suburbs for price growth, according to data released by CoreLogic.

The average price of a home rose by 8.2 per cent over 12 months in Cairns, to a median of $383,420 to the end of June 2021.

This compares with a median price of $586,142 for Brisbane.

This three bedroom home at 10 Paradise Close, White Rock, sold on July 1 for $435,000. Picture: supplied.

Cairns outperformed Townsville, which recorded 6.9 per cent growth.

CoreLogic research director Tim Lawless said the 8.2 per cent growth compared with an annual growth rate of just 1.1 per cent annually over the past five years.

“Housing values across the region are currently at record highs,” Mr Lawless said.

“In line with the rise in housing values, the number of home sales across Cairns has increased by 27 per cent year on year.

This four bedroom home at 20 Sedgwick Close, Edmonton, sold for $400,000 on July 14. It was sold by Re/MAX. Picture: supplied.

“Every suburb across the greater Cairns region has recorded a rise in housing values over the past year, however the suburbs with the highest rate of capital gain were generally skewed towards the southern suburbs,” Mr Lawless said.

“Across the top 20, 11 of the top performing suburbs were located in the south, seven were located in the northern suburbs and two in the Innisfail-Cassowary Coast region.

“Despite the surge in local housing values, the median value of a home remains remarkably lower than areas within the south east of the State,” he said.

A three bedroom home at 45 Timberlea Drive East, Bentley Park, sold for $337,000 on July 13. It was sold by Explore Property. Picture: supplied.

“Across the greater Cairns region, the median dwelling value was recorded at $383,400, compared with Brisbane where the median value is $586,100.”

Mr Lawless said the renewed demand was a trend across “most of Australia’s coastal and lifestyle markets”.

The biggest change was for Holloway’s Beach, up by 18 per cent to a median of $427,625.

After Goldsborough, the second highest median in the top 20 was Smithfield on $506,774.

The top 20 suburbs for value growth included:

Machan’s Beach -14.5 per cent, median $468,775

Kanimbla - 14.2 per cent, median of $555,900

Woree - 14.2 per cent, median of $255,358

Caravonica -12.8 per cent, median of $476,757

White Rock - 12.3 per cent, median of $327,801

Stratford - 11.5 per cent, median of $562,844

Gordonvale - 11.3 per cent, median of $386,128

Mt Sheridan - 11 per cent, median of $419,247

Innisfail Estate - 11 per cent, $194,499

Mt Peter - 10.6 per cent, median of $469,375

Bentley Park - 10.6 per cent, median of $399,115

Westcourt - 10.5 per cent, median of $315,737

Trinity Park - 10.3 per cent, median of $539,365

Edmonton - 10.1 per cent, median of $374,467

Earlville - 9.6 per cent, median of $386,732

East Innisfail - 9.5 per cent, median of $191,640

Freshwater -9.2 per cent, median of $498,758

Smithfield - 9.1 per cent, median of $506,774

Originally published as Cairns real estate: Goldsborough leading way for home value growth