CHINA: CAIRNS’ FASTEST GROWING MARKET

China has now become the Tropical Norths’ fourth largest source for international visitors and is now the fastest growing segment with an average annual growth of 62%.

Tourism Tropical North Queensland chief executive officer Rob Giason said the growth in visitors from the region of China is "very encouraging". The Chinese market shows interest in nature tourism and as such Cairns is seen as one of the most attractive destinations within Australia.

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Cairns international airport passenger numbers are currently rising strongly as a result of the extra flights which commenced in March/April 2010, and have regained more than half the drop that occurred at the end of 2008. This is an excellent result for the region which has experienced slow economic recovery since the beginning of the GFC due to its high dependence on tourism conditions.

Cairns median house prices have always shown distinct cycles relative to international and domestic tourism conditions. Setbacks for the industry have included the threat of cyclones, and more notably, the Pilot’s Strike in 1989 during which median property values within the region saw a sharp decline of almost 20%.

The Global Financial Crisis coupled with the Bird and Swine Flu epidemics during 2008 were the cause for the most recent downturn in tourism arrivals, however the evidence is now showing that stronger tourist numbers this season are generating a significant improvement in industry conditions compared to last year.

With an increase in international arrivals and tourist expenditure within the region, real estate markets in Cairns can hope for improved housing affordability and foreign investment in turn placing upward pressure on median values once again.

Peter Musso - Ray White Cairns Beaches - Property agent selling real estate in Trinity Beach, Kewarra Beach, Clifton Beach, Palm Cove, Trinity Park, Smithfield, Yorkeys Knob, Holloways Beach, Machans Beach