IP's in Cairns & new proposed resort

[Chatters]

Hi All, just found this forum so go easy on me

I've got 2 IP's in Cairns and there is a large proposed resort (http://aquiscasino.com/) that if its approved will add 20,000 new jobs in the long run and some 3700 jobs in in the short term building it. It's costing some $4.2 billion if they build the whole thing.

Cairns and the surrounds only has a population of 150-200k so this will have a big impact on the community if it goes ahead.

My question is has anyone else had a property in a similar situation where a big development has kicked off and what has happened to existing property prices? Also what has happened to rents?

The closest I can think of is mining towns but that's a boom/bust thing where as this should be a more long term thing since its meant to be a tourist thing.

Let me know what you think will happen

 

[Kinnon Bell]

There's a good thread here with thoughts on Aquis --> http://somersoft.com/forums/showthread.php?t=90919&page=8

I have a vested interest in this too. A small part of me is being a NIMBY but the majority of me can't wait to see what eventuates out of it. Not sure if anything can be used as a precedent though, at least not on this scale.

Where abouts are your IP's located?

 

[Chatters]

Both are units in Carins. One in Lake st & the other in McLeod st, yours?

I've had them for quite a while now and been good investments but just haven't taken off to the point they are worth selling.

 

[Kinnon Bell]

No IP's in Cairns yet, PPoR is in Trinity Park so right next door to Yorkeys Knob.

I'm sure there will be some flow on CG to units if (when) Aquis goes ahead but I think the main impact will be to the rental market to house the workers while it's being built as there will no longer be on-site housing for them. There would be a lot of transient workers who would want some short term furnished accom which is where I can see units being good for that.

Long term, who knows. I think once established (and once the novelty wears off) there will be the majority of o/s tourists coming in at the airport, being bussed to the casino, stay, bussed back to the airport and back out again. A decent % of the workers will be from o/s too.

In the last 10ish months I've noticed a bit of a difference in the market with the anticipation of Aquis.

 

[Chatters]

One of my IP's is near the hospitable so its been a solid rental property because of that. I'm guessing with more people in & around the town it will push up all prices as while workers may rent closer to the actual build site other flow on work as Cairns get more commerce from those workers will help Cairns city prices/rents.

Then as you say once more tourists start to come in again it will help bring in more cash and hopefully flow on to higher rates for workers and high property prices and rents.