BRIEF OVERVIEW - Cairns
Economy – September, 2016.
We are informed redundancies, during the 2016 year, have
caused many in residence in the Cairns Region to leave the area in search of
work in more populated locations.
source: Lifeline employee working in the
furniture removals department, who noted a significant increase in furniture
being donated to the group as departures from Cairns (for the reason mentioned), continues.
THE GOOD NEWS.
There is a particular positive for the economy of Far North
Queensland, which is, the falling value of the Australian dollar…This is
bringing more overseas and domestic tourists to Cairns, thereby enhancing opportunity for
employment and increasing demand for accommodation.
Direct flights Cairns- Auckland now in-service (Air New Zealand)
Flights into Cairns International terminal now include
arrivals from China, Japan, US, Europe
via Asian hubs.
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rather than through traditional southern gateways,
results in a flight time saving of (up to) 25%. (Source- Cairns Port
We understand the Queensland Government has reached an
agreement with Chinese officials to bring direct flights from China to Cairns
- scheduled to commence late 2016.
The DFO shopping centre, Mulgrave road, Westcourt has been
sold to the Sentinal group for $39.7M…The group also purchased the Big W store
at Atherton for $10.5M
We understand Sentinal is seeking more investmentEvent Cinemas are to open their new $15M cinema complex at Smithfield in 2017.
opportunities in Far North Queensland.
James Cook University
are to open their new $10M learning centre in Shields street, Cairns in 2017.
There appears to be growing optimism among Cairns business people, in that 2017 will
bring in an increasing improvement in tourism cash flow, which will stimulate
Tourism is now the Cairns Regions leading economy.
We understand some of our major hotels are now committing to substantial refurbishment, which in itself, augers well for the near future.
Taking into account the positives, and optimism, now
surrounding the Cairns Economy, we can reasonably look forward to an
improvement in the value of Cairns residential real estate, in 2017.
If further information is required, please feel welcome to contact:-
Peter Hopkins"Times New Roman";mso-ansi-language:EN-AU;mso-fareast-language:EN-AU;
mso-bidi-language:AR-SA">Director – Cairns
Property Office Rentals.Mobile…0481
131 471"Times New Roman";mso-ansi-language:EN-AU;mso-fareast-language:EN-AU;