City will reach for sky again

The Weekend Post - Real Estate - - Real Estate - with Ni­cholas Slatyer

THIS year marks 10 years for our of­fice in Cairns and it is fair to say that the lo­cal mar­ket has been through some ups and downs – three good years, four harder ones and the past three have seen some im­prove­ment. The city it­self is also very dif­fer­ent. In 2005 there wasn’t a lot of choice for a good cof­fee in the CBD, now there is a great barista on ev­ery cor­ner. We couldn’t have imag­ined that Port­smith would be­come home to a hand­ful of new na­tional re­tail­ers. Dur­ing the res­i­den­tial con­struc­tion boom from 2004-2008 we saw Mar­quis, Pier­monde, Har­bour Lights, Cen­tre­point and dozens of oth­ers spring up. Who could have pre­dicted that there would be al­most no CBD con­struc­tion for the past five years? The cost of land, cou­pled with our higher cost of con­struc­tion, means no de­vel­oper is able to build and be com­pet­i­tive. But Cairns re­mains amazingly good value. We are see­ing in­creased in­vestor ac­tiv­ity which is a likely pre­cur­sor to even shorter sup­ply and fur­ther price strength­en­ing. Make no mis­take, there will be a time, in the not too dis­tant fu­ture, when the cranes are in the skies of Cairns CBD again. Ni­cholas Slatyer prin­ci­pal/direc­tor, Belle Prop­erty Cairns

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