Cairns residents will learn more about how increasing investor confidence and property development activity is influencing an upturn in the property market at a seminar held by Archers Body Corporate Management this week.
Deputy mayor Terry James and Gadens Lawyers partner Michael Kleinschmidt will discuss the future of strata in Cairns with a focus on new and existing strata-titled developments.
Archers’ North Queensland regional manager Stephen McCulloch, said it was a good time for investors to strike, with the region’s property development market finally starting to recover from a severe downturn caused by the GFC. “Back in 2008/9 we saw many large developers in the far north region enter receivership, unable to cope with the lack of investment in the region,” Mr McCulloch said.
“Although properties in the region are still yet to hit pre-GFC levels, we are seeing a radical improvement in price and sales timelines which means it’s an excellent time for investors to enter the market. “As the market begins to take off again, Archers is committed to being on the ground, educating new and existing owners and investors about how this boom will affect them and their properties.”
Mr McCulloch said there were a number of “hot spots” for investors and owners in the Cairns region. “Cairns CBD is starting to boom as residents become more and more attracted to the shopping and entertainment precincts. We are also seeing a trend towards more mixed-use developments to cater to that need,” he said. “Mixed-use developments are creating more integrated communities where shopping, restaurants and other facilities are at the door-step of owners. This is making socialising more convenient than ever, creating stronger communities.
“The Northern Beaches area is also seeing an upturn as people seek attractive neighbourhoods that meet their lifestyle needs.” Cr James said there was a growing trend toward inner-city living. “As empty nesters make lifestyle choices to move into apartments, we’ll see greater demand in our city centre,” Cr James said. “Great potential exists for the redevelopment of existing stock to maximise the development potential of our residential land. “Over the next 10 years, infill development will attract more residents into the city and this will contribute to the revitalisation of our city centre, reinvigorate the local construction industry and hopefully see an increase in employment in the city.”