The Aquis, a tourism based development just north of Cairns, has caused a stir in the local property market – despite not receiving final approval yet.
The $4.2 billion “mega resort” near Yorkey's Knob, developed by a Chinese investor, is expected to have a positive effect on Cairns’ idle property market which has fallen behind since the GFC.
Jennifer Smith, founder of North Queensland Buyers Agents, told Smart Property Investment that the Aquis was a “huge game changer”.
“A lot of people are holding their breath to see what comes of it,” she said. “So there’s not a lot of stock on the market, but there’s quite a lot of investor interest.
“Even though it’s not formal yet, it’s already having an impact on the levels of stock on the market and investors are very interested in looking at land for subdivision or building around that area as well,” Ms Smith said.
The Cairns Post reported that this rising demand and falling supply put Yorkey’s Knob first in line to become a hotspot, with local agents saying an impact can also be seen on surrounding northern beaches suburbs.
If approved, the resort is expected to be completed by 2018 and will generate 9,300 jobs in construction and 10,000 in operation, according to the Queensland government.