Real Estate

Real estate, property development a solid foundation for Cairns economy in 2019

Written by The ReReport
As seen in the Source link, written by on 2018-12-18 16:25:03


Crystalbrook Collection’s Riley is open! Special preview of inside the hotel. PICTURE: STEWART MCLEAN

REAL estate and property development is behind a forecast for growth in Cairns throughout 2019.

Chamber of Commerce and Industry Queensland chief economist Dr Marcus Smith said the city was ready to make up the gains predicted over the past few years.

The CCIQ analysis coupled with research from the Cairns Chamber of Commerce notes that a series of major developments, most notably the tri-hotel development currently being undertaken by Crystalbrook Collection, have helped the region record six consecutive months of full-time job gains.

Dr Smith, who works closely with Conus Consultancy Services/CBC Staff Selection director and analyst Peter Faulkner, said the region was finishing the year in a much stronger position than a year earlier as businesses recorded a boost in confidence due to positive changes across the city.

“Cairns has seen gains in construction and the real estate focused sector which account for almost a third of the region’s 13,650 businesses,” he said.

“While tourism’s relationship with the Australian dollar is conventionally touted as a key driver affecting Cairns, it is interesting to note that this is not borne out in the analysis of employment outcomes.”

The CCIQ research also found Cairns’ unemployment rate was below average and, on a comparative measure, currently has a lower unemployment rate next to Townsville and Brisbane — although there is not a significant difference between Cairns and Townsville’s averages over time.

Cairns Chamber of Commerce president Nick Loukas (above) said the report by CCIQ reflected the experience of many businesses in the area but the challenge to maintain momentum in the near term will be key.

“Obviously it is pleasing to see Cairns performing well on a number of key metrics but it really is about ensuring the new developments we are seeing currently set the regional economy up for further advances and opportunities in the future,” Mr Loukas said.