It is a fair reflection of the current Cairns market that not all levels of business are equally represented at the present time. All businesses have struggled with border closures, the lack of international tourists and the direct effects on the overall tourism sector within North Queensland.
On the very positive side, commercial and industrial real estate transactions have been surprisingly solid around Cairns and North Queensland. Sales range across all sectors, including retail, commercial and industrial properties, with Knight Frank Cairns’ office having sold and settled 14 properties since the beginning of the calendar year and a further 7 currently under contract, with settlements spanning the next few weeks.
The solid performance in the market has been driven by confidence in the building and supply industries, together with some smaller niche markets. The cheaper cost of money has also promoted commercial and retail transactions, with enquiry strong across the region including the Tablelands, which has also experienced recent sales.
Whilst the news is good for buyers and sellers alike, interest toward retail leasing opportunities is also especially pleasing, with new tenants taking up leasing opportunities within the CBD including three new restaurants, which is extremely encouraging.
Overall, the market appears to be self-supporting itself locally, with a pent-up demand for buyers looking for suitable opportunities for both owner occupation and straight yielding investment opportunities.
For any queries or further information please contact Greg Wood at Knight Frank Cairns on 0418 772 555 or 4046 5330.