Aquis fuelled property boom.
Hold on to your hats! Property experts are predicting Cairns real estate is on the brink of an Aquis fuelled mega-boom.
There have been many amazing advancements in Cairns over the 20 years I have lived in this beautiful city, but nothing has excited me more than the proposed $8.15 billion Aquis integrated resort development at Yorkey's Knob in Cairns.
A project of this scale and calibre is unprecedented, and the potential knock-on effects to the regional economy are nothing short of mind-boggling.Experts have warned we need to brace ourselves for a housing and land shortage in the region as Cairns will struggle to accommodate the 16,000 new jobs potentially created in the constuction phase and a further 27,000 once the resort is up and running. It goes without saying that this is great news for the real estate industry. As demand increasingly outstrips supply, property values in the region can only be pushed skyward.
Aquis features two casinos over 2 stages, a 10 story high aquarium, 25,000 seat sports stadium, golf course, convention centre, lagoon and 9 upmarket hotels.Its expected to attract about 600,000 more international visitors each year (in particular from Asia), boosting numbers to the region by almost 50%.
Not surprisingly, the excitement and sense of anticipation throughout Cairns for this project is palpable.
This week it moved a big step closer to coming to fruition when the State Government announced its commitment to grant Aquis a gaming licence subject only to environmental & planning approvals.
Property Investors should not underestimate the impact of Aquis, should it proceed. This is the gift horse Cairns has been waiting for.
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