Cairns commercial real estate: CBRE Danny Betros secures deals
A top real estate agent has secured $38m in sales of commercial property in the past four months in a confidence boost for the sector that indicates the local economy is bouncing back. WHAT DOES THIS MEAN
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A TOP real estate agent has secured $38m in sales of commercial property in the past four months placing confidence among industry leaders the local economy is bouncing back.
With 12 sites being sold, the popularity of Cairns’ commercial market brings good news of fresh job opportunities and more money being spent in town.
Managing director at CBRE Danny Betros said while the housing market may have slowed, rising interest rates have not stopped commercial properties in Cairns from being scooped up at high prices.
“There’s been a lot of activity and a lot of interest in the Cairns commercial market and we’re very proud of the amount we’ve achieved this year alone,” he said.
“It’s a mixture of local money and southern money that shows the rest of Australia has a lot of confidence in the Cairns market.”
But this is just the start of a booming period for the commercial property group as Mr Betros said two new sites will be launched within the next month.
“We’re about to release two very large properties on to that market that are sure to attract lots of interest nationally,” he said.
“One is a fully leased investment property for up to four tenants, and the other is a multiple-use beachfront site at Yorkey’s Knob that could be used for anything from housing units to retail fronts.”
Halpin Property Group managing director Darren Halpin said Cairns was reasonably priced for investors.
“There's lots of southern investors coming into Cairns because they see good value,” he said.
“I think regional Queensland is good value when you look around Australia.
“Our commercial rental rates are still very low and they have started rising over the last six months and will continue to rise.” Mr Halpin said this is why it is a good time for investors to buy in Cairns.
“People are seeing now that Cairns is becoming a robust economy, with tourism, health and navy (base) and people are coming to live here in droves,” he said.
“More people are experiencing what Cairns has to offer and that drives prices up.”
Chamber of Commerce CEO Patricia O’Neill said investors see the potential the Far North has.
“I think the whole nation has actually got to see our part of the world with such a spike in domestic tourism up to Far North Queensland (in recent times),” she said.
“People are actually identifying and seeing it as a region for growth.”
Ms O’Neill said it was great news.
“We’ve had such a drought of movement in the commercial market for the last few years,” she said.
“There’s been so many empty shops for such a long time, they seem to be getting snapped up.”
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Originally published as Cairns commercial real estate: CBRE Danny Betros secures deals
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