Apartment complex developer says tide is about to turn for long suffering Cairns unit market

first_imgCambell Balderson of Keir Constructions and Nicholas Slatyer of Belle Property in front of the new apartments at Yorkeys Knob. Picture: BRENDAN RADKETHE developer of a Yorkeys Knob unit complex has indicated that more Far North apartment projects could be on the horizon.While new unit complexes have been as rare as hen’s teeth in Cairns over the past seven years, Whitehaven Apartments on Wattle St is now “100 per cent complete”.Developer Troy Price, owner of Price & Partners, said interest had been “very strong” in the 21 two-bedroom units.“We’ve sold about 14 … they might go close to being sold out by Christmas,” he said. The project comes about eight years after Mr Price’s last Far North residential development – a block of luxury townhouses at Clifton Beach. While based in Brisbane, he has strong family ties to the tropics.Mr Price’s grandfather Pat moved to the region after World War II and developed a Port Douglas resort, while his dad Wayne is well known in local construction circles.When asked whether his company would look to pursue more unit developments in the Far North, the businessman was forthright. “Definitely. Without a doubt,” he said. “We’re very confident in Cairns. You’ve got an increase in tourism, both international and domestic.”More from newsCairns home ticks popular internet search terms3 days agoTen auction results from ‘active’ weekend in Cairns3 days agoKeir Constructions have completed work on the Whitehaven Apartments unit complex on Wattle Street, Yorkeys Knob. Picture: BRENDAN RADKEThe unit complex was built by local company Keir Constructions, while Belle Property will drive marketing of the apartments, which start at just under $430,000.Belle Property Cairns principal Nicholas Slatyer Whitehaven Apartments offered a great “bang for your buck”.“It’s one of only two or three new apartment complexes built in Cairns over the past seven or eight years, and among the highest quality that I’ve seen,” he said. Mr Slatyer believed the new Yorkeys Knob complex was an indication of long-awaited change for Cairns’ unit sector.“I think this is the very beginning, the first sign of a unit market that’s on the cusp of recovery,” he said. “The unit market has been tightening over the past five years, especially in the CBD.“If you’ve wanted to buy a residential-style apartment in Cairns City, there’s been limited choice.“I think the real fireworks will be in the second half of 2018 – once the full scope of what’s under construction in the Cairns CBD is felt, we won’t recognise the marketplace.”last_img