Palm
Cove News
August 2003
GROWING TOO FAST
DEVELOPERS
are cashing in on Palm Cove's apartment demand boom, but a lot of owners
might have to wait for a return on their investment, Alex Whyte says.
The president of Tourism Palm Cove said he questioned the viability
of apartment buildings which were built in some areas for holiday letting.
"Are these complexes being developed because of a huge surge in tourist numbers? Are there visitors sleeping in the streets awaiting their completion? I think not," he said in Cairns Post, July 27. Alex said that developers should underwrite their promises for the first five years after development."Purchasers can be left waiting years after the developer has suggested that returns will help pay for the asset, when the developer is long gone and well into his next project," he said. Alex and wife Pam own 2020 Management which manages Villa Paradiso apartments. Matthew Smythe of Belle Property said in Cairns Post, July 3, that the boom will continue, both in buildings and tourist numbers. "The Cairns northern beaches are like Noosa 15 years ago," he said. "We are really just at the tip of the trend." He said southern and overseas baby boomers had taken Palm Cove in hand. "Baby bomers make up 25 percent of the nation's population but control 75 percent of the wealth. With a suburban home in Sydney selling for $3 million, many boomers buy a $1 million apartment, then look for a lifestyle investment or investments with the change," he said. "Most of the proud owners will live in the apartments one month of the year and rent them out through the resort management company for the rest of the time."
Votes split down middle THE
RESULTS of a community vote on Veivers Rd speed limit were split 50-50.
Battle of the beaches KEEP
AUSTRALIA BEAUTIFUL COUNCIL may or may not be keeping our country beautiful,
but one thing's for sure : it's keeping our beaches clean.
Trinity Beach's secret weapon CLEAN
BEACH challengers Trinity Beach say they have a secret weapon which
should win them this year's award.
Surf Club's juicy steaks "YOU
WON'T believe our steaks, says Surf Club manager Steve Leigh.
Editorial COVE'S
well-earned award for Australia's Cleanest Beach is fraught with danger.
Hooker's family fun day L
J Hooker'S are holding a free Fish & Treasure family fun day on
Sunday, August 31st at Palm Cove Jetty. Newly
appointed Palm Cove agent Kelvin Wilson of Cedar Rd said there will
be a family fishing contest with prizes from local businesses, a BBQ
for all, and a treasure hunt. The fishing contest, bait, BBQ, and treasure
hunt are all free. Entrants to the two-hour fishing contest must register
9.30-10.00am. Mr Hooker Bear will dispense hugs, balloons, and sugar
fixes. The treasure hunt commences 12.30pm.
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