Sandwiched by forested hills and the Great Barrier Reef, the town of Cairns and its surrounding region are enduring a tourist slump. More than a third of the 3,892 hotel rooms in the tropical Australian getaway were empty in the three months through June.
After sitting on the sidelines for two years watching home prices plummet, Rina Poke bought her ninth investment property in Australia’s Gold Coast for A$121,000 ($110,388), beating another buyer after a frantic round of bidding.
Echo Entertainment Group Ltd., which has a 97 percent share of Queensland’s casino market, fell 5.2 percent to a two-month low in Sydney trading after the Australian state said it may issue as many as three new licenses for gambling resorts.
Echo Entertainment Group Ltd., facing a challenge to its exclusive Sydney casino license from billionaire James Packer’s Crown Ltd., wants a bigger site in Queensland’s state capital to target Asian gamblers.
Apartment prices in the luxury beachside Australian town of Noosa Heads have tumbled by a fifth since 2008 as cracks emerge in a housing market that’s so far escaped the rout seen in the U.S., U.K. and Ireland.