Three states announced rezoning consultations in the past quarter that touch tourism-park land. NSW, QLD, and TAS. The mechanism is different in each, but the direction is the same: increased development optionality on parks within 30km of regional centres.
The valuation implication is real. A park with redevelopment optionality prices on a different basis to a pure-play tourism park. We are seeing 15-20% pricing upside on parks where the rezoning consultation lands favourably.
Lender appetite for cabin-upgrade capex has improved through the quarter. Two majors have re-opened tourism-cabin facility lines that were paused in 2024. The terms are tighter than 2022, but the door is open.