Connect with us

Developments

Find out what’s tipped to define the Gold Coast market in 2018

Published

on

Find out what’s tipped to define the Gold Coast market in 2018

THE GOLD Coast is known for its glitzy property appeal but a more solid foundation is tipped to define the market in 2018.

Property experts say infrastructure in the northern and central suburbs will contribute to an already booming market, buoyed by the buzz of the Commonwealth Games.

The Coomera Town Centre under construction. Pictures: Westfield. Source: Supplied

The Coomera Town Centre under construction. Pictures: Westfield. Source: Supplied

Artist impression of the Westfield Coomera Town Centre. Supplied by Westfield Source: Supplied

Artist impression of the Westfield Coomera Town Centre. Supplied by Westfield Source: Supplied

“I think the continued large amount of private enterprise infrastructure like the Westfield Coomera Town Centre, Sunland development at Mermaid Waters and The Star Gold Coast with its part-hotel, part-residential works will expand those areas,” newly appointed REIQ Gold Coast zone chairman Andrew Henderson said.

CoreLogic’s latest data to October 2017 revealed the median house price on the Gold Coast jumped 7.7 per cent in 2017, almost twice as fast as the national average.

Mr Henderson predicted prices wouldcontinue to increase, thanks to a seller’s market in the central suburbs.

REIQ Gold Coast zone chair Andrew Henderson. Picture: Jerad Williams Source: News Corp Australia

REIQ Gold Coast zone chair Andrew Henderson. Picture: Jerad Williams Source: News Corp Australia

“Most of the housing development is in the northern corridor, leaving the vast majority of the Gold Coast with existing stock to purchase in the central areas,” he said.

He said a wave of beachfront apartment developments was expected to be snapped up by locals wanting a sea change, and by savvy investors.

The CoreLogic report showed a 12-month increase of 3.7 per cent for median unit sales on the Coast.

“In terms of looking ahead, interstate migration is quite strong, jobs are very strong, there’s a significant amount of spotlight on the Commonwealth Games and then the infrastructure is a massive drawcard to keep bringing people in.”

It comes as $40 million worth of property is set to go under the hammer in a single day next week, at Ray White Surfers Paradise auction bonanza The Event.

Auctioneer Andrew Bell at work at The Event in 2017. Picture Glenn Hampson Source: News Corp Australia

Auctioneer Andrew Bell at work at The Event in 2017. Picture Glenn Hampson Source: News Corp Australia

RWSP CEO Andrew Bell predicted an influx of southern buyers, heralding the current climate as “the return of the holiday-maker”.

“We have truly been swamped, and there is no better word than swamped, with buyer inquiry,” Mr Bell said.

“The record numbers of people holidaying here on the Gold Coast has seen record levels of buying interest, and sales have been happening left, right and centre. If you had to use one word to sum up inquiry post-Christmas, it is Sydney,” Mr Bell said.

Originally published: www.news.com.au

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Developments

Star Entertainment Group to fast-track development of fourth hotel tower at The Star Gold Coast

Published

on

Star Entertainment Group to fast-track development of fourth hotel tower at The Star Gold Coast

Australia’s Star Entertainment Group has revealed it will fast track development of a fourth tower of The Star Gold Coast as part of the property’s ongoing AU$850 million makeover.

Construction on the tower, set to stand 215 meters tall, will now start in 2020 with apartment pre-sales to begin as early as next month. It will also house a 5-star hotel, restaurants and bars, a day spa and night time entertainment venues.

“This latest hotel tower will further progress the internationally-competitive resort facilities we are offering to domestic and international tourists,” said Star Entertainment Group Managing Director and CEO Matt Bekier.

“If our masterplan is rolled out in full – and there is so much more we would like to deliver – The Star Gold Coast will be the equal of the finest integrated resorts in the world and complement our AU$3.6 billion project at Queen’s Wharf Brisbane.

“Under the right conditions and circumstances, we will operate both properties in tandem as beacons for south-east Queensland, drawing interstate and international visitors to turbo-charge the tourism industry.”

The new tower will be The Star Gold Coast’s second mixed-use hotel and apartment tower after the AU$400 million Dorsett, which broke ground in 2018 and is due for completion by 2022.

Star Entertainment Group recently unveiled its proposed AU$2 billion masterplan for the Gold Coast, including four more hotel towers and associated facilities on Broadbeach island, although that plan might be shelved should the Queensland State Government follow through with its plan to issue a second Gold Coast casino license.

The government last month called for global Registrations of Interest in developing a new casino on the Gold Coast, with the likes of Genting Group, Caesars International and Hard Rock International among the operators said to be interested.

Continue Reading

Developments

Developer Reduces Gold Coast Skyscraper by 17-Storeys

Published

on

Developer Reduces Gold Coast Skyscraper by 17-Storeys

Changing market conditions has prompted a Gold Coast developer to slash 46 apartments from its permit-approved Main Beach skyscraper.

Builder-cum-developer Heron Building Group has resubmitted an application to Gold Coast council to drastically amend the proposal, reducing the building size from 55-storeys to 38 and cutting the amount of apartments on offer.

Heron won approval for the original 55-storey design in 2016.

In its application, Heron said that development had been amended “due to construction costs and to reflect current market demand”.

Construction costs in south east Queensland are expected to rise by 2.5 per cent in 2019, consultancy Turner & Townsend reported in its latest construction market survey.

Heron has tapped architecture firm Cottee Parker to design the new scheme, which reduces the front setback by 3 metres but increases the building length by 5 metres.

The developer proposes to retain the car lift system and increase the amount of car parking spaces from 223 to 241. The new scheme has removed the 160 bike spaces set aside in the approved proposal.

Developer Reduces Gold Coast Skyscraper by 17-Storey

New forecasts predict a peak-to-trough decline of 30 per cent in residential construction across the country, with residential commencements expected to bottom out at 161,000 dwellings in 2019-20.

The downturn has prompted developers across the nation to opt out of residential schemes.

Winten Property Group more than halved its Main Beach project, replacing a 250-apartment, 47-storey scheme with a 21-storey proposal.

While Gold Coast developer Sunland cut 19-storeys from its Labrador apartment project late last year.

Heron Building Group did not return calls for comment on Wednesday.

 

 

Source: theurbandeveloper.com

Continue Reading

Developments

Crane Spotting: Gold Coast Cranes Rise as Brisbane Sees Decline

Published

on

Crane Spotting Gold Coast Cranes Rise as Brisbane Sees Decline-min

Brisbane suffered the biggest decline in cranes standing across its city, while coastal neighbour the Gold Coast recorded a 33 per cent increase, according to the latest Rider Levett Bucknall Crane Index.

Brisbane is home to a remaining 59 cranes, down from 72 counted six months ago.

Based on the idea that cranes in the sky reflect major project construction, the RLB index tracks the number of tower cranes in key Australian cities to indicate the strength of the construction sector.

Brisbane’s decline reflects the fall in building work done for the calendar year 2018.

Crane Spotting Gold Coast Cranes Rise Brisbane Sees Decline-min

The residential sector declined by 7.2 per cent, with declines recorded for both new houses and apartments, and the nonresidential sector fell by 4.2 per cent.

The overall decline of eight cranes in inner Brisbane was driven by the mixed-use sector.

Cranes were removed from Howard Smith Wharves, 949 Ann Street, Queens Wharf and South City Square based in inner Brisbane which accounted for eight dismantled cranes.

Crane Spotting Gold Coast Cranes Rise Brisbane See Decline-min

The residential count of cranes sits at 42.

Residential projects nearing completion include the Skyneedle Apartments with all three cranes removed, Student One’s 97 Elizabeth Street which had two cranes removed.

New projects where cranes commenced were recorded in Brisbane, Bulimba, Greenslopes, Hamilton, Kangaroo Point, New Farm, Newstead, South Brisbane, Toowong, Westend, Windsor and Yeronga.

Crane spotting on the Goldie

The Gold Coast continues its upward trajectory on the crane index, recording a 33 per cent rise.

Eighteen cranes were added and ten were removed bringing the coast’s total to 32.

The residential sector makes up 94 per cent of all Gold Coast cranes, with the highest number located in the Palm beach area.

New residential cranes were added to developments, including Bluewater in Bilinga, Vue Apartments and Elysian in Broadbeach.

Crane Spotting Gold Coast Cranes Rise as Brisbane Sees Decline.-min

Work continues at the Jewel Residences, two cranes were removed from the project, leaving two on site.

Other projects with continuing cranes include Anchorage Apartments in Hope Island, Otto in Mermaid, the Jefferson in Palm Beach, South Lakes Stage 3 in Reedy Creek, 23 Norman Street and 6 Meron Street in Southport.

 

Source: theurbandeveloper.com

 

Continue Reading

Make your Super Work

Positive Cashflow Property

duplex designs, dual occupancy homes

Property Investment Advice

Trending