The Gold Coast has weathered the world economic downturn well despite several high profile casualties, with more than $68.68 billion worth of major development projects in the pipeline, new research claims.
The spend represents an increase of $2.3 billion on the total value of development identified in 2007, the research by Colliers International reveals.
“To have a bottom line figure of $68 billion, which is a 397 per cent increase on the 2001 findings, speaks volumes for the economic base of the city, particularly in the wake of one of the toughest financial periods in recent history,” director in charge, Stewart Gilchrist, said.
The Gold Coast has emerged with a $2.3 billion increase in activity over the past two years, despite almost $10 billion of projects being completed and therefore taken out of the report in that time.
More than $30 billion of projects are already under construction, leaving a $38.63 billion pipeline of planned developments.
“Of the 379 projects included in the report, 21 have an end value of more than $1 billion, which is a huge vote of confidence from some of the largest and most respected development companies both here and overseas in the continued strength of the Gold Coast,” Gilchrist said.
Residential projects, defined as major and masterplanned communities, led the charge with $26.4 billion of projects planned or underway, followed by $15.75 billion of apartment projects, $9.9 billion of infrastructure improvements and $5.6 billion of commercial, retail and industrial development.
Per capita, the Gold Coast is the most dynamic city in Australia in terms of current and planned development and expansion, Gilchrist claims.
Around $5 billion of the planned projects were in a holding pattern, either falling into receivership or being released for sale by the developer, but would go ahead in some form as market conditions improved.
“Interest in these sites has increased significantly in recent months, as confidence returns to the market, and cashed up developers, particularly from overseas, are now on the prowl for prime development opportunities that will position them well for the market upswing,” Gilchrist said.
