A $30 billion development pipeline is set to be laid down on the Gold Coast over the next decade, avoiding any chance of a post-Commonwealth Games construction slowdown.
Despite fears that the construction of the game’s buildings and infrastructure was the peak of activity across the coast for the foreseeable future, recent research has revealed nearly $20 billion in residential projects are earmarked to meet the city’s ongoing growth, while a further $10 billion in public and private infrastructure is under way or planned for the city.
The research was prepared by Ray White Surfers Paradise Group and property consultants Urbis.
Ray White Surfers Paradise chief executive Andrew Bell said there was so much more to come for the Gold Coast beyond the Commonwealth Games.
“The staging of the Games heralds the beginning of the next chapter of the Gold Coast’s evolution from a tourist town into a vibrant city with an expanding multi-dimensional economy,” he said.
Bell said the significant residential pipeline came after a protracted post-GFC lull in development when very little was added to the Gold Coast’s stock of new housing and apartments.
“There’s extremely high demand for housing on the Gold Coast thanks to strong population growth and the shortfall in new homes and apartments coming to the market over the past decade.”Ray White Surfers Paradise chief executive Andrew Bell
“As a result of the hiatus in development, we’ve had rental vacancy rate sitting at around one per cent for some time as well as significant pent-up demand for residential land in many areas of the city.”
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Based on Urbis’ findings, the Gold Coast has more than 250 projects rolling out multiple sectors like transportation, tourism, retail, health and services.
They include the $615 million third stage of the Gold Coast Light Rail, $500 million Westfield Coomera Town Centre, the $385 million Gold Coast Cultural Precinct, and the second stage of the Gold Coast Airport’s $300 million masterplan.
Lynda Campbell, author of Urbis’ Gold Coast Infrastructure Report, said more than half of the infrastructure spending was public and many of the projects would be undertaken over many years.
“While $2.4 billion in infrastructure development has been completed in the past 12 months, we still have $3.4 billion worth of projects currently under construction and a further $7.2 billion planned.
“The data reflects the Gold Coast’s diversifying economy and demonstrates that there is plenty of growth yet to come for the city,” she said.