This article is from the Australian Property Journal archive
CRANES are returning to the Gold Coast skyline thanks to the residential apartment projects, according to Colliers International.
Colliers’ director of residential Tony Holland said six major residential projects now preparing to launch to market and he expects the number of cranes to double over the next six months.
“The city is currently the most undervalued property market in Australia, and is well positioned to enter a long awaited growth phase following on from the strong demand and price growth in the Sydney, Melbourne and Brisbane markets.
“The number of cranes in the sky is likely to double in six months’ time with a number of developers now moving forward with launching their projects to market in the next 60 days,” he added.
Key projects include Echo Group’s $345 million hotel tower at Jupiter’s Casino; the $300 million redevelopment of the Pacific fair Shopping Centre; Wanda Group’s $300 million joint venture with the Ridong Group to develop the Jewel project and the planned redevelopment of Wavebreak Island in the Broadwater into a possible second casino and cruise ship terminal.
Holland said major infrastructure projects have been the key drivers behind the property resurgences, giving developers the confidence to push ahead with their residential projects.
“The Light Rail is now complete and operational giving the city great connectivity with the early take up exceeding expectations. Construction of the major Commonwealth Games 2018 infrastructure is underway with the Aquatic Centre at Southport complete and the Athletes Games Village at Southport under construction.
“Our developer clients are very experienced and they are in tune with the market, they understand what drives it. They have acquired these sites over the past three to five years, obtained the development approvals and waited patiently for the right opportunity to launch to market.
“They can see that the time is right, with new apartment supply at 30 year lows, combined with record low interest rates, a buoyant Sydney, Melbourne and Brisbane property market and ever increasing demand from the Asian market,” Holland said.
In the last month, Colliers has been appointed to market and sell six significant residential projects on the Gold Coast, including a 219-unit high rise tower in central Broadbeach; 386 apartments overlooking the Glades Golf Course Robina; a Southport CBD tower featuring 221 apartments; a land and villa estate at Hope Island; a residential land estate at Kingscliff in Northern NSW; and residential villa development at Casuarina Beach.
Holland said Southport is undergoing an urban renaissance and emerging as a vibrant CBD hub.
“It is extremely popular with Asian buyers and will be home to the new Chinatown precinct. In February this year Colliers International has sold out of the Southport Central project and in May Meriton launched their 50 storey Sundale project which is also experiencing strong sales activity,” he concluded.
Australian Property Journal
