While most of the construction industry has hit a plateau or seen a slight downturn, it seems that the Gold Coast is bucking the trend with its steady rise in construction. Nearly 3000 new homes were approved for the area in March, with a combined value of $515 million and endless jobs in the area.
Commercial builders are also benefitting from this boom, maintaining high levels of development approvals and interest in development in the area, as commercial buildings will no doubt be required to meet the needs of the new suburbs.
Most of these developments are popping up in the northern suburbs of the Gold Coast, which means the government will need to act to improve infrastructure in the area as people aren’t tempted by the suburbs unless there are services to match their needs. There are some concerns that the government won’t act fast enough, although savvy private companies could work to fill some gaps in the area.
There are also concerns about oversupply leading to empty dwellings, particularly within the realm of units, which make up 50 per cent of the approved new dwellings in the area.
However, the area is likely to still prove popular with anyone who is looking to embrace the outdoors and sunshine lifestyle the Gold Coast while being ideally based to commute to Brisbane and Coolangatta Airport for work.
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