Banks still nervous about off the plan at the Gold Coast

Banks still nervous about off the plan at the Gold Coast
Banks still nervous about off the plan at the Gold Coast

Australia's major banks were still shy of lending in the off the plan Gold Coast development space with all the major viable projects on the Gold Coast facing challenges when it came to funding.

"The big banks are still very wary of the Gold Coast," PPB Advisory's Garry McLean told the Australian Financial Review.

"They have been here before and have been hurt by settlement failures, but in saying that, there are actually some very good opportunities there."

Australia's major banks were burnt during the financial crisis when hundreds of investors refused to settle on off-the-plan purchases.

Urbis was currently monitoring 26 Gold Coast projects which could be launched within the next six to nine months that would bring 2500 apartments to the market.

It has been suggested at the current Gold Coast sales rate, that this number represented about 18 months' supply.

There has been a flurry of property developers back for another run, but this time with their offspring in charge, the paper noting developers such as Jim Raptis and Con Nikiforides.

It is Con's sons William, John and James who are about to start construction on a development called The Park at Mermaid Beach. 

Patriarch Jim Raptis's son Evan Raptis has a company called Emandar, which has been developing low-rise apartment towers throughout the Gold Coast.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Gold Coast Development

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