Six residential projects launching in 60 days setting the Gold Coast up for a surge: Colliers

Six new residential projects are set to be launched on the Gold Coast within the next 60 days, marking the beginning of a new surge in development in the area, according to Colliers International.

Director of residential at Colliers International, Tony Holland, called the Gold Coast the most undervalued property market in the country at present, with a growth phase around the corner.

This, Holland said, is a continuation on from the demand and growth seen across Sydney, Melbourne and now Brisbane.

“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 said.

These are the six residential developments that Colliers are going to be selling in the coming weeks:

• Beachside highrise tower featuring 219 apartments in central Broadbeach
  
  
• Residential development of 386 apartments, overlooking the Glades Golf Course Robina
  
  
• Southport CBD highrise tower featuring 221 apartments
  
  
• Land and villa estate at Hope Island
  
  
• Residential land estate at Kingscliff in Northern NSW
  
  
• Residential villa development at Casuarina Beach

However, it’s not just the projects themselves that will be behind a surge, but the reasons for their projects and the drivers of developer confidence that have seen them acquire the sites over the past three to five years, obtain development approval and then hold off waiting for the right time to launch.

“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,” he said. The level of activity that will be driven on the Gold Coast has not been seen since 2007/2008, he said.

“In addition to these releases, there are a number of projects expected to launch during 2016, few of which are located along the traditional beachside strip. However Southport is another area that has attracted significant developer activity, after the Gold Coast City Council declared it a Priority Development Area (PDA) late last year.”

Developers' confidence of is in part due to the now complete light rail, the currently under construction Commonwealth Games 2018 infrastructure and announced plans for a $345 million hotel tower at Jupiter’s Casino by Echo Group.

Further infrastructure, including a $300 million redevelopment of Pacific Fair Shopping Centre, and the Jewel development from China’s Wanda Group and Ridong Group, are also reported confidence builders, with the planned Wavebreak Island redevelopment with potential second casino a further potential boost.

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