Gold Coast crane watch: Crane numbers decline over the last six months

Nine cranes were removed from projects since Q3 2020 and just the eight were added

Gold Coast crane watch: Crane numbers decline over the last six months
Gold Coast crane watch: Crane numbers decline over the last six months

Despite the booming Gold Coast market, the RLB Crane index found the number of cranes declined over the last six months.

Nine cranes were removed from projects since Q3 2020 and just the eight were added.

The expectation is that there will be a crane boom in the next six to 12 months, with developers fast-tracking their projects due to the unexpected flurry of sales as demand for Gold Coast apartments continues to gather pace.

There are now 29 cranes erected on the Gold Coast, with the residential sector accounting for 93.1 per cent of all Gold Coast cranes. The only two commercial cranes are located at the Queen Street Village site in Southport.

Gold Coast crane watch: Crane numbers decline over the last six months
 

Gold Coast's Crane Index. Source: RLB Crane Index Q1

New cranes were added to the luxury Luna by developer Forme in Burleigh Heads, which has sold out of all eight of its apartments.

Cranes went up at Aniko's stage two of their Hope Island development No.1 Grant Avenue, the $140 million waterfront development. Stage two, comprising 105 apartments, is nearly sold out after just five months.

Aniko Group, led by developer George Mastrocostas, accounted for 15 per cent of the overall apartment sales on the Gold Coast throughout the December quarter and more than 80 per cent in Hope Island, according to the planning and consulting firm Urbis.

East Palm Beach has began construction.

The nine-level tower on Twenty Third Avenue, developed by BluePoint Property, will home 33 apartments on the beach.

Elan by Mosaic in Coolangatta, which saw 90 per cent of sales occur over just four weeks at the back end of 2019, has seen a crane arrive on site, as has the sold out developments Swell, also in Coolangatta and Natura Burleigh Heads, the development by Spyre Group.

Cranes have been added Perspective in Bilinga and Marquee Development's Cannes in Surfers Paradise.

Mosaic Property Group have benefitted from the booming Gold Coast market, nearly selling out their Mermaid Beach development Dawn in just two weeks.

Dawn sits just a few doors down from another one of Mosaic's success stories, its $128 million sister development Bela by Mosaic, which has also sold out.

Cranes that have come down are include Vantage Building (Benowa), Summit (Labrador), 286 Marine Parade (Labrador), Cerulean Apartments (Surfers Paradise), Eugaree St (Southport), Waterville Apartments (hope island), Anchorage Apartments (Hope Island) and Discovery Apartments (Helensvale).

 

 

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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