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Gold Coast house and unit approvals up while Brisbane approvals are down

15 Feb 2017 Surfers Paradise 0 Comment

Surfers Paradise

The Gold Coast is leading the state in residential construction following a bumper 2016 sparked by a Commonwealth Games building frenzy.

House and unit approvals were up 20 per cent across the city, according to peak construction and building industry association Master Builders Qld. In comparison, Brisbane results are down — due to the unit oversupply, resulting in a 14 per cent drop in building approvals.

The association’s Building Industry Outlook 2017 reveals the Coast’s standout performance was sparked by employment growth and a thriving tourism industry.

“The Gold Coast is going gangbusters and this is expected to continue through until the 2018 Commonwealth Games,” Master Builders deputy CEO Paul Bidwell said.

The second stage of the light rail network, redevelopment of Jupiter’s Casino and the $1 billion Jewel development are also mentioned as bringing work to the region. Master Builders Qld regional manager Gold Coast John Duncalfe said 2017 looked promising.

“At the moment I have builders telling me every day they can’t get enough subcontractors.  Everyone is at a fairly good space as far as work in their books goes”, Mr Duncalfe said.

He said he didn’t expect an oversupply of units on the Gold Coast following the Games.

“We did have a major oversupply years ago but we don’t have an it now. We may have that situation probably two years down the track but I think that’s a good thing as there will be stock to be sold. If we have a growing population they have to have somewhere to come to and I don’t believe we’re going to fall of a cliff or have a GFC towards the end of 2018 but we will have a level of pace where people can operate without a frantic situation.”

First-home buyer Brie Gillett is building a house at Pimpama, the northern Gold Coast’s fastest growing region. The soon-to-be first time mum and her fiance Trent Jesberg decided building was the only way to go — especially with the $20,000 first homeowners’ grant.

“It was the best option financially for us, we could get a helping hand and have exactly what we wanted. Having a house to suit our needs is important to us, we are starting a family”, she said. Miss Gillett said they chose Pimpama due to its proximity to the motorway. “It is close to the Coast and Brisbane — the new Coomera Town Centre they’re building was a plus,” she said. The couple collect the keys to their new home tomorrow and will move in this week.

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Credit Aleisha Pidgeon

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