GOLD COAST DWELLING APPROVALS AT LOWEST SINCE 1993

Written on the 29 June 2011

GOLD COAST DWELLING APPROVALS AT LOWEST SINCE 1993

DWELLING approvals across Queensland have fallen to pre-GFC levels with the Gold Coast recording the lowest number since 1993.

According to data released today in Bill Morris’ Midwood Report, the one-time gauge for growth - interstate migration - is now forecast across the state at just 2 per cent a year - the lowest since 1983. The annual growth rate is likely to continue to decline over the next five years.

Queensland recorded a total increase of 89,083 new residents in the year to June 2010. For only the second time in nine years, the Sunshine State has not recorded the largest population growth of all Australian states. New South Wales took that title, with 105,421 new residents.

The report also shows Gold Coast dwelling approvals are expected to reach a low of just 1000 houses and units in the June 2011 half.

Unconditional sales of new high-rise apartments remained stagnant on the Gold Coast at 51 for the three months ending May 2011. Suburbs with the highest sales were Southport (31), Tweed Coast (11) and Broadbeach (7).

Southport holds the majority of stock with 299 new apartments currently for sale.

 

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