SOUTHERN GOLD COAST DEVELOPMENT SPENDING NEARS PEAK
Written on the 13 November 2012
DEVELOPMENT spending on the southern Gold Coast is almost back to its previous 2008 peak levels, according to research by Colliers International.
There is currently $4.7 billion of development in the pipeline for the area, which includes Coolangatta, Bilinga, Kirra, Tugun, Currumbin Beach, Currumbin Valley and Currumbin Waters.
Development spending peaked in 2008 at $5.155 billion including major projects such as the $546 million Tugun Bypass and the $1.2 billion desalination plant.
Colliers International Gold Coast director Stewart Gilchrist says the southern Gold Coast is proving itself as a growth area.
“People move to the area particularly because they find its beachside lifestyle attractive, and improvements to transport infrastructure have made it easier to commute to the business hubs on the central Gold Coast, as well as to Brisbane,” says Gilchrist.
“It is likely there will be more population growth in that southern corridor over time and in line with that residential development is taking place and extra infrastructure is being built to provide services and amenities.
“The two biggest sectors in which development is taking place in the Coolangatta area are indeed the residential sector, with more than $1 billion in the pipeline, and the infrastructure sector, with more than $3.2 billion worth of projects in the pipeline.”
There are currently 20 development projects either planned or underway in the Coolangatta area, compared to 17 last year.