SUNSHINE COAST BOOM ATTRACTS BRISBANE DEVELOPER
Written on the 27 September 2016
PROLIFIC Brisbane-based developer Mosaic Property Group has moved into the Sunshine Coast market as a result of booming investment in the region.
Its first purchase is a $1.375 million Kings Beach site on Canberra Terrace. Mosaic has lodged a development application for a 31-apartment complex on the site, which is perched high on a north east facing ridge on the street, and plans will be released to the market in October this year.
Mosaic Managing Director Brook Monahan (pictured) says the company is conducting due diligence on a number of other Sunshine Coast sites.
"We are developing a healthy workbook for release over the coming months and next year," he says.
"We have a sustainable and measured plan in place to deliver in-demand apartment product to the Sunshine Coast.
"The move is in keeping with our long-term development strategy and we will continue to have a strong presence in our core market of Brisbane's inner suburbs.
"Our Sunshine Coast operation will be a smaller version of what we do in Brisbane, reflecting the regional nature of that market."
Monahan says the decision to move into the region came after 18 months of investigation and is driven by strong economic and market indicators suggesting the Sunshine Coast's residential property cycle was entering the growth stage and that its economy was maturing.
"There have been some key changes in game changing projects and outlook for the Sunshine Coast," he says.
"The Sunshine Coast's GRP has doubled in the past decade and there is a long-term economic plan in place to attract major investment.
"There is a transition away from a heavy reliance on tourism and construction which will underpin more stable and sustainable economic and property cycles.
"We are seeing major infrastructure projects under way or planned across transport, health, education and city building to the tune of more than $18 billion.
"This level of infrastructure development is the catalyst for a significant boost to the population, which according to the ABS is growing at 2.3 per cent annually.
New projects on the Sunshine Coast include: