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Gold Coast Building Approvals Soar

builder on home construction site for new house build.

A construction industry executive says investors are fueling a major increase in building on the Gold Coast.

The deputy executive director of Master Builders Queensland said 1,464 approvals were granted in January, compared with just 219 in the previous month.

Paul Bidwell said he suspected the Commonwealth Games Village, to be built at Parklands, accounted for most of those, but investor interest was strong.

“They’re buying on the basis that the apartments will be rented and ultimately they will achieve some sort of capital gain and that’s the concern that if we don’t get the population growth and there is no demand for those rentals that we do end up in a spiral,” he said.

He said the building approval figures built on a strengthening trend.

“Across the 12 months to January you are up over 50 per cent compared to the last 12 months, a significant turning in the Gold Coast’s fortunes,” he said.

“A lot of it has been driven by investors in unit developments.

“The approvals on the Gold Coast and in Brisbane are up … over 60 per cent are for units … so we are seeing a fundamental shift in what is going to be built.”

 


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