The Gold Coast has weathered the world economic downturn well, with more than $68.68 billion of major development projects either underway or planned for the city.
New research from Colliers International found that the Gold Coast had emerged with a $2.3 billion increase in activity over the past two years.
Colliers International director in charge Stewart Gilchrist said more than $30 billion of projects are already under construction, leaving a $38.63 billion pipeline of planned developments to roll out in-line with improved economic conditions.
“To have a bottom line figure of $68 billion, which is a 397 per cent increase on the 2001 findings, speaks volumes for the economic base of the city, particularly in the wake of one of the toughest financial periods in recent history,” Mr Gilchrist said.
But according to Mr Gilchrist, development in the city needed to keep pushing forward in order to meet the Gold Coast’s significant population growth.
“As the fastest growing region in Australia, some 6000 dwellings are needed each year just to keep pace with the insatiable demand for real estate in the city, yet new supply has dwindled over the past 12 months,” he said.
“As a result, there will be increasing pressure for planned developments in all sectors to get off the ground in order to accommodate and create jobs for new residents, as well as meeting on-going demand from interstate and overseas investors attracted by the city’s lifestyle appeal.”