Posts Tagged ‘gold coast property news’

Property blog - GoldCoast Property Development

Today our blog found a new “property development map” provided by property group Colliers which plots current and  planned property projects in the Gold Coast.

Despite several high-profile casualties in the wake of the global financial crisis, nearly $69 billion worth of major property development projects are under way or planned for the city, new research released by Colliers on Thursday shows.

That’s an increase of $2.3 billion on the total value of development identified in 2007.

Colliers International director in charge Stewart Gilchrist said the findings clearly demonstrate the region has emerged as a mature and resilient residential and business centre, despite one of the toughest financial periods in recent history.

“We’re not here just as a tourism city, we’re here as a city that runs on its own merits, and we’re here for the long term,” he said.

“Of the 379 property projects included in the report, 21 have an end value of more than $1 billion, which is a huge vote of confidence from some of the largest and most respected development companies both here and overseas in the continued growth of the Gold Coast.

“More than $30 billion of property projects are already under construction, leaving a $38.63 billion pipeline of planned developments to roll out in line with improved economic conditions and to meet the city’s considerable population and commercial growth.”

The map includes major developments with an end value of more than $10 million from the Gold Coast’s northern-most suburb of Stapylton, south to Pottsville in far northern NSW.

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A cashed up property investor has spent $24 million on a string of properties in the Gold Coast.

According to a report in the Gold Coast Bulletin, the buyer bought stock along the Promontory Precinct on the $555 million residential community called Ephraim Island at Paradise Point.

The sale is the biggest for the Island, which has enjoyed an additional $19 million in sales over the past three months.

The property developers Mirvac and The Lewis Land Group confirmed yesterday that one buyer had bought a number of waterfront home sites, several house and some villas.

The sale follows a string of big-ticket buy-ups on the Gold Coast recently.

Last week, the prestigious hotel The Sheraton was sold for just under $60 million to India’s Pearls Group.

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THE Gold Coast property market is on the way back with houses selling almost 50 per cent faster than last year, according to RP Data figures.

The figures released yesterday also showed that the number of house sales across all coastal markets had increased almost 40 per cent compared to 12 months ago.

RP Data’s national research director, Tim Lawless, said that based on the findings the indications were clear that the coastal market was turning.

Last year, the average home on the Gold Coast spent 100 days on the market before being sold but according to the data that has dropped to 68 days this year.

This was less than many other coastal areas, including Coffs Harbour, Ballina and Cairns, where houses spent an average of between 70 and 90 days on the market.

REIQ Gold Coast regional manager Ray Milton said the figures were good news for vendors.

“If the time they spend on the market has come down, that’s a good side,” he said.

“If you look at the beach side of the highway sales, Broadbeach and Mermaid, they’ve always been highly sought after areas.”

The figures that vendors were less willing to drop the price of their home — a year ago the average vendor discount was 9 per cent while this year it is 8.4 per cent.

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