$320 million development boom on Fraser Coast
THE latest approval of a high-rise complex in Urangan could mark the start of a a development boom for the Fraser Coast.
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THE latest approval of a high-rise complex in Urangan could mark the start of a development boom for the Fraser Coast.
Industry leaders have reported a wave of confidence moving through the Fraser Coast's business markets on the tail end of multi-million dollar projects being approved for the region.
The building is one of six major projects approved by the council this year.
They include a cinema complex in Urraween, a new resort in Scarness, Kawungan's OzCare centre and the Premier Health Care facility,
The projects are worth a combined $320 million.
And Damian Raxach said green shoots in the real estate market are coming through already.
The REIQ zone chair for the Fraser Coast said the presence of such high-priced developments was an encouraging sign for small-time investors looking to invest in the region.
"Seeing big numbers being floated around is good for the local real estate industry," Mr Raxach said.
"It increases the sentiment of positivity in the area."
Mr Raxach said the abundance of residential developments could be "a catalyst" to bring residential values back.
But he said the Fraser Coast Regional Council should be cautious about over-approving developments.
"Oversupply of units appears to be a major concern, as there's little industry to back up residences," Mr Raxach said.
"Council should be cautious it doesn't flick the opposite switch."
Win Project's John Bone said the projects were being driven by major growths in the housing and health care sectors.
"Health care has made us a leader in the Wide Bay region thanks to developments like OzCare and Premier Health Care," Mr Bone said.
"Subdivisions of land have resulted in a lot of these new projects.
"We're seeing a lot of confidence with people purchasing new houses and wanting to move to the area."
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