Gold Coast development: building approvals jump 16 per cent to defy national trend
New data reveals building approvals are continuing to decline across the nation – but on the Gold Coast it’s a very different story. Here’s why
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POSITIVE consumer sentiment and strong interstate interest is helping the Gold Coast buck a nationwide decline in building approvals.
According to Australian Bureau of Statistics data released yesterday, 340 homes and units were approved on the Gold Coast in November — up 16 per cent on the same period the year before.
Between July and November last year approvals rose by 24 per cent to 2592.
That compares to a picture of steep declines nationwide with new dwelling approvals down 18.3 per cent in the 12 months to November 2018.
In Queensland, they fell 8 per cent between July and November.
City planning boss Cameron Caldwell said the data was proof of the Coast resilient market.
“We are continuing to see jobs being created in the development sector which is an important component of our economy,” he said.
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“The Coast is continuing to be an ideal place to live and invest.”
The number of development applications received by the council jumped 63 per cent from 2012, according to new data revealed late last year.
Queensland Master Builders Association Gold Coast boss John Duncalfe said the Coast’s market remained robust in comparison to other regions.
“The upper end of the market is still very buoyant,” he said. “There does not seem to be a slowdown in that area.
“We are seeing projects upwards of $2 million in value continue to go ahead without bank finance which is great.”
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Leading real estate agent Andrew Henderson said the figures came as the result of multiple factors.
“This is an outstanding result for the Gold Coast and it comes on the back of the interstate migration as people come here for the lifestyle,” he said.
“There is a lot of strong infrastructure development from both the public and private sectors which continues to create direct and indirect jobs.
“Considering there is a fair amount of negativity in the southern capitals this is a great result and the year ahead will be very strong.”
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