Gold Coast development: $1.5 billion new suburb flooded with inquiries as housing shortage grows

Demand for a spot in the Gold Coast’s new mega suburb has far exceeded the available number of houses less than two weeks after the $1.5 billion project was launched to the market. FULL DETAILS >>>

DEMAND for a spot in the Gold Coast’s new mega suburb has far exceeded the available number of houses less than two weeks after the $1.5 billion project was launched to the market.

More than 2000 people have lodged registrations of interest in the first stage of Skyridge, formerly known as Pacific View Estate, with half in just the first 24 hours.

However, there are just 320 houses planned in the first six stages of the 5ha development.

The view from the Skyridge site

Project director Chris Alston said the high demand far exceeded the developers’ expectations and shone a spotlight on the shortage of available land on the Coast.

“We were aware of the interest in the development as numerous inquiries had been made over the past few years as people realised it is potentially the last remaining community of this size and scope in such a prime location,” he said.

“What we were not expecting was the number of registrations as soon as it was officially launched – more than 1000 in the first 24 hours on the registration of interest website and a steady stream of almost 150 a day since then.

“Land shortage has been reported as a major issue in southeast Queensland.”

The bulk of registrations have come from Brisbane and Gold Coast residents.

Land works on the site began in February, while the first sales are expected to begin in June.

The high demand comes on the back of multiple new developments selling out rapidly despite the tough economic times.

Construction has begun in the $74 million Flow Residences at Rainbow Bay after a complete sellout in just four months.

The $74 million Flow Residences. Picture Supplied

Likewise, the historic Kirra Beach Hotel’s closure and demolition were fast-tracked to make way for the first stage of the $380 million Miles Residences project after it notched up more than $90 million in sales in just three weeks.

Robina’s Vue Terrace Houses has also notched up a further 15 sales in the past month, from both locals and interstate buyers.

Robina Group development manager Darrell Irwin said the intrastate market was growing rapidly.

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The view from the Miles Residencies. Picture Supplied

“While locals are really leading the charge, we have also seen a number of sales to owners permanently relocating from interstate as backed by recent ABS data showing more than 7235 new residents flocked to Queensland in the September quarter,” he said.

It comes as pressure grows on renters to find somewhere to live on the Gold Coast, with vacancy levels remaining at record low levels.

Real Estate Institute of Queensland data released last month showed vacancy rates fell to 0.9 per cent in December, the first time rates fell below 1 per cent.

Interstate migration has been blamed for the tightening supply, while the Urban Development Institution of Australia Queensland has called for the Gold Coast City Council to make decisions about the future of suburbs which will be targeted by high-density development to cope with the dramatically increasing population.