Gold Coast development: Truth behind massive construction and real estate boom

The Gold Coast is on track for its “busiest year ever” for development, with new data revealing the truth about the city’s real estate market.

THE Gold Coast is on track for its “busiest year ever” for development applications as the city’s building industry booms.

The surging property market, already declared the city’s best since the 1980s, shows no signs of abating, as new council data reveals the raw numbers.

In the July to September quarter, the number of development applications received by council were up 18.4 per cent on the same period in 2020.

New data has reveal startling facts about the city’s property industry Picture: Brendan Radke

Council received 1424 applications in the three-month period, up from 1203 in 2020 and 1088 in 2019.

Plumbing and building applications – seen as a direct precursor to construction beginning – are up 14.1 per cent and 17 per cent respectively.

Council planning boss Cr Cameron Caldwell said construction remained an “important pillar” of the local economy.

“Cranes in the sky means jobs on the ground and the first quarter data suggests we are on track for the busiest year ever of planning application activity ever seen,” he said.

Artist impression of Assana tower which was recently approved by council. Picture: Supplied by Macquarie Development Group

“Building and plumbing approvals are strong which directly translates to construction jobs for our tradies.

“The strong level of construction activity illustrates confidence in the development sector as we emerge from Covid.”

Council approved 1189 projects in the three-month period while knocking back 13.

Of those projects, councillors voted to approve just 1.1 per cent of developments, with the rest rubber-stamped under delegated authority.

Councillor Cameron Caldwell. Picture Glenn Hampson

The average period of time for a project to be approved by council is 27 days.

It comes just months after a report revealed the number of new units available on the Gold Coast has fallen to its lowest level in seven years as pressure grows on the city’s booming property market.

Just 624 units were on the market at the end of June, the smallest number seen since early 2014, a report by Urbis stated.

The April-June Urbis Gold Coast apartment essentials report shows 1192 units were sold on the Gold Coast between January and June, a 21 per cent increase on 2020.

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