Gold Coast property market: Dire warning for real estate as $400m of towers begins construction
Ground will break this week on more than $400m worth of new Gold Coast towers but a leading real estate figure warns the market is about to get much tougher. FIND OUT WHY
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Ground will break this week on more than $400m worth of towers as real estate agents prepare for one of the busiest summers in recent years.
Construction will begin this week on Andrews Projects’ twin tower Cascade development at Robina which is expected to create more than 300 jobs during the two years it will take to build the 229-unit complex.
The company has created its own building wing to ensure the Laver Drive development will be delivered.
Meanwhile, Aniko Group will begin building its $150m, 102-unit Orama tower on Chevron Island which will be built by 2026. The Southport-based developer has almost completely sold out its remaining units of its $500m Hope Island projects.
Aniko managing director George Mastrocostas said construction would take 18 months.
“Our Hope Island experience has allowed us to accelerate our brand awareness out of the Gold Coast and we are certainly excited about delivering Orama to new customers,” he said.
With housing stocks remaining low, developers are moving on available land.
Melbourne-based developer Sherpa Property Group, behind controversial plans for a tower on Currumbin Creek, has snapped up three sites across the Gold Coast and Tweed in a multimillion-dollar buying spree in recent weeks.
It bought a site on Chevron Island’s Stanhill Drive which it will lodge a DA for by Christmas, while also snapping up a Site on Labrador’s Labrador Street, behind The Grand and a block at Terranora for a residential project.
Sherpa boss Christie Leet said there was more on the horizon
“We’re very bullish on the Gold Coast market and these latest acquisitions will enable us to continue to build and grow Sherpa brand as a residential developer of choice for discerning buyers,” he said.
“We believe and have long held the belief that the Gold Coast is poised for remarkable growth in the years to come, and we are thrilled to be able to provide high-end luxury residential offerings as the city matures and grows.
“We see tremendous potential in Chevron Island, Labrador and Terranora as three of the best sites site available in the Gold Coast region.
“Choosing these locations for our new projects aligns with our vision of creating premium living spaces that contribute to the vibrant character of the Gold Coast.”
Real estate figures say they expect several key land deals to take place over Christmas as developers look to secure remaining sites.
But Ray White Surfers Paradise boss Andrew Bell said he expected many of the sites would be landbanked.
“We have got buildings completing at present and there are those who will landbanking because they are nervous about building because the cost of them cannot be locked in,” he said.
“There are only a few builders who are even prepared to quote at the moment so that will lead to a few lean years of building, yet the demand is still there.
“If you think prices are expensive now, just wait until 2026-27.”
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