Future growth spurt predicted
THE Tweed is set to become the most active development area in the entire Gold Coast region, according to a report released this week.
Colliers International studied development from the Gold Coast’s northern-most suburb, Stapylton, south to Pottsville in northern New South Wales for the biennial Gold Coast Development Map.
It revealed there is a total of $12 billion worth of development in the pipeline for the Tweed Shire, the majority of which are residential projects.
Colliers International Gold Coast Project marketing director Brinton Keath said site works had begun for the $750 million master-planned community Seaside on the Tweed Coast.
“Master-planned communities already underway include the $1 billion Salt Village and $1.5 billion Casuarina Beach, where plans for the $400 million Casuarina Town Centre have just been approved by the NSW State Government,” Mr Keath said.
“On the back of the completion of the Tugun Bypass and with an upgrade to the Pacific Highway at Banora Point on the cards, the area is about to undergo another wave of growth and prosperity.”
“The Gold Coast and Tweed attracts about 15,000 new residents each year and it is estimated the Gold Coast alone needs about 6000 new dwellings annually just to accommodate this growth, not to mention the strong on-going demand from interstate and international investors,” he said.
In total there are 262 projects worth $68.68 billion either under construction or on the drawing board in the Gold Coast region, which is $2.3 billion more than in 2007.
“We have seen construction activity slow down somewhat over the past 12 to 18 months, but this has been due to financing constraints for developers rather than a lack of demand,” Mr Keath said.
“As a result, this has allowed solid take-ups of existing stock across the city, which has helped to position the Gold Coast and Tweed well going forward.”
Colliers International Director in Charge Stewart Gilchrist said the report showed the city had a strong economic base in the wake of one of the toughest financial periods in recent history.