Tweed's growing despite crisis
THE value of development earmarked for the Tweed rose by $1.9 billion during the worst financial crisis to hit the world since the Great Depression.
A Tweed Shire Colliers International property watch for the second quarter of this year shows there is a total of $11.56 billion in development either under construction or in planning for the shire.
There are 42 major development projects worth more than $5 million that make up the study.
New townships planned for Kings Forest, Cobaki Lakes and Bilambil Heights make up $6.05 billion of the total. Townships at Salt and Casuarina are together worth another $2.5 billion.
The report’s author, Colliers International Gold Coast research manager Lynda Campbell, said Tweed weathered the Global Financial Crisis better than the Gold Coast.
And it had become one of the region’s most active areas for development.
“The global financial crisis has seen many projects across the Gold Coast put on hold or scaled back, but the Tweed area is showing no signs of this, with an increase in the value of development projects,” she said.
“Since November 2008, the value of developments has increased from $9.66 billion to sit at $11.56 billion. The value of the mixed-use sector is $8.76 billion, of which $2.5 billion is under construction. The residential sector totals $1.33 billion, with $722 million allocated towards infrastructure, $441 million of commercial development, $194 million of apartment projects and $116 million to retirement projects.”
The research also highlights an 8.1 per cent increase in the Tweed Coast population between June 2008 and June 2009.
“The population of the Tweed Coast area has been growing strongly over the past five years,” said Ms Campbell.
“Since June 2004 we have seen increases of around 4.9 percent per annum, however from June 2008 to June 2009, the population grew by a massive 8.1 per cent alone and is set to exceed the projected figures estimated by the NSW Department of Planning.
Tweed Shire mayor Warren Polglase, said Council’s job was to keep up with the infrastructure needs that new development created and to keep on making employment generating land available.
Last year the State Government capped developer contributions at $20,000 for each housing block and Cr Polglase said Council wouldn’t let some of the developments go ahead unless that was increased.
He said Council was negotiating with the State Government to have the cap raised to where Council believed it should be.
Tweed Economic Development Corporation chief executive Tom Senti said it was a positive result for the Tweed Shire “and further confirmation of the fact that the Tweed is emerging, evolving and maturing as a business and investment destination.