RESIDENTIAL, land and retirement projects worth more than $27 billion are yet to be rolled out across the region, according to research released this week.
The biennial Colliers International Gold Coast Development Map identified more than 262 housing sector projects worth $48 billion under way or planned across all housing sectors across the Coast and northern NSW.
Residential projects, defined as major and masterplanned communities, led the housing charge, accounting for $26.4 billion of the development, followed by apartments at $15.7 billion, land at $4.3 billion and retirement at $1.8 billion.
Less than half of these projects, in dollar value terms, are under construction while another $27.3 billion is planned.
Colliers International Gold Coast project marketing director Brinton Keath said the amount of development under construction and on the drawing board for the region was necessary to keep pace with population growth.
"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 ongoing demand from interstate and international investors," he said.
"We have seen construction activity slow down some what over the past 12 to 18 months, but this has been due to financing constraints for developers rather than a lack of demand.
"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."
Mr Keath said site works had already begun for two new projects set to launch in the coming months -- the $650 million apartment development Salacia Waters at Paradise Point and $750 million masterplanned Seaside community on the Tweed Coast.
"The Tweed is set to become the most active area in the region, with a total of about $12 billion of development across all sectors under way or in the pipeline, including a suite of billion-dollar residential projects," he said. "Master planned communities already under way include Salt Village and Casuarina Beach, where plans for the $400 million Casuarina Town Centre have just been approved by the NSW Government.
