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Gold Coast construction to benefit from Qld govt coronavirus plan

Gold Coast construction to benefit from Qld govt coronavirus plan

The state government has unveiled it’s coronavirus recovery plan in parliament this morning, which focuses heavily on building the infrastructure we need for the future, and fast tracking construction projects.

It’s no doubt welcome news for construction companies on the Gold Coast, amidst new data from Urbis which shows our building sector has already recorded a $350 million drop in new project investments.

The Palaszczuk Government has this morning announced a ‘comprehensive and far-reaching suite of economic initiatives’ in partnership with the private sector.

The first stage, The Queensland Economic Recovery Strategy: Unite and Recover for Queensland Jobs, hopes to aid our coronavirus recovery by backing Queensland jobs.

The strategy includes:

  • A rock solid determination to maintain infrastructure investment at more than $50 billion over the next four years, despite the financial challenge of supporting Queensland through the pandemic;
  • A $400 million Accelerated Works Program to deliver new road, bridge and pavement sealing works across the state;
  • A further $200 million in 2020-21 for a Works for Queensland program to support jobs and fund productive building projects; and
  • An $11.25 million expansion of the Household Resilience Program in cyclone affected areas.

Premier Annastacia Palaszczuk says it’s carefully implemented approach, which will hopefully ensure we continue to protect our health while backing Queensland jobs.

“The package of measures I am announcing today focuses on building the infrastructure we need for the future and accelerating construction projects to protect jobs now.

“We will also help local governments to deliver projects in their communities. These infrastructure commitments are statewide and will help regional Queensland,” the Premier said.

The state government will also contribute $10 million as a support package to for international students, and to help safeguard Queensland’s global education brand.

It’s also committed to additional support for small business, by making another $100 million available in support, including Small Business Adaption Grants of up to $10,000. That’s on top of the $1 billion of job supporting business loans already announced.

$20 million will be committed for free online training which includes training in safety and hygiene standards to keep COVID-19 contained.

A further $14.8 million will be committed to support project development of the CopperString 2.0 project that will connect the North West Minerals Province with the national electricity market; and $20 million will be put towards construction of a Queensland Apprenticeships Centre in renewable hydrogen at Beenleigh.

The Premier said the package of measures built on $6 billion in support already committed to manage the health response, support Queensland businesses and families and protect local jobs.

“In recent weeks we have been listening to business and industry and the clear message is that Government investment needs to be directed at investment that will grow and diversify our economy into the future.

“The announcements I am making today are a direct result of engagement with industry representatives including from small business, manufacturing, tourism, mining, agriculture, hospitality, construction, housing and property.

“On the road ahead, a close partnership between the public and private sectors is absolutely vital to success.

“So I will establish a Queensland Industry Recovery Panel to ensure ongoing direct engagement with industry peak bodies.

“This is an economic framework that will create jobs by focusing on what we are good at – and by making more products here in Queensland.

“Our number one priority is backing Queensland jobs and doing it in a way that ensures we protect the good work to date that has helped us keep people healthy during the COVID19

“Queenslanders have united, we have worked together to flatten the curve and save lives, and we can take pride in the effort to stare down this invisible foe.

“We will emerge stronger, because that is what we do,” the Premier said.

The state government has also committed $50 million to the tourism industry, which is tipped to significantly help the Gold Coast.

 

 

This article is republished from www.mygc.com.au under a Creative Commons license. Read the original article.

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Gold Coast

Gold Coast Apartment Sales Pick Up, Supply Falls Off

Gold Coast Apartment Sales Pick Up, Supply Falls Off

The Gold Coast apartment market has transitioned into the Covid-19 crisis in a much better position than it was going into the global financial crisis, planning and advisory firm Urbis says.

In its latest quarterly survey, Urbis found that the Gold Coast market was tracking well, recording 265 sales in the first quarter of 2020, sitting above the two-year quarterly average of 238 sales.

The weighted average sales price also lifted by 10 per cent over the quarter to $809,811, buoyed by strong pre-Covid sales.

Urbis said that over the year the Southern Beaches Precinct recorded the highest sales rate, yet a recently launched projects in Surfers Paradise had rebooted enquiry and transactions in the Gold Coast Central Precinct.

Over the quarter 64 per cent of a sales were to owner occupiers and only five per cent to overseas buyers, while interstate investors accounted for 19 per cent of sales.

Urbis senior consultant Lynda Campbell said the current environment had pushed developers to reassess projects to ensure they are ready for changes in the market.

Gold Coast Apartment Sales Pick Up, Supply Falls Off (2)

“It is more important now to make sure projects are targeting buyer demand in order to weather the storm,” Campbell said.

“Projects with a high exposure to the investment market will need to put in place solid pre-settlement work to maintain a strong settlement rate.”

Urbis said the city had also benefited from a shift in sentiment in recent years, favourably trending away from large developments targeting international investors and instead towards smaller boutique projects, targeting owner occupiers.

Moving forward the market is tipped to remain resilient, further supported by low interest rates, a low level of supply and a higher level of product aimed at the owner occupier market.

Worryingly, the supply of new apartments remained relatively weak at 1,000 apartments, the lowest level recorded in over five years.

“There is a pipeline of projects ready to launch over the next six months, but whether they do will be something to watch,” Campbell said.

“If project launches slow, this will put pressure on the current supply.”

Urbis said it would be watching fourteen forthcoming projects containing approximately 1,160 apartments due to settle throughout 2020 closely to see if the Covid-19 border restrictions were impacting the market.

“The next quarter’s results will be highly anticipated,” Campbell said.

“Interest rates are still low, and there is not a large volume of expensive product aimed at investors, as was the case going into the GFC.

“Though we expect sales to slow, conversations with developers suggest that enquiry is still strong.”

 

 

 

This article is republished from theurbandeveloper.com under a Creative Commons license. Read the original article.

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Gold Coast

REVEALED: The Australian city which has had MASSIVE rent reductions of up to 32% as the coronavirus crisis hits the property sector hard

REVEALED The Australian city which has had MASSIVE rent reductions of up to 32% as the coronavirus crisis hits the property sector hard (4)

Apartments in the Gold Coast suburbs of Broadbeach and Surfers Paradise have seen a massive rent decrease due to the coronavirus.

A survey found rent prices for one-bedroom units in Boulevard North Apartments were priced at $450 per week last year but have since dropped to between $350 and $390.

Two-bedroom flats in Circle on Cavill in Surfers Paradise were priced at $630 per week in early 2020, but have now fallen to $425.

 

REVEALED The Australian city which has had MASSIVE rent reductions of up to 32% as the coronavirus crisis hits the property sector hard (4)

The one-bedroom Boulevard North Apartments feature an ocean view with an open-plan living and dining area, a full kitchen, laundry facilities and a separate bedroom with a large queen-sized bed.

The two-bedroom apartments in Surfers Paradise also feature an ocean view and come with two bathrooms – including the master with a spa bath – a gourmet kitchen and a large dining area.

It also features a master bedroom with a queen-sized bed and a choice of two single beds or another queen in the second bedroom.

The rent for three and one-bedroom apartments in Bel Air on Broadbeach has been cut by nine and eight per cent to $525 and $360 per week.

A number of new vacancies have also appeared in areas close to employment hubs such as Pacific Fair and The Star complex.

REVEALED The Australian city which has had MASSIVE rent reductions of up to 32% as the coronavirus crisis hits the property sector hard (3)

REIQ Gold Coast zone chair, Andrew Henderson, said price cuts were a result of an adjusting market due to retail and hospitality workers losing their jobs.

‘They’ve gone back home or to friends because they weren’t able to afford to stay where they were,’ he said told the Gold Coast Bulletin.

Mr Henderson said apartments in the price range of about $500 or less per week have received the largest discounts.

‘Take around the Pacific Fair, casino and Convention Centre. Obviously there have been a lot of jobs disappear from three big employers and hence anything within walking distance was a popular pocket that at the moment is showing a high number of vacancies because the jobs aren’t there.’

REVEALED The Australian city which has had MASSIVE rent reductions of up to 32% as the coronavirus crisis hits the property sector hard (2)

 

 

 

This article is republished from www.dailymail.co.uk under a Creative Commons license. Read the original article.

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H&F Property Gets Green Light for Controversial Tower

H&F Property Gets Green Light for Controversial Tower (1)

Developer H&F Property plans for a controversial 14-storey tower in Palm Beach at Gold Coast were conditionally approved during council’s first round of meetings since the election and Covid-19 restrictions started in Queensland.

The Melbourne-based developer, owned by the Hirsch and Faigen families, planned 78 residential and short stay units, a cafe and carpark at 1267-1273 Gold Coast Highway at the corner of Seventeenth Avenue.

This stretch of the Gold Coast is notoriously difficult for developers to gain approval with residents outwardly opposed to high-density buildings higher than the zoned 29 metres.

Exceptions to the city plan could be made for density and height up to 43.5 metres if a number of conditions were met including impacts on the local skyline which were met by the Rothelowman-design.

Gold Coast City Council officers said the development proposed a density of one bed per 10.14sq m was above the medium-density zonecode which mandated one bed per 33 square meters.

“Officers consider the proposed density to be appropriately serviced by infrastructure and contained within a built form design which is consistent with the envisaged character of the area.”

H&F Property Gets Green Light for Controversial Tower (2)

“Officers have considered all matters raised within the submissions and have recommended imposing specific conditions, where appropriate to assist in mitigating some matters.”

To go ahead with the 43.5 metre-tall build the developers would have to widen an easement along Jefferson Lane, resubmit drawings and amend minor details.

More than 120 submissions were made against the Seventeenth Avenue project including those from the body corporate of neighbouring block Surfers Holiday Horizon Apartment, which sits between the H&F Property development and the beach.

The majority of developments in Palm Beach were around eight-storeys high however an 18-storey residential tower exists at the corner of Nineteenth Avenue.

The 1,644sq m site is a vacant site, formerly tenanted by Rent a Bomb, was purchased for $3.85 million in 2016 and development application was lodged mid-2019.

H&F Property also have developments in Box Hill, Glen Iris, Abbotsford and Malvern East.

 

 

 

This article is republished from theurbandeveloper.com under a Creative Commons license. Read the original article.

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