Projects will keep the city booming
CITY leaders predict the Gold Coast’s development industry will withstand tough times in 2019, with several major projects breaking ground and creating a jobs bonanza.
Rocky market conditions, including the impending May federal election, are tipped to dampen activity elsewhere, but experts believe the first wave of a $30 billion post-Commonwealth Games building and infrastructure spend will help buffer the Coast.
Early works on the Gold Cost light rail’s third stage to Burleigh Heads will begin while Broadbeach is set to be the epicentre for some of the city’s biggest construction projects.
With work on the $1 billion Jewel winding down early in the new year, new towers will emerge at Sunland’s $250 million Hedges Ave site and The Star’s $450 million Dorsett Hotel and Star Residences.
Stephen Harrison, the immediate past state president of the Urban Development Institute of Australia (UDIA), said the Coast held a major advantage over the cooling capital city markets.
“Up in the northern growth corridor we are seeing so much activity and big social items like Coomera Town Centre which are super-changing this region by drawing more people to the area,” he said.
“At the moment there is a huge price difference between Sydney, Melbourne and the Coast and we are very much in the affordable bracket and this is driving the migration here.
“However, there must be a continued focus on job creation — this has to be the main focus for the State Government but we are starting to see that — we have green bridges, cultural precinct and a light rail extension coming.
“I see 2019 as being another good year. We won’t have a Commonwealth Games but we will have continued investment in the city as a flow-on effect.”
The Gold Coast City Council is planning a major infrastructure agenda to support the city’s population increase and need for 3300 new houses each year.
Mayor Tom Tate said 2019 would be “the year of infrastructure” with a mixture of public projects such as the $80 million cultural precinct stage 2 and boutique high-rise towers rising from the ground.
“I’m extremely confident that 2019 will be the year of infrastructure,” he said.
“Light rail 3A will be very close to commencement by the end of 2019 and the airport redevelopment will be in full swing. We cannot take the exceptional economic run our city has enjoyed for the past few years for granted.
“There will be challenging times in 2019 with banks adjusting their lending ratios and a federal election traditionally putting a dampener on activity.”