It looks as though the Gold Coast’s skyline is again set to be decorated with towering cranes as development kicks off in a big way in the lead-up to the 2018 Commonwealth games, with a slew of new high rise developments seeing approval from Southport, through Surfers Paradise and down to Broadbeach.
The jewel in the crown of this sudden influx of development is the appropriately named ‘Jewel’ development, which is a $1 billion dollar joint venture between China’s Dalian Wanda Group and Ridong Group. This mega development is set to be the first five-star beachfront residential resort to open on the Gold Coast in more than 30 years.
Developers are positioning this multi-tower offering as a premium accommodation, dining, retail and recreational destination and with the first apartments set to hit the market in the coming weeks developers are hoping to attract local property investors from Brisbane and the Gold Coast, as well as investors from around Australia and overseas, particularly the Asian market.
The development will feature 169 hotel suites and 512 apartments, with a mix of one, two and three bedroom apartments available. To add to its luxury positioning each apartment will come with access to 24/7 hotel services and access to recreational facilities and day spa. The commercial tenancies available within the development will add in a variety of cafes, restaurants and bars.
Jewel is just one of a number of high rise projects under construction or recently approved for the Gold Coast.
The senior economist from Domain has described the Gold Coast as, “one of the fastest-growing housing markets in South East Queensland over the past year.” He adds that, “one of the key drivers of the Gold Coast economy at the moment is construction. Infrastructure as I mentioned but also residential developments is pushing ahead, and that creates jobs, it creates demand, and of course that’s all part of an activation of the local economy.”
With so much development and interest in the Gold Coast at the moment, the property market has made a great recovery, with sales of stand alone houses increasing by 11 percent over the past two years, and apartment sales increasing by 39 percent over the same period.
As property lawyers we have a keen interest new developments and the impact these will have on the Gold Coast.
If you’re interested in purchasing a property on the Gold Coast, or in Brisbane and would like more information on purchasing a property off-the-plan, talk to our conveyancing solicitors.