30,000 units are in the pipeline for the Gold Coast, sparking concerns there will be a unit glut.
HOME units could be devalued by the Gold Coast’s sheer level of development, says some property analysts as researchers reveal more than 30,000 are in the pipeline.
Around 3000 are to be built in Surfers Paradise and Southport in the next six months ,with forecasts revealing 11,000 extra units could hit the market in coming years.
REIQ Gold Coast zone chairman John Newlands warned that the sheer volume of development could devalue existing stock.“It is basic supply and demand and if there is too much supply, it can devalue comparable property and I am concerned about that,” he said. However, Urbis researcher Lynda Campbell said she believed Southport was growing at a rapid enough rate to deal with the level of supply. “There is no risk of these units devaluing the market because we are getting 254 unit sales a year in these areas and those are strong numbers,” she said.
Brighton on Broadwater, construction, 343 units
Lanikai, Construction, 43 units
Outlook Apartments, Construction, 43 units
SpenDeLove, Construction, 37 units
Victoria Towers, completed, 220 units
Ascent, Construction, 30 units
Brighton Grand, completed, 26 units
South Hamptons, construction, 50 units
22 White Street, 8 storeys, 88 units
23 Norman St, 30 storeys, 236 units
133-137 Scarborough St, 8 storeys, 42 units
24-30 Queen St, 15, storeys, 57 units
25 Spendelove, 9 storeys, 37 units
22-24 lather St, 8 storeys, 30 units
26-28 Gray St, 7 storeys, 27 units
(Source: JACK HOUGHTON, Gold Coast Bulletin)