Land lots on the Gold Coast may need to be released sooner than planned to meet demand, research from Colliers International has revealed.
The South East Queensland Communities Research and Forecast Report, which surveys residential communities yielding 100 lots or more, found dwelling approvals in the region have fallen to the lowest level in 16 years.
Meanwhile, the latest census data shows an increase of around 7000 residents annually over the past five years, creating demand for around 2800 new dwellings each year.
"Dwelling approval rates over the past two years have fallen well short of this demand, and if this continues we will see a need for developers to bring forward the release of lots currently on hold," said Tony Holland, Colliers International Residential Director of Project Marketing.
"We are seeing strong demand for land already on the market, with our research finding 438 vacant land sales took place across 20 projects in the Gold Coast and Tweed region over the first half of this year, which is almost a 45 per cent increase on the previous six-month period."
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