Development spending in the Coolangatta area on the southern Gold Coast is almost back up to its previous peak levels, according to the latest research from Colliers International.
There is currently $4.7 billion of development in the pipeline for the area - incorporating not only Coolangatta, but Bilinga, Kirra, Tugun, Currumbin Beach, Currumbin Valley and Currumbin Waters - which is just slightly less than the development spending peak of $5.155 billion recorded in 2008.
Lynda Campbell, Colliers International Gold Coast research manager, said back in 2008 that record figure included major projects such as the $546 million Tugun Bypass and the $1.2 billion desalination plant, both of which are now completed.
“The dollar value of development either planned or underway in the Coolangatta area has risen by $977 billion from $3.76 billion last year,” she said. “The increase is due to both new projects being added and the value of two projects being revised upwards.
“The fact that development spending is so close to the peak it reached four years ago is really positive for the area.”
Stewart Gilchrist, Colliers International Gold Coast director, said that along with the northern Gold Coast, the southern Gold Coast was a growth area.
“People move to the area particularly because they find its beachside lifestyle attractive, and improvements to transport infrastructure have made it easier to commute to the business hubs on the central Gold Coast, as well as to Brisbane,” he said.
“It is likely there will be more population growth in that southern corridor over time and, in line with that, residential development is taking place and extra infrastructure is being built to provide services and amenities.
“The two biggest sectors in which development is taking place in the Coolangatta area are indeed the residential sector, with more than $1 billion in the pipeline, and the infrastructure sector, with more than $3.2 billion worth of projects in the pipeline.”
There are currently 20 development projects either planned or underway in the Coolangatta area, compared to 17 last year.