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August 9, 2016

Gold and Sunshine coasts leading regional building approvals

Building approvals are continuing to climb in the Gold Coast and Sunshine Coast. Latest ABS statistics show the Gold Coast increased 65 per cent for the year, while the Sunshine Coast increased by almost 25 per cent.

Master Builders deputy CEO Paul Bidwell says the results were mainly driven by major infrastructure investment in the 2018 Commonwealth Games and the Sunshine Coast University Hospital.

Across the Gold Coast’s residential market, Andrew Bell, Ray White CEO of the Surfers Paradise Group says it’s seen some fabulous growth in the past year.

“With an increase in median house sale prices, the region is already one of the most exciting to be in,” Bell says.

“Couple this with $2 billion economic benefits as well as the job influx projected to fly in with the Commonwealth Games and you’ve got yourself a great investment opportunity.”

Across the state however, dwelling approvals fell 2.1 per cent during June, mostly due to a drop in the number of approvals for units in Greater Brisbane, according to Bidwell.

“Year-on-year dwelling approvals are still up and I am confident that detached housing will continue to grow long-term.”

As expected, Greater Brisbane is beginning to see a cooling of approvals for units down 26 per cent for June and almost one per cent for the year.

Approvals for detached houses enjoyed a modest growth of 10.2 per cent in July and 4.4 per cent for the year.

Encouragingly, the Darling Downs and south-west Qld had a strong month, increasing by more than 50 per cent – the highest monthly result in three years.

Central Queensland and Mackay and Whitsunday were the only regions not to see an increase over the three months to June.

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