Gold Coast may run out of developable land as early as 2023
The Gold Coast Bulletin has reported that The Gold Coast could run out of developable land by 2023, according to a shock property report to be released next week.
A quarterly report by real estate firm Oliver Hume claims the Coast could be “landlocked” and out of land to develop within seven years on the back of booming sales.
The report says the city, Australia’s sixth largest, has just 1900ha of developable land, or space for an extra 20,000 dwellings within zoned areas.
Oliver Hume joint managing director Brinton Keath said the city was close to being “sold out”.
“The 15-year annual average of land sales on the Gold Coast is 1720 lots which effectively shows that within 7.5 years the entire city will be completely out of land available for housing,” he said.
Australia’s sixth largest city will be essentially landlocked of residential housing because it has completely sold out developable land and, when one considers that it can take as a minimum of three to four years for studies and approvals to be completed, this is a critically low amount of time before we reach this landlock stage.
“This situation will get much worse if we have a boom year like 2003 when there was 3256 lots sold and with the market heating up, there is no reason that this level of sales may occur, turning 7.5 years turns into less than five overnight.”
The Hume report’s claims come just a month before the Gold Coast City Council’s new City Plan comes into effect in early February.
The plan will allow for significantly high density developments in several key sectors of the city, primarily focused on the light rail route.
Unlimited height restrictions will also be introduced in Surfers Paradise, parts of Chevron Island and Broadbeach.
City Planning boss Cameron Caldwell said that the Gold Coast’s housing supply was being reviewed by the Palaszczuk Government.
“The State Government is reviewing the southeast Queensland regional plan and part of this process is to ensure there is sufficient land supply,” he said.
“Council has, pursuant to its new planning scheme identified a number of investigation areas to be considered for future urban zoning.
“However, there is plenty of available land for infill development at high densities.”
The Gold Coast Bulletin last week revealed the council would soon conduct and land-use study of the city’s northern cane fields to potentially allow for development.
This study, expected to be completed this financial year, could pave the way for residential, tourism and industrial development in the far north.
Acknowledgement: This article was reported in Gold Coast Bulletin Real Estate on 9th January, 2015. Written by:Andrew Potts