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The Coast has one of the lowest rates of developable land in Queensland



The Coast has one of the lowest rates of developable land in Queensland

The Gold Coast is about to run out of land with property experts tipping the city has only two years supply to meet demand.

The lack of land is pushing developers to subdivide to create more homes across the Glitter Strip.

New data from independent property consultant Michael Matusik shows the Coast needs 4896 new homes each year to keep up with current homebuyer demand, yet has only 1160 hectares available within the next 10 years — enough space for 10,184 dwellings.

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The Coast has one of the lowest rates of developable land in Queensland, second only to the Noosa region with 1.3 years. Brisbane is not far behind with almost three years of developable land.

The Bulletin last month reported the Gold Coast City Council had approved more than 23,000 developments in five years, and industry figures said it showed no signs of slowing.

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REIQ Gold Coast zone chairman Andrew Henderson said the prediction of two years of developable land left on the Gold Coast was generous.

“I’d be surprised if there is even two years left,” he said.

“Every time I drive to the northern Coast, there seems to be very big changes in a short period of time. When you’re on the M1 you don’t notice it that much, but jump off and drive around you notice how many houses are being built out there.” Source: realestate.com.au