Gold Coast A Tower Of Strength For Chinese

CHINESE developers are behind a massive surge in towers on the Gold Coast with multi-unit land values hitting $15 billion this year.
The figure, from Queensland’s Valuer-General, shows the Coast’s multi-unit land value jumped 19 per cent.

That’s up from $13 billion last year and $10 billion in 2015.

The 2017 Property Market Movement Report shows the city recorded Queensland’s largest increase in multi-unit land values.

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Across the state, most regions declined in value while Brisbane only increased by two per cent.

“Driven by demand from offshore developers, Surfers Paradise and Broadbeach recorded significant increases in multi-unit land value,” the report states.

Colliers International national director project marketing residential Tony Hymus said the Coast was a hot spot for Chinese developers.

“The number of Chinese developers who have bought sites on the Gold Coast is astounding and a lot of it is driven by the fact that they don’t have to get construction finance for their projects,” Mr Hymus said.

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“That’s often a major issue for Australian developers.”

He predicted the influx of Chinese developers to continue. “They believe the overseas investor market and individual unit sales will improve dramatically,” he said.

Source: Gold Coast Bulletin 7 March 2017

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