This Week in Real Estate – 25th March 2023
GC Skyline Hits New Heights
The southern Gold Coast skyline appears set to reach new heights with a proposal for an 11-storey residential tower passing its first approval hurdle.
The Bilinga tower has been approved by the Council Planning Committee.
Building heights are generally low in the area, as the suburb is on the flight path to the Gold Coast Airport.
Developers, LGDC McInnesville Pty Ltd, propose a 34.2m tower, which will have 28 two-and-three-bedroom apartments and two penthouses.
A report by council says the developers have agreed to changes which will make the project suitable.
It says the site is medium density, and the developer will recess the upper level to reduce the perceived height of the building.
“The area is a transitioning one with predominately built form presenting as two-, three-storey developments with a gentle scattering of mid-rise developments that are routinely between six to eight,” the report says.
The application is scheduled for approval at full council on March 28.
Road Project To Go Ahead
The Federal Government is pushing ahead with plans for a multi-billion dollar road project on the Gold Coast despite community concerns about it affecting koala habitats.
Stage one of the Coomera Connector was initially approved in August 2020, although a ten-day consultation was opened by the Environmental Department last month.
Submissions closed last week and a departmental official has already informed the group opposed to the project that its submissions have been rejected and the project will go ahead.
The first stage, from Shipper Dr in Coomera to Nerang-Broadbeach Rd in Nerang, is expected to be completed by 2026.
Stage two of the project will run from Loganholme to Coomera with planning still underway for that section.
Stewart Brooker, a spokesperson for the group against the project says they are “very disappointed” with the decision.
“Quite honestly, I think it needs to go back to the drawing board. So much has changed since that project was first considered,” he says.
Quote of the Week
“You only have to look at the number of properties that have been transferred from the long-term permanent rental market into short-term letting, as well as the volume that have been sold to see their frustration in action.”
REIQ CEO Antonia Mercorella
Women Buyers Hit The Market
The number of women buying property on their own, is on the increase according to CoreLogic’s third annual Women & Property report.
It says 26.8% of Australian property is solely owned by women, up from 26.2% a year ago, although the number of properties owned solely by men still remains higher at 29.9%.
The report found more women than men solely own apartments, with 35.7% of apartments owned by women compared with 34.6% owned solely by men.
Women only buyers appear to prefer inner city locations. In Sydney the Eastern Suburbs has the highest percentage of female-owned property at 37.3%.
The inner-Melbourne market has the highest percentage in Victoria of 34%, while in Brisbane women are sole owners in 30.5% of properties in the inner city.
In regional New South Wales, Newcastle-Lake Macquarie has the highest percentage of female only owners, 33%, while in regional Victoria, it is Ballarat, 28% and in regional Queensland it is Toowoomba, 26.6%.