The Gold Coast could become ‘land locked’ within the next five years unless a major shortfall in land supply is addressed with the release of more developable land.
New research shows that in 2016, there was only 1900ha of developable land, or approximately 20,000 dwellings, left currently zoned to be developed in the Gold Coast LGA.
Excluding land that is too steep to be developed takes the figures back to approximately 13,000 lots. The property industry, Gold Coast City Council and the State Government all need to do more to address the shortfall before the impact on affordability becomes more acute.
With an average of 1,720 lots sold on the Gold Coast per annum we are looking at the situation where the entire city will be completely out of land available for housing in about 7.5 years. Australia’s 6th largest city will be essentially land locked because it has completely run out of developable land.
When ones considers that it will may take as a minimum 3–4 years for studies and approvals to be complete, 7.5 years is critically low amount of time before we reach this dire stage.
To highlight how much this land is needed, as of December 2015, research shows that there were only 221 lots available for sale within Australia’s 6th largest city of 600,000 people.