Gold Coast tops Queensland with 19 per cent jump in multi-unit land values

first_imgColliers International national director project marketing residential Tony Hymus said the Coast was a hot spot for Chinese developers. Picture: Richard GoslingColliers 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.“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. Wanda Ridong’s $1 billion Jewel development in Surfers Paradise is under construction. Photo: David ClarkCHINESE 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.Across the state, most regions declined in value while Brisbane only increased by two per cent.More from news02:37Purchasers snap up every residence in the $40 million Siarn Palm Beach North10 hours ago02:37International architect Desmond Brooks selling luxury beach villa1 day ago“Driven by demand from offshore developers, Surfers Paradise and Broadbeach recorded significant increases in multi-unit land value,” the report states.last_img