Development spending in Southport on the Gold Coast is down by almost $1 billion year-on-year, according to Colliers International.
According to Colliers International, there is $7.6 billion in development in the pipeline across 48 projects, compared to $8.4 billion at the same time last year.
Infrastructure spending accounts for $4.6 billion in the pipeline across 11 projects. Projects include the Gold Coast University Hospital ($1.76 billion) and the Gold Coast Light Rail ($1.8 billion), which are currently under construction.
Colliers says that projects planned for the 2018 Commonwealth Games are contributing to the level of development spending in the Southport area.
This includes the planned mixed-use athletes’ village development ($700 million), planned upgrade of the Gold Coast Aquatic Centre ($38 million), and the upgrade of the Labrador Sports Club ($8 million).
After infrastructure, the sector with the biggest pipeline in the Southport area is apartments, with more than $2 billion either planned or under construction. The mixed sector comes in with the third highest level of spending, at nearly $900 million.