The Property Council of Australia says about 53 per cent of approved apartment projects are at risk in the face of rising costs.
Increasing construction costs are expected to slow the supply of new apartments on the Gold Coast over the next few years.
According to the report compiled by Urbis, about 53 per cent of approved apartment projects in the city were "at a moderate to high risk" of being withdrawn or delayed. Property Council of Australia state executive director Jess Caire said the findings were concerning as apartments were expected to make up 62 per cent of the extra 161,700 dwellings needed to accommodate the growing population.
"Then you add the cost of labour — obviously the cost of living, everyone wants to be paid more, so therefore the cost of the labour plus materials has gone up.""We do have a shortage of large parcels of land where we can build 1,000 new homes or 2,000 new homes," he said.
Gold Coast City Council Construction Urbis Martin Garred Adam Profke Master Builders Property Council Of Australia Development Gold Coast
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