Place Advisory has identified 82 possible apartment projects within the pipeline currently this year on the Sunshine Coast. There are 10 projects that are confidently progressing and according to available information, a total of 9 other possible projects have been either abandoned or deferred. A further 63 projects are merely deemed possibilities.
The new apartment market now reflects the much greater uncertainty amid soaring construction costs. Both developers and construction companies are grappling with escalating prices amid an unreliable supply chain of materials.
According to the ABS’s latest figures, output prices for apartment construction in Queensland increased by 9.2% in the 1 year to March 2022.
Based on the State Government estimates, the Sunshine Coast population will reach 518,004 by 2041. It is estimated that 28% of this increase will be a result of net interstate migration, totalling approximately 2,926 people per year.
The Sunshine Coast already accounts for seeing the second greatest share of regional population growth in Australia.