Sunshine Coast building approvals are at their highest level in eight years, with the Sunshine Coast Council issuing $1.72-billion in approvals for the 2016/17 financial year.
The council’s Development Indicators Financial Year Highlights Report, which presents a selection of statistics on development activity throughout the past 12 months, show building approvals in excess of $1 billion for three consecutive years.
Mayor Mark Jamieson says the building approvals issued in the last financial year were 32 per cent higher compared to the building approvals issued in the previous year.
“Game-changing projects such as the new Maroochydore CBD, Caloundra South (Aura), Palmview (Harmony), the opening of the new Sunshine Coast University Hospital and the expansion of the Sunshine Coast Airport have been setting the scene for increased building approvals,” he says.
“These projects attract a range of investments, providing greater stability for our local economy and assisting to smooth out the traditional boom bust cycle.
“The majority of the $1.72-billion in building approvals continued to be of a residential nature, however last financial year there was increased growth in the proportion of multiple dwelling units with a total of $341 million approved, an increase of 68 per cent from 2015/16.
“The majority of these approvals have been recorded within the enterprise corridor between Caloundra and Maroochydore.”
Jamieson says there has also been an increase in the value of building approvals relating to uses such as offices, shops and restaurants, with companies such as Youi committing to a new global headquarters on the Coast.
Master Builders regional manager Will Wilson says the report indicates the economic and building industry outlook for the Coast is very stable.
“The report shows us that business confidence in the building and construction industry consistently remained at a high level during the 2016/17 financial year,” Wilson says.
“The building industry recognises the Sunshine Coast Council’s continued efforts to provide the right conditions for developments to prosper in the right locations.”