Building Industry to Prosper

Sunshine Coast Buliding Industry Continues to Prosper.

The building and construction industry in the Sunshine Coast has reached new heights after recording over $1.2 billion worth of building projects approved during 2006.

Master Builders Sunshine Coast Regional Manager, Stephen Robinson, said this figure represented more than 4,900 building approvals – an increase of 14% from 2005 figures.

“The latest figures from the Australian Bureau of Statistics indicate the real growth area for the region was in the commercial sector, with a 63% increase in total approvals, from 195 to 319.

 “The Sunshine Coast residential market also continues to sustain strong growth and appears to have weathered the storm of interest rate hikes, higher land prices and the rising costs of building a new home.

“New home approvals throughout the region were up by 10%, increasing from 2,038 in 2005 to 2,238 in 2006.

“In contrast to many other areas of Queensland, demand for new housing is relatively solid in the Sunshine Coast, largely due to strong population growth and boosted by steady migration.

“With the region’s population projected to increase from around 293,000 in 2006 to 483,000 in 2026 – an increase of over 60% in 20 years, we can expect this trend to continue,” Mr Robinson said.

The renovation industry also experienced significant growth, with approvals for alterations and additions jumping from 1,749 to 1,973 – an increase of 13%.

Mr Robinson said Caloundra experienced particularly strong growth throughout 2006, with the total number of building approvals increasing by 13% from 518 to 586.

“Caloundra also showed the highest growth in the new housing market, recording a 17% increase in approval numbers from 219 to 257 in 2006. This was accompanied by a 12% increase in approvals for alterations and additions.”

Mr Robinson added the high level of activity in building and construction on the Sunshine Coast was expected to continue throughout 2007.

“In the current climate most of our members have extensive forward commitments due to the high demand for building and construction work, so consumers should be mindful of allowing realistic timeframes,” he said.