Housing development is struggling to keep pace with population growth on the Gold Coast, with CBRE’s new Gold Coast Housing Dilemma report spotlighting the issue. New developments, such as Drew Group’s Lagoon Main Beach, are an essential bolster to supply and they can’t be built fast enough.
Report reveals Gold Coast’s undersupply of housing
The Gold Coast’s population growth has soared since the pandemic, mostly driven by interstate migrators looking for a lifestyle change. Employment has also improved, growing by almost 8.3% since March 2020.
Housing is already struggling to keep up. In 2022, dwellings in the city increased by 1,222; the population, however, grew by more than 14,000 people, which equates to around 6,000 households. Future population growth is expected to increase by an average of 2.3% annually until the end of 2026.
High construction costs have also slowed supply, particular with labour and material shortages resulting from the pandemic.
The Gold Coast’s rental vacancy rate fell to 0.9% last year, and rents for two-bedroom units have increased by 40% since 2020.
Drew Group continue their much-needed Gold Coast legacy
Established in 1982, Drew Group is a family-owned property developer and investment firm in Main Beach, Gold Coast.
With a celebrated portfolio and four decades in the industry, Drew Group have been responsible for many recent residential developments along the Gold Coast, including Village Palm Beach, The Beach Houses in Kirra, and Cerulean in Main Beach.
Their latest development is Lagoon Main Beach, a two-tower site encompassing 1, 2 and 3 bedroom apartments, plus dual-level Skyhomes. Drew Group have partnered with Hutchinson Builders on the project, one of Australia’s largest privately owned builders with 110 years of experience and a proven portfolio. Construction commenced earlier this year.
“We’re thrilled to be bringing Lagoon to Main Beach in conjunction with Hutchinson Builders,” Jon Drew, Managing Director of Drew Group, says.
“With their established track record and commitment to high standards, we’re confident the development is in excellent hands and that our vision for Lagoon will be achieved.”
Secure your residence at Lagoon today
Lagoon offers a collection of timeless 2, 3 and 4 bedroom residences, catering for a range of purchaser preferences.
There is limited availability remaining; contact our team today with any enquiries or to arrange a private inspection.
