$146m cash injection to unlock nearly 19,000 new Gold Coast homes

A 600 sqm block at 45 Kestrel Street, Worongary is on the market at offers over $875,000. The Queensland Government has committed $146m to fast-track more than 18,900 Gold Coast homes amid warnings the city has a chronic land shortage. The funding, under round two of the Residential Activation Fund, will support essential infrastructure across Coomera, Pimpama, Robina and Worongary, as well as an upgrade to the Merrimac sewage treatment plant. A 388 sqm block at 348 Foxwell Road, Coomera is up for sale. It represents the most significant state investment in the city’s enabling infrastructure in decades. Oliver Hume chief economist Matt Bell said the funding arrived at a critical time for a market that had been constrained by a limited pipeline of development-ready land. “The Gold Coast has experienced a prolonged shortage of new residential land, despite continuing demand from local buyers and people moving to the region,” Mr Bell said. “Only 68 homesites were available for purchase at the end of the June quarter, down from 92 at the end of March. “That represents a 35 per cent reduction in available supply in just three months. “Against that background, the government’s commitment...