Urban Development Institute of Australia
September 2007 Major Developments Report

UDIA’s latest development summary report prepared by The 20/20 Group indicates that the number and value of major construction projects in North Queensland has risen in the last quarter. There were 199 projects detailed in the Project Report, having a combined value of $10.26 billion.

Highlights from the report are:-

The number of projects in the region has increased by 8 to 199 projects, up from 191 last quarter.    

The value of the listed developments comes to $10.26 billion, of which $6.94 billion (64%) is residential or resort development. 

27% of projects - $2.85 billion – are currently under construction or have been completed in the period (since the last report in June 07). 

The area with the highest value of projects under construction, or in various stages of the planning and approvals process remains the Innisfail to Cardwell region with 23 projects worth some $2.29 billion - or 22% of the total value of all projects. The Ella Bay development remains the key development in this region.   

The 37 projects on the Northern Beaches are worth $1.82 billion – 18% of the total value. 

With 45 projects in the Report, Cairns’ Inner Suburbs has the highest number of projects either under construction or in the planning and approvals process. At a total value of $1.44 billion – the projects in the Cairns Inner Suburbs represent 14 % of the total value of developments in the entire region. 

The number of projects underway in the Cape York region has increased by 25% from 8 to 10. However, with the overall value of projects in Cape York only increasing marginally to $1.17 billion, the Cape York Region’s contribution to the total value of projects in the Far North Queensland region has slipped slightly to 11% of the total down from 12% last quarter.

The Port Douglas/Daintree region lies next in line with 25 projects worth $1.1 billion underway in the region, continuing the fall in value experienced last quarter. Port Douglas now features 11% of the total value of new developments in the region. 

Significant new projects added to the list this quarter include the third and fourth buildings within Central Park Cairns, a new 70 apartment development on Sheridan Street, the $10 million Botanicals being developed by Benchmark Developments in Edge Hill, a 254 unit retirement village at Caravonica being developed by the Hedley Group and a resort and accommodation complex at Argentea Palm Cove.

The Trilogy Towers on the Cairns Esplanade were completed during the quarter, as was the Pool development in Port Douglas. Other projects to be completed included Redlynch Grove at Redlynch, Island Views at Palm Cove, Centenary Waters at Manoora, Shantara in Port Douglas and the Centrepoint Arcade refurbishment in Innisfail.

For further information contact:
        
Craig Moffat
The 20/20 Group
tel (07) 4040 6555