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Billion dollars worth of investment in the pipeline

A billion dollars worth of investment is in the pipeline, Fraser Coast Mayor Chris Loft says.
A billion dollars worth of investment is in the pipeline, Fraser Coast Mayor Chris Loft says. Alistair Brightman

A BILLION dollars worth of investment and development is in the pipeline to be approved by the Fraser Coast Regional Council in the next 12 months and Mayor Chris Loft is confident the region is set to boom.

Cr Loft met with leaders in the development and construction industry earlier this week and he said it was an extremely positive meeting.

"I feel the region has plateaued over the past 10 years, but we're finally turning the corner," he said.

He said he was pleased to see more developers coming forward with applications and plans to invest in the region.

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Australian Property Investor Magazine released an article about the Fraser Coast this month, saying that while property prices were flat now, that could soon change.

While emphasing the affordability of the region - reporting that it was possible to buy two detached houses on the Fraser Coast for the cost of one median-priced unit in Sydney - the article, written by Simon Pressley, said the area's qualities would make it an attractive option for home buyers in the near future.

Some of the qualities he spoke of included beaches, warm weather, quality retail facilities, accommodation options, natural attractions and daily flights to Brisbane and Sydney.

The area's property market was described as stable, but according to data complied by Propertyology, the region took a huge hit in the aftermath of the global financial crisis, with building approvals for homes and units down from about 1500 in 2006-08 to 422 in 2010-12.

The article said data from the Australian Bureau of Statistics suggested a credible economic recovery was underway, with a 10.3% increase in total jobs in the region for the 18 months to June 2016, more than twice the national average of 4.5%.

Meanwhile, building approvals for homes and units has reached 636 in the financial year from 2015-16.

Fraser Coast developer Glen Winney said residential development was the best it had been for a number of years, but work still needed to be done from a commercial development perspective.

He said with the construction of two new nursing homes underway, it was clear that Hervey Bay's future was very much focused around the hospital and health sector and servicing retirees.
 

Topics:  billions, council, fraser coast, investment



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