According to The Australian Financial Review, soaring costs and a shrinking pool of buyers have prompted developer Andrews Projects to slash the size of a planned project in Gold Coast, cutting the project to nearly one-third of the 1100 units already approved for the Surfers Paradise site.
Andrews Projects purchased the 5700-square-metre site earlier this year with plans okayed for two towers rising to 104 and 73 levels, but the company wants to cut that back and is now seeking approval for two 37-storey towers with 394 apartments and an end value of $700 million. Australia needs to be building more new homes, not fewer. But the post-pandemic surge in materials, labour and borrowing costs have conspired to make housing development more expensive than most can afford and all too often, the only projects getting off the ground are those targeting downsizers and empty nesters. https://www.afr.com/property/residential/why-australia-is-building-fewer-not-more-homes-20241003-p5kfi9
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