December 5, 2007 -- The Gold Coast is riding a massive A$66 billion (US$58.185 billion) wave of new development, according to research released today.

The biennial research, compiled by Colliers International's Gold Coast research analyst Lynda Campbell, shows there has been a staggering 381 per cent increase in development in the region since 2001.

Tony Boyd, director of Colliers International Gold Coast, said the research confirmed the region was hurtling into a new era as its population continued to swell.

"Major developments are underway in every sector of the market which, on completion, will see the Gold Coast become Australia's most sophisticated city," he said.

"The region's population growth of 3.5 per cent per annum is largely due to those migrating from southern states.

"The city is thriving with a healthy local economy and geared towards a prosperous future, which is reflected in the rate of development planned and underway.

"The Gold Coast has experienced 30 years of sustained growth. However, this development wave signals a new era - one which will secure our position globally as not just a tourist destination but a thriving, progressive city in its own right."

The latest research is the most exhaustive to be undertaken in any region of Australia.

It reveals there is currently A$66.358 billion worth of residential, commercial, infrastructure, industrial developments and major refurbishments underway or planned from the Gold Coast's tip of Beenleigh south to Pottsville in northern NSW.

The analysis comprises new projects valued at more than A$10 million and their combined total has soared since 2005 when it equated to A$42 billion.

In 2003, the total was A$22.8 billion and prior to that, in 2001, it was a more sobering A$13.7 billion.

Ms Campbell said the research revealed 17 projects had a gross end value of A$1 billion or more.

Leading the charge is the Queensland government's A$2.5 billion Gold Coast Marine Development at The Spit and two masterplanned residential developments - the waterfront Marina Quays at Hope Island and the impending Cobaki Lakes in northern NSW, each valued at A$2.5 billion.

The big ticket infrastructure initiatives include the new A$1.23 billion University Hospital at Parkwood, a A$1.2 billion desalination plant at Tugun, a A$1 billion upgrade of the Pacific Motorway and a A$920 million extension of the rail line to Coolangatta.

Source: Asia Pulse