Beachside boom: $550m efforts creating new community
More than half a billion dollars' worth of projects are underway, in design or being pre-sold in a new community being created in the heart of the region.
Stockland's Oceanside precinct, including Birtinya and Bokarina Beach, is taking shape at a rapid pace.
Last week Clark Group broke ground on the Seanna Residences, a luxury apartment development, while Walter Iezzi's Oceanus is under construction right next door.
Stockland's senior economic development manager Matthew Byrne said there was $250 million worth of projects currently in the pipeline for the precinct.
A map of the precincts identified more than $550 million worth of current projects, including units, commercial and business, childcare and more, either in pre-sale, under construction or in design and approval processes.
Mr Byrne said 150 blocks of land in Bokarina Beach had been snapped up "very quickly" and they were currently trading through another 150 terrace sites.
He said they were wary of not oversupplying the unit market in the beachfront development.
"We'll be careful that we don't oversupply the market of these sites, give these guys (Clark Group and Walter Iezzi) a fair go," Mr Byrne said.
He tipped Oceanside to attract residents as it became a "real employment hub".
Colliers International special projects manager Baydn Dodds said a current expressions of interest campaign being run had unearthed interest mostly from local, Brisbane and Gold Coast developers, seeking to cater to downsizers and retirees.
He said inquiry for off the plan units had been strong, with interstate and overseas ex-pats increasing the buyer pool.
"Covid has not had a detrimental impact on the Sunshine Coast development site appetite," Mr Dodds said.
"In fact there are more buyers chasing end product across a number of different property typologies and this is driving developer interest."
The 140ha Oceanside project had been touted to contribute about $828 million annually to the economy once complete.