Sales of vacant allotments in the Gold Coast fell from 818 to 626 (24%) in the 3 months to June 30, the result of record low levels of stock. Just 700 lots were available for sale at June 30, or just over 3 months supply.
Many of the major developers have chronically low stock levels, for example, Pacific Pines (10), Genesis (0) and Coomera Springs (13). Normally, these projects hold at least 50 lots each.
Developers cannot obtain their subdivision approvals and plans sealed quickly enough to stay ahead of demand. There are major problems in Council with 9 day fortnights and other "flexible" working arrangements such as 2 and 3 day weeks which benefit the employee but not the customer. If your application happens to be processed by a 2 day planner, you receive a reduced service accordingly. There does not appear to be a well developed system of job sharing within Council.
The effect of these stock shortages will be increased land prices.
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