Launching on the Gold Coast in 2024

#61 Live Panel: The Developer View with Damian Winterburn from Marquee and Bolder Capital, and Brook Monahan from Mosaic Property Group

The Urban.com.au Market Insights Live Gold Coast Event, in partnership with Resilience Insurance, recently featured two prominent figures in the development industry— Damian Winterburn from Marquee and Bolder Capital, and Brook Monahan from Mosaic Property Group —to discuss the current state of the market and what lies ahead.

Both Damian and Brook are well-respected in Southeast Queensland, known for delivering high-quality projects that have helped shape the Gold Coast's evolving landscape. During the conversation, they shared valuable insights into the challenges and opportunities that developers face in today's market.

The Current Market Dynamics

Damian and Brook highlighted how the market has changed over the past decade, pointing out the ongoing challenges that developers must navigate. These include the complexities of maintaining success over time, managing relationships, and dealing with a fractured labour market that has made it difficult to find quality tradespeople.

One of the key points raised was the impact of economic factors on buyer confidence. Interest rate fluctuations, media coverage of developers or builders facing financial difficulties, and overall economic uncertainty have all contributed to a significant drop in buyer inquiries—sometimes by as much as 40%. This highlights the interconnectedness of the market, where events in one part of the country can affect buyer behaviour nationwide.

Opportunities in the Gold Coast Market

Despite the challenges, both Damian and Brook see opportunities for growth, particularly in the "missing middle" of the market. This refers to lower-scale developments, such as two to four-storey projects, which are currently underserved on the Gold Coast. These projects can meet the demand for more affordable housing options in the region, especially as land prices continue to rise and availability decreases.

Brook emphasised the importance of understanding the market and creating products that truly meet the needs of buyers. In a market where buyers are becoming increasingly discerning, developers must focus on delivering value rather than simply chasing profits. This approach not only helps to maintain consumer confidence but also ensures the long-term sustainability of the market.

Looking Ahead

As the Gold Coast continues to evolve, the conversation underscored the importance of adaptability and innovation in the development industry. Both Damian and Brook stressed the need for developers to remain agile and responsive to market changes, while also building their capacity over time. For the next generation of developers, the focus should be on gaining experience through smaller projects and gradually scaling up, rather than rushing into large-scale developments.

In conclusion, the Gold Coast development market in 2024 presents a mix of challenges and opportunities. Success will come to those who can navigate the complexities of the market, deliver quality projects that meet the needs of buyers, and build strong, sustainable businesses over time.