TOWNSVILLE's construction industry is booming with approximately $14.5 billion worth of construction projects in the pipeline, according to Colliers International Townsville.
Colliers International research shows there are 75 committed, uncommitted and stalled projects.
Director of research Colin Dwyer said Townsville’s construction industry is contributing strongly to the local economy and job creation; and in a significant vote of confidence, the private sector is contributing almost 85% of the value of these projects.
The private sector dominated the industry with 56 projects valued at $12.23 billion followed by 17 public sector projects valued at $1.87 billion.
Table 1 Townsville construction projects by Sector
Sector | Number | Value $million | Share of Value |
Private | 56 | 12,235 | 84% |
Public | 17 | 1,872 | 13% |
PPP | 1 | 350 | 2% |
Total | 75 | 14,467 | 100% |
Source: Colliers International Research Townsville and TEL
Dwyer said all this activity and potential provides a guide for property investors about identifying emerging residential property opportunities and economically desirable commercial precincts in Townsville.
“The research identified three major Facility Impact Zones; CBD, JCU/Lavarack and Thuringowa. The CBD was dominated by Unit and Retail activity, JCU by education, residential and commercial and Thuringowa by infrastructure and residential activity.
“These zones looked set to continue their dominance of the construction landscape and were supported by strong population growth, incomes growth and government sentiment,” he added.
Table 2 Townsville construction projects by Sector
Facility Impact Zones | Interesting Projects | Benefit |
CBD | Cruise Ship Terminal | Financial injection from tourists and military |
Retail Enhancement | Convenience | |
JCU | Myers | Enhanced Variety |
Commercial & Education | Variety and Convenience | |
Water View Residential | Prestige Residential and convenience | |
Thuringowa | Ring Road | Transport Convenience |
Source: Colliers International Research Townsville& TEL
Table 3 Townsville Construction Project clusters
Precinct | Value of Projects $m | Share |
CBD | 3,322 | 23% |
Industrial | 4,564 | 31% |
JCU | 1,510 | 10% |
Lavarack | 300 | 2% |
River | 200 | 1% |
Southern | 1,500 | 10% |
Thuringowa | 1,584 | 11% |
Upper Ross | 240 | 2% |
Beach | 73 | 1% |
Stuart | 234 | 2% |
Other | 1,033 | 7% |
Total | 14,467 | 100% |
Source: Colliers International Research Townsville& TEL
“As expected residential construction activity in Townsville dominated committed production. Townsville is the largest population centre in north Queensland and was the fastest growing major north Queensland centre in the five years to 2006; residential construction is feeding off and adding to this growth,” Dwyer said.
Table 4 Townsville Construction Projects by Industry Segment
Industry | Number | Value $m | Share of Value |
Units | 20 | 1,607 |
