Queensland government initiative to boost construction and property sector
A government initiative to streamline the approval process of construction projects across Queensland may attract property investment in the area, with several retail developments to benefit from the new system.
Announcing the Development Facilitation Service (DFS) yesterday (September 25), state deputy premier Jeff Seeney said the system will bolster the local construction and property sector by helping more projects get off the ground.
With several multimillion-dollar projects benefiting immediately from the DFS, property investors may be interested in commercial property developments commencing in the resource-rich state.
Queensland's lucrative mining sector, combined with major events earmarked for the state such as the Gold Coast 2018 Commonwealth Games, may stimulate interest among investors, with high yields guaranteed in specific regions.
Mr Seeney said the new service eradicates red tape that can stall projects unnecessarily, stifling economic growth.
"This revamped office is now able to help progress a broader range of development projects," he explained.
"It can help resolve complex state referral agency issues within development projects that are of significant economic, social or environmental benefit."
Eleven projects have already been approved under the DFS including a $30 million retail precinct at Masters Everton Park and a $35 million Costco at North Lakes.