Fixed Price Building Contracts Resurfacing on Gold Coast

Apartment development on the Gold Coast is showing signs of renewed momentum as stabilising material costs ease construction pressures. And, significantly, fixed price building contracts are back on the table as a result of the more manageable cost environment. Not that the sector is out of the woods yet. But after a slowdown due to economic pressures, rising costs and labour shortages forced some developers to delay, abandon or scale back projects, green shoots are finally emerging. Since the beginning of 2025, a rising number of greenlit midrise and highrise projects have started gearing up to turn dirt in coming months. “Things seem to be on the move again,” Newmil Developments co-director Chris Newman said. “With the construction costs leveling you’re not seeing that exponential increase anymore ... [and] builders are willing to offer fixed-price contracts again, which had sort of gone out the window. “There’s now a degree of confidence that you can fix a build price here, and it’s not going to be up there in 18 months.” Newmil Developments, a boutique south-east Queensland developer led by Newman and Mark Milton, is preparing to begin construction on two high-end Gold Coast residential projects at Burleigh Heads and Rainbow Bay. “All the builders we’ve been speaking to in the past six months they’ve been talking fixed-price again,” Newman said. “I don’t know if every builder is offering that, but definitely the ones we’ve been speaking to in that boutique scale of development. What they’re saying is, as long as the plans are detailed enough they can fix the price.” ▲ Renders of Newmil's approved nine-storey residential project proposed for 41 Eden Avenue at Coolangatta. As well as construction costs stabilising, he said another key factor driving the renewed development momentum on the Gold Coast was the market last year recorded average price growth “in the range of 10 to 15 per cent”. “And there’s talk of interest rates coming down this year so people are probably trying to get ahead of the curve a bit.” Newmil Developments’ Rainbow Bay development was granted approval late last year and is its biggest project to date. The slender nine-storey residential scheme designed by Stuart Osman is earmarked for a 546sq m site at 41 Eden Avenue in the beachfront renewal pocket at the southern end of the Gold Coast. It comprises eight apartments, one per floor, as well as a two-level penthouse with a private rooftop pool deck. Construction is expected to begin in July. Up the coastal strip, Newmil’s other development—Aspect Burleigh—is due to break ground in March. Spread across five levels, it will feature three full-floor apartments and a double-storey penthouse 614sq m at 42 Ewart Street, Burleigh Heads. ▲ A render of Newil’s Aspect Burleigh that is due to begin construction in March. Milton said although he was happy for Newmil to “stay in our lane” in the boutique multi-residential sector, he adds: “We’ve got our hands pretty full at the moment and we’re pretty happy with the two we got under way. “But we’re always looking for the next project. You never want to walk away if it’s a good opportunity.” At the moment, Newmil is circling another development site at the northern end of the Gold Coast that could potentially accommodate 24 units. Meanwhile, a growing number of other developers are readying their sites for construction. Amalgamated Property Group, in partnership with Base Developments, is moving ahead with its second Gold Coast residential tower, the 39-storey Affinity Broadbeach, with shovels due to hit dirt on the Chelsea Avenue site in the second quarter this year. Designed by Gold Coast architecture firm DBI Design, it will comprise 180 two and three-bedroom apartments and feature resort-style wellness facilities, including an outdoor heated pool, sauna, steam room and fitness studio. ▲ Amalgamated Property Group’s greenlit 39-storey Affinity Broadbeach. Amalgamated Property Group founding director Graham Potts said the development “meets a genuine need in the market”. “While we’ve seen a lot of other local developments struggling to get off the ground, we’ve got the advantage of having our own in-house construction … which means construction on projects such as Affinity Broadbeach is able to progress when we need it to,” he said. Another approved highrise development up the Gold Coast Highway in neighbouring Surfers Paradise also is slated to begin construction this year. The 18-storey tower proposal comprises 43 apartments and is earmarked for a 1057sq m waterfront site at 50 Sunset Boulevard across the Nerang River from the Gold Coast’s Home of The Arts precinct. Its greenlit plans were lodged by an entity linked to Macquarie York’s Roy Skaf. The Plus Architecture-designed scheme includes 28 two-bedroom and 14 three-bedroom apartments as well as a three-level four-bedroom penthouse with a rooftop pool. A large communal open space will span level 2 providing a gym, barbecue area, pool, sauna and work-from-home facilities.

Fixed Price Building Contracts Resurfacing on Gold Coast

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