According to GlobalData, the value of Australia construction market is forecast to decline by 2.7% in real terms in 2024, having decreased by 0.4% in 2023. A key growth market will be the infrastructure market, with output rising by 3.8% in real terms. GlobalData tracks and profiles all major construction projects from announcement to completion. For further insight on this market, buy the latest profiles here.
Here are the top five multi-family housing construction projects that commenced in Australia in Q2 2024, according to GlobalData’s construction projects database.
1. Belmont Park Racecourse Redevelopment
The project involves the construction of mixed-use facilities over 38ha of land in Perth, Western Australia.
Construction work started in Q2 2024 and is expected to be completed in Q2 2033.
The site is located within the Town of Victoria Park and is bounded by the Swan River on its northern, eastern, and western boundaries and the Graham Farmer Freeway on its southern boundary. It is adjacent to the internationally branded Crown Metropol and Casino and directly across from the planned second-largest football stadium in Australia.
2. 50 Quay Street Build-to-Rent Complex
The project involves the construction of a 32-storey residential complex comprising 475 units on 0.3ha in Brisbane, Queensland.
Construction work commenced in Q2 2024 and is expected to finish in Q2 2027.
It will create 200 jobs in the region.
3. Burly Residential Complex
The project involves the construction of a 25-story apartment complex with 101 luxury apartments on 0.2ha of land in North Burleigh, Queensland.
Construction work started in Q2 2024 and is forecast to complete in Q4 2026.
It intends to provide luxury apartments to the people in the region.
4. SKY SQR Mixed-Use Complex
The project involves the construction of a 72,000m2 mixed-use complex comprising two 17-story above a 12,000m2 three-story retail, food, and beverage podium in Melbourne, Victoria.
Construction work commenced in Q2 2024 and is expected to be completed in Q4 2025.
It intends to transform the former car park and child care center to provide better residential and commercial facilities in the region.
5. Village Center South
The project involves the construction of 24 luxury apartments and a 67-berth marina in Gold Coast, Queensland.
Construction work started in Q2 2024 and is expected to be completed in Q4 2026.
The project aims to provide luxury residential and marina facilities in the region.
For more details on the latest construction projects, buy the profiles here.
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GlobalData’s Construction Projects database tracks over 220,000 new construction projects valued at >$25m from announcement to completion across all countries and sectors.
