Overview of the Cordell Construction Monthly Report – May 2023

An Overview of the Cordell Construction Monthly Report – May 2023 from Nick Menz – National Acquisition Director of ASPIRE Property Advisor Network

The Cordell Construction Monthly report for May 2023 provides a detailed overview of the construction industry in Australia. It comprehensively analyses the latest trends, developments, and statistics in the sector, providing valuable insights for investors, developers, and industry professionals. Here are the key takeaways:

Key Highlights

1. New Projects: There has been a significant increase in new projects, with 1,912 projects added in May 2023. This represents a total estimated value of $13.8 billion.
2. Project Status: The report provides a breakdown of projects by status. 1,040 projects are at the planning stage, 372 projects have been approved, and 500 projects are currently under construction.
3. Project Type: In terms of project type, residential projects dominate, followed by commercial and community projects.
4. Geographical Distribution: New South Wales has the highest number of new projects, followed by Victoria and Queensland.
5. Top Projects: The report highlights some of the top projects in terms of value. These include the $1.5 billion residential development in New South Wales and the $1.2 billion hospital project in Victoria.
6. Industry Outlook: The report suggests a positive outlook for the construction industry in Australia, with steady growth expected in the coming months.

Please note that this is a summary and for more detailed information, you should refer to the full report – CLICK HERE TO DOWNLOAD

Here’s a concise overview of the construction updates for each state in Australia:

 

New South Wales (NSW):

• The Federal Government has withdrawn funding for the Dungowan Dam project.
• Northern Beaches Council seeks community feedback on the proposed design to renew the heritage-listed Paradise Beach wharf and pool.
• Acciona has submitted a State Significant application for the Orana Wind Farm, located south of Dunedoo.
• Bluefloat Energy is seeking community input for its Eastern Rise offshore wind project off the Hunter coast.
• SJB and Land and Form Studios have won a City of Sydney design competition for a new six-storey student accommodation complex at 263-279 Broadway in Glebe.

 

Australian Capital Territory (ACT):

• JW Land’s $232 million Belconnen Central project has been refused for being too large for the site and failing to meet planning rules.
• Core Developments is finishing the foundation works for its Nue development in Gungahlin.

 

Victoria (VIC):

• A 150-ha site within the Avalon airport precinct has been named as the site of the proposed home of motorsport.
• Construction has commenced on Stage 1 of Westwind Energy and TagEnergy’s Golden Plains Wind Farm.
• Lendlease has submitted a town planning application to the Minister for Planning for Stage 4 of its Docklands Collins Wharf development.

 

Northern Territory (NT):

• Northern Australia Accommodation Solutions and Sentinel Property Group propose developing CasStay, a four-storey, 48-room modular student housing complex at 17 Scaturchio Street in Casuarina.
• The Power and Water Corporation has released a tender for design and construction to return Manton Dam to service as a future water source for the Darwin region.

 

Queensland (QLD):

• Southern Cross Care Queensland has requested a $3.22 million grant from the Federal Government to help deliver an Age Well community centre at Illoura Village in Chinchilla.
• Work has commenced on the $298.5 million Centenary Bridge upgrade, which will deliver a new three-lane bridge over the Brisbane River and a widening of the existing bridges to create three southbound lanes at Jindalee.

 

Tasmania (TAS):

• Vos Construction & Joinery has commenced construction on the new Kingborough Child and Family Learning Centre co-located on the Kingston Primary School site.
• Detailed designs have been commenced by Pitt & Sherry for new parks and rides located on Pass Road, Rokeby, Claremont Link Road, Claremont, and Fenton Street, Midway Point.

 

South Australia (SA):

• Adelaide Football Club has released revised plans for the final master plan for their Thebarton Oval home base following community consultation.
• Australian Unity has acquired the Newmarket Hotel site on North Terrace from Singaporean-backed One North Terrace (Aust) Pty Ltd.

 

Western Australia (WA):

• Tenders have been invited for the $38 million, 700-bay Metronet Greenwood Station multi-storey car park.
• Construction has commenced on a $3.8 million all-ages, nature-based playground at Perth Zoo.

 

Mining:

• Assessment for the $242.2 million Richmond-Julia Creek Vanadium project in North West Queensland is now progressing with finalising the terms of reference for an environmental impact statement.
• Atlas Iron’s $2.7 billion Ridley Magnetite project located 57km south of Port Hedland in the Pilbara in Western Australia has been referred under the EPBC Act for public consultation.

 

In Summary

The Cordell Construction Monthly report for May 2023 paints a positive picture of the construction industry in Australia. The increase in construction activity across all sectors indicates a robust and growing industry, providing numerous opportunities for investors and developers. The construction industry is expected to drive growth and development as the economy recovers.

Remember, investing in the construction industry, like any other investment, comes with its risks. It’s essential to conduct thorough research and consider various factors before making investment decisions. Your Property Investment Advisor can assist in ensuring you have an understanding of these elements when investing.

For more detailed insights and analysis, you can access the full report. CLICK HERE TO DOWNLOAD

Disclaimer: This blog post is for informational purposes only and should not be considered investment advice. Always consult with a qualified professional before making any investment decisions.