The COVID-19 pandemic brought about an unpredictability that saw projects that stalled late 2020 fast forward in 2021 as the market improved. According to the Australian Bureau of Statistics, the June quarter saw the highest increase since records began in 2003 (https://www.abs.gov.au/media-centre/media-releases/residential-property-price-growth-strongest-record), with Brisbane recording an annual increase of 27.4%.
The Gold Coast is considered a “lifestyle region”, which has seen an influx of internal migration from other Australian cities and regions. The demand for housing is at a record high, which has increased prices further.
However, a surge in new builds has caused supply chain issues and a shortage of materials, causing delays in projects and increased construction costs. These issues pose a risk to developers and builders, particularly on larger projects.
As fire engineers, Sotera are experts in reducing fire risk but also in providing early advice on design concepts that impact design security; thus, reducing approval risk. We have an industry-leading $10M professional indemnity insurance, which provides assurance for our clients. We can do this, as we have an impeccable track record since our establishment in 2007.