AMBER HOOKER 25th Feb 2020 5:00 AM Subscriber only
HIGH-VALUE residential projects and a "thriving" renovation market have injected hundreds of millions into the Coast economy despite falling building approval numbers, according to an industry insider.
Master Builders figures, based on Australian Bureau of Statistics data, showed dwelling approvals on the Sunshine Coast fell by 17 per cent from 4738 in 2018 to 3953 in the year to December 2019.
All Queensland regions experienced a decline, except Rockhampton, where the council introduced a $5000 housing construction grant from August 1 last year.
Master Builders Sunshine Coast regional manager Will Wilson said the region still boasted a healthy economy and an abundance of stable, high-paying jobs to support both existing residents and inevitable population growth.
"If you have people who have good, stable well-paid jobs, they need a place to work play and live, that's when construction is good," Mr Wilson said.
Mr Wilson said high-value builds and renovations had remained strong, particularly in suburbs such as Mooloolaba, Minyama and Caloundra where vacant land was scarce.