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 commercial and leisure construction projects that commenced in Australia in Q2 2024, according to GlobalData’s construction projects database.
1. Queen Victoria Market Redevelopment
The project involves the construction of 26,000m2 of four sheds in Melbourne, Victoria.
Construction work started in Q2 2024 and is expected to be completed in Q4 2026.
Queen Victoria Market officially opened in 1,878 and attracts about 10 million visitors annually. Sheds A to F were constructed that year but, at the time, the site included several pre-existing structures. The revamp of the project will rescue heritage buildings from disrepair.
2. Moxy Sydney Pitt Street Hotel
The project involves the construction of a 34-story, four-star hotel with 314 rooms in Sydney, New South Wales.
Construction work commenced in Q2 2024 and is expected to finish in Q3 2025.
The hotel podium will be built with recycled bricks. Buy the profile here.
3. Avani Mooloolaba Beach Hotel
The project involves the construction of a 13-story, 4.5-star hotel comprising 180 rooms on 0.29ha of land in Maroochydore, Queensland.
Construction work started in Q2 2024 and is forecast to complete in Q3 2025.
The project aims to provide better hospitality facilities in the region.
4. Western Sydney Business Precinct
The project involves the construction of a business precinct in New South Wales.
Construction work commenced in Q2 2024 and is expected to be completed in Q3 2026.
5. Bennetts Lane Commercial Tower
The project involves the construction of a 12,000m2, 20-story commercial tower on 0.15ha of land in Melbourne, Victoria.
Construction work started in Q2 2024 and is expected to be completed in Q4 2025.
The project aims to target 5-star NABERS and 5-star Green Star ratings.
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.
