Developers' fortunes ebb

UNCERTAINTY in the market is resulting in countless "coming soon" signs being left to rot on vacant blocks around the Fraser Coast region.

Most recently, silence from the team behind Wyndham Resort, one of the key developments set to boost the economy, has added to the uneasiness.

During the 2005-2006 boom big name developers from around the country and beyond cut red ribbons at glamorous grand openings of sales offices, but few ever made it past that point.

Even the Freshwater development in Scarness, which was launched with much fanfare and was selling through an office on the Esplanade, never made it off the ground. It was expected to be completed in 2010.

Ramada Resort chairman Timothy Wright said he was just relieved construction was under way on the resort before the downturn hit.

The recent successful Christmas period was a relief for the resort which had suffered significant setbacks in past years.

But while things were looking up for Ramada, Mr Wright said plans for the extension were on hold and he didn't see luck changing for developers anytime soon.

"We went ahead with construction on the basis the (proposed $800m) boat harbour development would go ahead and there would be direct flights to Melbourne," Mr Wright said.

"If either was going to be a possibility in the near future it would have happened by now.

"Sales drive demand for development and at the moment the demand simply isn't there."


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