BILLIONAIRE developer Harry Triguboff wants to create his own Q1 at Southport, laying plans for a major new high rise that would almost rival the Surfers Paradise icon in height.

Mr Triguboff, who was yesterday listed by Forbes magazine as Australia's fourth richest person worth $3.2 billion, is seeking council permission to build a tower of up to 75 levels on his Brighton on Broadwater site.

But he also plans to cram in the tenants with the 'slender' high rise designed to house up to 900 apartments -- almost twice as many as Q1's 527 apartments.

The proposed Coral tower will be the seventh and final stage in the $1 billion Brighton project, which has been developed on the 5.1ha site of the old Sundale shopping centre site along Brighton Parade.

The proposal for a 70 to 75-level tower has almost doubled Mr Triguboff's original plans for a 40-level tower proposed as recently as last November.

Mr Triguboff wants Coral to be a 'signature' building that will become a gateway to the Coast's emerging high-rise heartland, Southport.

THE Gold Coast residential market is critically undersupplied and needs about 35 new dwellings built per working day to cater for the population boom, according to an independent analyst.

Speaking recently at Hope Island, Brisbane-based Michael Matusik said drastic measures need to be taken by local authorities to stimulate development to house the 16,700 new people a year calling the city home.

"The Gold Coast is currently undersupplied by 43 per cent when the number of dwelling starts for 2008/09 is matched with the projected underlying demand," he said.

"Translated, this means 8500 new dwellings need to be built each year, or about 35 per working day, to cater for the city's rapidly expanding population.

"As it stands now, on average only 550 new dwellings have been approved per month on the Gold Coast since July 2006 -- a shortfall of almost 2000 (a year) when compared to what needs to be built."

Mr Matusik said despite these 'astonishing' figures there was a flipside for investors.

"Demand, given the rapid decline in interest rates, is strong and will get stronger over the next six to 12 months, meanwhile supply is weak and will only get worse in the months ahead," he said.

"The Gold Coast's housing shortage is perpetuated by strong population growth and a lack of new developments as a result of the economic downturn and increased infrastructure charges.

"Astute investors are realising there is a golden opportunity in the market to pick up a bargain and position themselves to benefit from the Gold Coast's housing shortage."

Mr Matusik said buyers, including owner occupiers and investors, were seizing the opportunity created by the downturn and were snapping up existing stock, creating major benefits for the new projects currently in the market.