The Australian property market has been one of the best performing in the world for some time now, despite various attempts to drag prices south, but the Gold Coast is in a different league. Many people forget that Australia is one of the few countries in the world not to dip into recession in the 2008 downturn which decimated the Western world. The Gold Coast is known as the recreation and holiday centre of Australia but there is much more to it today. So, what’s not to like about the Gold Coast property boom?
The 2018 Commonwealth Games
When the Gold Coast was awarded the 2018 Commonwealth Games many believed this was the icing on the cake for a region of Australia which has been central to its success. This has created unprecedented demand for land in the region and the construction of multibillion-dollar infrastructure projects just adds to its attraction. Development spending in the region is currently estimated at around $17 billion with games venues, accommodation, retail, transport and entertainment venues all coming to the fore. Indeed such is demand for property in the region that many of the old high-rise properties have been replaced by multimillion dollar accommodation.
Just what the doctor ordered
In reality Australia has been a very successful country for many years now although the award of the Commonwealth Games will change the Gold Coast forever. Even now year-on-year increase in property prices in Queensland is double that of Brisbane and the Sunshine Coast. Gold Coast property prices are up around 8% year-on-year while Brisbane and the Sunshine Coast are struggling to hit 5%.
Just a couple of years ago there was a very interesting report about the Gold Coast suggesting it could become the metropolis to beat all metropolises. The population is expected to double to 1.1 million by the year 2050, cultural and economic development will continue to grow and the region will not only be a future holiday destination for many but also a business hub for Australia.
While we are fully aware of the enormous infrastructure spending ahead of the 2018 Commonwealth Games there is much more going on. The expansion of the Pacific Fair retail precinct will act like a magnet to consumers and businesses, the Star Gold Coast casino development will bring in a new type of highroller but the extension of the Gold Coast light rail project could be the game changer. Commuters will be able to travel from Brisbane to the beachfront of the Gold Coast in one seamless journey when the rail upgrade has been completed. This in itself is a monumental move!
The Commonwealth Games and the ever-changing face of the Gold Coast will bring in an array of workers, investors and businesses. It is also worth noting that multibillion-dollar improvements to the Gold Coast airport, with connections to Asia and New Zealand, are also in the pipeline.
Demand for property
Demand for both domestic and commercial property is set to increase right across the Gold Coast and in surrounding areas. The Commonwealth Games could be the catalyst which takes the region to a different level and the fact that multibillion-dollar infrastructure upgrades are already in the pipeline would suggest that the Australian authorities are ready for the challenge. Hundreds of millions of dollars of additional investment is also planned adding office space and expanding the retail market. The Gold Coast property market really is riding the crest of a wave.