- 14 July 2017
What's Behind The Gold Coast Property Market Boom?
Australia’s leading demographer Bernard Salt recently released the landmark Beyond the Horizon study into the 50-year future of the Gold Coast.
The awarding of the 2018 Commonwealth Games to the Coast has provided a huge spike in construction of appropriate infrastructure and is a major driving factor in the growth of the Gold Coast property market.
The current development spend across the region, including Games venues and accommodation, the multimillion-dollar replacement of older high-rise, and retail, transport and entertainment venue expansion, is put at about $17 billion.
The recently released Australian Housing Outlook to 2019, prepared by BIS Shrapnel for QBE, points to other key drivers:
- The low Australian dollar improving the Gold Coast’s competitiveness as a holiday destination;
- Expansion of the Pacific Fair retail precinct;
- Extension of the Gold Coast light rail project;
- The Star Gold Coast (formerly Jupiters Casino) redevelopment.
AMP Capital’s Pacific Fair, for a long time the largest retail centre in Queensland, has been further transformed at a cost of $670 million into a complete leisure and fashion destination with 120 new stores (420 in total) leading to 1400 new retail jobs.
G-Link, the Light Rail Project, currently a 13-kilometre stretch between the Gold Coast University Hospital at the northern end of the coast and Broadbeach, is being extended to Helensvale rail station – a link that will provide commuters and visitors with a relatively seamless rail transition from Brisbane to the beachfront. The plan is to have it open in time for the Games.
A new, six-star tower is one focal point of a huge redevelopment of The Star Gold Coast with an overall investment in development and existing property refurbishment worth about $850 million.
Property Club has great property options in the Gold Coast & Sunshine Coast - best chosen for capital growth by our Property Research team!
Have a great weekend and catch you next week!
Troy Gunasekera National Manager
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