- The Gold Coast's forecasted population growth has been revised down.
- Lower projected numbers could work in the Gold Coast's favour.
- Coomera, Helensvale, and Hope Island are to be beneficiaries of population growth.
The Gold Coast property market is not expected to falter in the face of a recent revision to population forecasts.
“The most recent population estimates released in 2023 show a downward revision in the population projection compared to previous figures,” according to the Colliers Gold Coast Market Overview.
“Nevertheless, the medium series estimates indicate a significant 41% population growth between now and 2041.”
While the Gold Coast won’t break the million by 2041, the population is still projected to reach 915,611.
According to Colliers Gold Coast director-in-charge Steven King, a slowdown in population growth isn’t about to put the brakes on the Gold Coast property market.
“We have to put this into perspective as the Gold Coast is a maturing city with a maturing property market that will continue to be driven by its position as one of the fastest growing regions in Australia,” he said
He added that the lower population projections could be considered to be in the Gold Coast’s benefit.
“On the one hand it gives the city’s property market a breather catch up but, on the other, the scale of future population projections indicates demand for housing is not going to fall off a cliff in the medium to longer term,” he said.
What is driving the population growth?
The Gold Coast’s current population stands at 647,824, driven by a growth rate that has exceeded the 17% Queensland average over the past 10 years. In 2022, the region recorded the second largest population growth among major Australian cities.
“A substantial portion of this population increase is due to interstate migration, particularly from cities like Sydney and Melbourne.”
Steven King, Colliers Gold Coast director in charge
Back in July, two Sight Unseen reports by Little Hinges found that 40.4% of properties for sale on the Gold Coast were inspected by interstate buyers and 33.8% of rental properties on the Gold Coast were inspected from interstate.
King noted a surfeit of infrastructure projects is set to ensure the Gold Coast remains an attractive proposition for investors.
“With an impressive pipeline of projects and substantial investments in infrastructure, including the anticipated benefits of hosting events during the 2032 Olympics, this region is poised for continued growth that can only intensify as the population heads closer to the million people mark,” said King.
“The expansion of road and transport networks, along with the development of a high-frequency light rail system connecting the rapidly growing northern suburbs to Coolangatta in the south, will not only bolster public transit options but also make investing in the Gold Coast an even more attractive proposition.”
Which areas are poised for growth?
The Ormeau-Oxenford region is expected to absorb an additional 103,000 people between 2021 and 2041, according to Colliers’ Market Overview.
The report noted this growth will be primarily driven by areas such as Coomera, Helensvale and Hope Island, which are anticipated to to experience the highest growth in terms of population.
Over the same period of time, Gold Coast North is expected to accommodate an extra 35,000 people, with Labrador and Biggera Waters playing a major role in that population growth.