- Gold Coast to hit one million population milestone within next 30 years
- Property sector will flourish in long term
- $5.2 billion on infrastructure projects
New research has found Queensland’s Gold Coast is expected to underpin a positive long-term outlook for its property sector.
The latest Colliers International Gold Coast Snapshot suggests the city is on track to hit the one million population milestone by 2051.
“Affordability, lifestyle, and high-quality health and education services have consolidated the region as the preferred destination for net interstate migration across Australia over the past year.”
Colliers International Gold Coast Snapshot, 2021
With the Gold Coast always being a popular destination for internal migrants, having had the largest population growth rates outside of capital cities between 1996 and 2016, it’s an ideal location for property projects.
Director at Colliers Gold Coast Steven King said, “the infrastructure and development pipeline, and population forecasts outlined in the data paint a very positive long term picture for the Gold Coast.”
The city currently has more than 50 residential projects, with an estimated value of $4.8 billion under construction, and pipeline commitments.
Some of the major projects include:
- Pacific View Estate ($3.2 billion)
- Coomera Connector ($1.5 billion)
- Light Rail Stage 3 to Burleigh Heads ($1.04 billion)
- M1 Pacific Motorway Upgrade Varsity Lakes to Tugun ($1.03 billion)
- Queen Street Village Southport ($500 million)
- Star Casino Expansion ($345 million)
With another $4 million to be spent on upcoming major infrastructure projects, the city is projected to grow.
“The forecast investment in large infrastructure projects is equivalent to about 13.6% of the GRP,” said the report.
Mr King said the research underpins the strength of the Gold Coast economy despite the challenges posed by COVID-19.
“Obviously certain sectors have struggled, such as tourism, but the data shows that the city is not only enduring under the weight of these challenges but forecast to perform very well when things get back to normal,” he said.
The report stated, despite the Gold Coast economy not being immune to the economic uncertainty brought by the pandemic, long-term regional economic fundamentals are expected to underpin a positive long-term outlook for property investors.
Able to create job opportunities for its growing population, the Gold Coast’s unemployment rate has recovered decreasing from 8.9% to 3.9% between June 2020 to May 2021.