More than $10 billion of infrastructure spending is underway and proposed across the Gold Coast.
A total of 149 projects were recently completed, currently under construction or planned across the 80 kilometre stretch from Yatala to Casuarina.
Transportation and retail were the biggest spenders with more than $4 billion and $2 billion worth of projects respectively while the education sector recorded the largest number of projects at 44.
“The Gold Coast has all the right economic drivers for continued growth including massive infrastructure investment, record apartment activity and population growth.
Spending was boosting confidence and demand for the area to new levels not seen since before the Global Financial Crisis.
The Gold Coast has all the right economic drivers for continued growth including massive infrastructure investment, record apartment activity and population growth.
New jobs are being created from the introduction of the light rail, particularly Stage 2 connection to the heavy rail to Brisbane, the $850 million makeover of Jupiters Hotel and Casino, and the $670 million investment in the Pacific Fair shopping centre.
The health and education precinct is also coming to life with the new Gold Coast University Hospital, Griffith University, and the recently completed Gold Coast Private Hospital. Approximately $800 million in sporting infrastructure will be spent on construction in readiness for the Commonwealth Games by 2018.
Tourism continues to ramp up in the Sunshine State with more than 11 billion visitors annually including international and interstate holiday makers and intrastate day trippers. In 2015, 902,000 international visitors to the Gold Coast spent $1.23 billion, marking an impressive 21 percent increase on the previous year.
The residential sector has also seen record growth in the past 12 months with the new apartment market registering 30 new projects and more than 1,600 sales. In some areas, apartment supply is struggling to keep up with demand.”
“Demand for Gold Coast apartments continues to be driven by a mix of international, interstate and local buyers, investors and owner occupiers based on the relative affordability to other capital cities, clean lifestyle and renewed confidence.
In the first quarter of 2016, the Urbis Gold Coast Essentials report recorded 436 unconditional sales across 39 surveyed projects with a weighted average sales price of $596,846. This compares to 311 sales in the corresponding quarter of 2015.
Demand for Gold Coast apartments continues to be driven by a mix of international, interstate and local buyers, investors and owner occupiers based on the relative affordability to other capital cities, clean lifestyle and renewed confidence.
We expect continued infrastructure growth and steady sales rates for the remainder of 2016. During the next 12 months, a steady stream of exciting new projects will add to the buzz on the Gold Coast.
