Colliers International Gold Coast Snapshot has revealed the city will hit the one million population milestone within the next 30 years, underpinned by the internal migration seen throughout the pandemic and more than 50 residential projects currently in the works.
The Gold Coast’s strengthening economic resilience and solid growth as the preferred destination for Australia’s “internal migrants” is expected to underpin a positive long-term outlook for its property sector, according to new research.
Across the city, there are currently more than 50 residential projects with an estimated investment value of $4.8 billion under construction and with firm pipeline commitments.
The latest Colliers International Gold Coast Snapshot, despite the impact of the COVID-19 pandemic, the city is still on track to hit the one million population milestone within the next 30 years.
“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,” the report states.
“The COVID-19 pandemic has had a negative impact on business activity, particularly for businesses operating in the sectors of tourism and international education, however other sectors have thrived including logistics and the housing market.
“Whilst the Gold Coast economy has not been immune to the current economic uncertainty, the long-term regional economic fundamentals are expected to underpin a positive long-term outlook for property investors.”
Steven King, Director in Charge at Colliers Gold Coast, says the research underpins the strength of the Gold Coast economy despite the challenges posed by Covid.
“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,” said Mr King.
“The infrastructure and development pipeline and population forecasts outlined in the data paint a very positive long term picture for the Gold Coast.”
The Snapshot indicates forecast investment in major infrastructure projects totalling $5.2 billion will significantly facilitate the recovery and growth of Australia’s sixth biggest city.
“The forecast investment in large infrastructure projects is equivalent to about 13.6 per cent of the GRP (Gross Regional Product),” it states.
Among the major projects it cites are 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) and the Star Casino Expansion ($345 million).
According to the Snapshot, the Gold Coast’s increasing resilience is also evident in the latest employment figures, which show its employed ranks now total 371,100 persons — an historic record level in the region.
“The Gold Coast has historically been able to create job opportunities for the growing population,” it states.
“Despite the challenges imposed by the pandemic, the regional employment market has recovered quickly with the unemployment rate contracting from the peak of 8.9 per cent in July 2020 to 3.9 per cent in May 2021.”
Construction employment remains very relevant for the region and has been boosted by the HomeBuilder program implemented to support the recovery of the national economy.
Tourism, which has consistently been a major industry in the Gold Coast, has been negatively impacted by the pandemic since March 2020.
But despite the challenges, an annual economic injection from domestic tourism activity of $2.4 billion was estimated for the year-on-year to March 2021.
Source: Colliers via MediaHunt