It's hardly a secret that commercial property on the Gold Coast is in high demand, but the latest figures have revealed just to what extent. Research from Gold Coast Cityscope, part of CoreLogic RP Data, shows that transaction levels have increased over recent months as investors continue to recognise the merits of being located in this particular part of Queensland.
With excellent transport links, an enviable lifestyle and plenty of redevelopment, it's not surprising that buying Gold Coast commercial property is high on the agenda for many businesses at the moment. Data proves that this is the case, revealing that there's strong competition for prime real estate – and that businesses are willing to pay a premium in order to secure it.
A closer look at the figures shows just how popular this type of property has become. The rise has been most notable over the past three months, with sales totalling $198.6million.
Retail strata property on the Gold Coast was one of the most popular during the three months to June, accounting for $15.2million of total sales. Meanwhile, retail property was responsible for $9.3million and $11.8million was secured for commercial real estate.
To put these results into context, the 12-month total sales figures for Gold Coast commercial property reached more than $791.1million. This marked a rise of over $297million from the previous year.
The increase in demand for business premises on the Gold Coast is far from a recent trend. It's something that has been building for some time now, as companies realise the investment potential of being located in this part of Queensland.
The Property Council of Australia's July 2015 Office Market Report earmarked the Gold Coast as one to watch in the commercial property market, with particular reference to office leasing. At the time, vacancy rates were already starting to fall, decreasing from 15.2 per cent to 14.8 per cent in the six months to July.
"The Gold Coast economy is well placed, as it is currently experiencing a wave of investment in residential and tourism related products, along with construction works for the Commonwealth Games gathering pace," said Chris Mountford, Queensland executive director of the Property Council of Australia.
"This means the fundamentals are right for the office market to absorb the 6,392 square metres of office space due to hit the market over the next 18 months."
He identified that the Gold Coast was already a standout performer, with its results outstripping those of Canberra, Perth and Brisbane. A-grade office leasing on the Gold Coast was in especially strong demand, as vacancy rates in this sector marked the greatest decline in the middle of last year.
There are plenty of signs that the Gold Coast is the place for investors to be at the moment. As with any investment, there's no way of guaranteeing that this will continue – but the indications are positive.
Sales are thriving and vacancy rates are falling, so there's evidently plenty of demand for Gold Coast commercial property. This is why you should seriously consider enlisting the help of a real estate agent to assist your purchase and make sure you get to see exactly what is available.
In a market as big as this, it can be easy to feel overwhelmed by what is on offer. With us by your side, you can tackle the area stage by stage until you find something that meets your every need.
Get in touch with our team of experts today to find out more about this popular place for commercial property.
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