The development of Chinatown in Gold Coast is an increasing possibility for investment in the near future, with the region experiencing a huge degree of growth over the last year. This could present a good investment opportunity for commercial property in Surfers Paradise, with a strengthening Asian population across the state and nation as a whole.
The precinct is experiencing continued development, and will become a significant player in the overarching central business district of the Gold Coast following it's completion. Taking the time to get in touch with a local real estate agent right now and making moves to purchase property in the area ahead of completion could be a brilliant way to get in on the ground floor and expand your portfolio in an up-and-coming financial space.
There are a number of reasons why investing in this area could be a great step to take. With the growing population and rising Asian investment presence across the nation, rapid value growth, increasing residential development projects and an overarching economic jump could be on the cards for the future.
Looking at data from the last two censuses offers some insight into the growth of the population in the Gold Coast, which has risen significantly between 2007 and 2011. For example, according to the Australian Bureau of Statistics, the population in 2008 was recorded at 497,800 people for the Gold Coast alone. However, looking at the 2011 Census data for the same region highlights that the population rose to over 507,000 individuals – a jump of almost 10,000 people over three years.
This is great news for the future development of the region, with consistent growth – which is only expected to continued upwards into the future. The $6.8 million Chinatown precinct is an integral part of the region's redevelopment, creating a number of residential and commercial property opportunities, as well as pushing for both public and private investment during the development and well after the precinct has been opened to the public.
The Gold Coast Chinatown Master Plan offers some insight into the overarching potential of the area, with a whole host of lifestyle and nightlife goals expected to be realised in the already culturally-vibrant region of Surfers Paradise.
Furthermore, the roading design has been developed with pedestrians in mind, creating a free-flowing space with minimal car parks and obstacles for those travelling on foot. This flexibility will ultimately be used to further develop the area at a later date as well, allowing for the region to continue to grow over time. This aligns with the region's growing support of more sustainable lifestyles overall, allowing people to embrace public transport and alternative travelling options outside of their personal vehicle.
The Chinatown development is just one of the multiple projects being undertaken in Southport, with Deputy Premier and Minister for State Development, Infrastructure and Planning Jeff Seeney stating that the region's Priority Development Area aims to help build the Gold Coast into an iconic piece of Queensland.
"It is perfectly positioned to capitalise on more than $3 billion in infrastructure spending underway in Southport, including the development of the new Gold Coast University Hospital, the Gold Coast Rapid Transit system, the Commonwealth Games and the new China Town Precinct," said Mr Seeney in a 24 September statement.
"Our government is determined to make the best use of state land, whether it be offering land to community groups for charitable purposes or to private parties with the financial capacity to revitalise sites."
With this in mind, now could be a great time to get in touch with a local real estate agent and begin looking into the various commercial real estate options scattered across the Surfers Paradise region today.