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How can the Economic Development Strategy boost the Gold Coast?

By Greg Bell

The Gold Coast is currently experiencing some really positive growth, with high tourist numbers and strong economic returns leading the way for a stable economy.

The Gold Coast Economic Development Strategy 2013-23 (EDS) outlines the ways that the city plans to take advantage of these boosts, and what areas will benefit the most. Commercial property on the Gold Coast is one of them.

The first step is behind us

In order to take steps toward growing the city, setting firm foundations is the key. Having the 2018 Commonwealth Games in the region is a great start, and a large number of tourists will be visiting for the sporting spectacle.

The National Institute of Economic and Industry Research (NIEIR) reported that in 2013-14, the tourism and hospitality sector added more than $2.8 billion to the economy. 2018 is set to see an even larger boost in these sectors, and that is great news for residents.

City of Gold Coast mayor Tom Tate is optimistic about the ways the great building blocks can propel the economy.

"To create a solid platform from which all Gold Coasters can prosper and grow, we must broaden our approach," he said.

Industries to benefit

While tourism might be continuing to show improvements, the jobs front is projected to receive a welcome increase as well.

The EDS states that an increase in the number of residents employed is a key to achieving the regional development that the city is expecting. An increase in employment of 23 per cent is planned, and achieving that could well be great news for commercial property. With a projected 100 per cent increase in exports from the city, industrial leasing on the Gold Coast will also be looking to take advantage of the rapid development.

Owners of commercial property will be relishing the prospects that are unfolding around the area, and they have good reason to believe that they are going to take a strong position in the market.

The NIEIR lists retail trade as the strongest sector in the Gold Coast. Of the four biggest areas of employment in the greater region as stated in a report from economy.id and the Australian Bureau of Statistics (ABS), 4,811 people are employed in the retail sector, making up 14.2 per cent of the market. Further encouragement for industrial property owners is the fact that in these same four areas, manufacturing is the second largest sector accounting for 13.8 per cent of the market, employing 4,583 people.

An ABS census in 2011 found that 28,629 people were employed in the retail sector. Construction was next at 26,140 people. Both of these industries are likely to improve as the region continues to grow. More people in the area will require a stronger retail market for buying products, and an increased population requires more residential living spaces, so more construction.

Making waves in your market

Having the sense to lease commercial property in the Gold Coast could set you on a great path for success in the coming years. As the Gold Coast grows, your business could reap the benefits, and all you have to do is be in the market.

A projected improvement in the gross regional product (GRP) of 18 per cent will set a strong tone for the economy, even if that figure is not quite achieved.

Getting ahead of your competition is easy if you make the right decisions, and leasing commercial property with Ray White Surfers Paradise could prove to be your best option for growth. Property investors that are looking to add value to their portfolios will also be eyeing up the Gold Coast as their next move.

Get into the market and take advantage of the great boost that the EDS is projecting for the region.

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