The backbone of a strong economy is employment and providing the right number of jobs to people in a community. After all, like a well-oiled machine, regions develop and grow when the sum of all their parts are working towards a common goal. And this is one of the major things to remember when looking into purchasing commercial property in Surfers Paradise: The health of the market – both current and future – are essential factors to take into consideration before buying.
Things like a growing economy or rising tourism numbers are good signs of a progressing market, while things like increasing vacancy rates or falling consumer confidence could be the telltale sign to consider waiting on the market for a little while longer. Of course, when it comes to commercial property, the movements of the economy weigh even more on your decision – lest you buy into a ghost town accidentally.
On the positive side, however, are the current employment figures across Queensland. According to the results, which were released late last week (September 11), the number of jobs created in Queensland over the last 12 months is the highest rate out of all the nation's states. In fact, Treasurer Tim Nicholls said the seasonally adjusted figure for Queensland employment has increased by 64,400 – with 16 consecutive months of growth occurring for the Sunshine State.
"Unemployment in Queensland is sitting at 6.7 per cent, both on trend and seasonally adjusted measures. While our economy is growing strongly there is more work to be done to ensure all Queenslanders are sharing in that growth," said Mr Nicholls in a September 11 statement, highlighting that the workforce participation rate has also moved into stable territory as well.
With a number of future initiatives being planned, alongside the various infrastructure projects currently being undertaken across the state, the future of Queensland looks to be a particularly bright one. Tourism and the impending Commonwealth Games are pushing for more and more blue collar workers to move into the area and get these projects finished by the time the event rolls around, while hotels and other tourist spots are prepping for the influx of people coming to enjoy the games.
As Queensland continues to grow and develop, it's important for the region not to lose sight of the other circumstances that will arise as the region strengthens. One of the main things that needs to start being taken care of ahead of these leaps forward is the future education of the state's children. After all, learning is the backbone of a child's movement into the real world and providing them with the basic skills to look after themselves is the prerogative of both their parents and the wider community.
The Queensland government recently announced a new early literacy program called Best Start, which aims to provide support for childhood development of reading and writing – two of the most important skills that a child can learn.
Maintaining and preparing the next generation to carry the economic mantle forward could be incentive for further growth of Queensland's economy, with Premier Campbell Newman explaining the program will provide a boost in funding for these learning centres, begin a state-wide awareness campaign and create a literacy toolkit for parents and caregivers to help provide the best for their young ones.
"In the Plan, Queenslanders called for an education system that embraced learning as a lifelong endeavour and said that education was a launch pad to achieving a rewarding life. Currently almost one in four Queensland children does not know enough words on starting school and sadly many never catch up," said Mr Newman in a September 14 statement.
With the foundation for the future development of the next generation being laid out by the Queensland government, now could be a great time to consider making your own investment moves into the region's future and secure commercial real estate in Surfers Paradise today.