As the Commonwealth Walkway was opened at Southport a few weeks ago, another important step was taken towards the 2018 Games, which will undoubtedly be a highlight to be remembered for decades on the Gold Coast.
"The walkway will be completed in stages and, in time, I hope it becomes a local treasure. This is yet another important milestone for our city in the lead up to the Gold Coast 2018 Commonwealth Games and will serve as an active legacy to the event," said Gold Coast mayor Tom Tate in a 9 April statement about the opening.
The walkway highlights areas pertinent to the games, and is a reminder of the growth that will impact both Surfers Paradise commercial property and the wider Gold Coast. But what about beyond this? While the games will be a huge event, those building business or looking for long-term commercial property leasing will have cast their eye well beyond 2018 – and that includes the local commerce authorities.
In a 16 April media release, the Chamber of Commerce and Industry Queensland (CCIQ) made calls for a focus on job creation beyond 2018, to ensure the Gold Coast thrives well into the future. Two particular focal points, especially for small businesses, were proposals for a cruise ship terminal and stage two of light rail in the area. The former of these is expected to create a precinct that could foster as many as 16,000 job opportunities.
"The policy council believes the best way to reduce unemployment for younger Gold Coast residents is to invest in major projects that will create short, medium, and long term job prospects," said Martin Brady, regional policy chair for the CCIQ.
It isn't just for the far future, however – it will also greatly aid the Gold Coast when the Commonwealth Games begin. Mr Brady actually called on the Federal government to provide funding for this crucial piece of infrastructure. Developments like this will continue to be important for those who want to buy commercial real estate in Surfers Paradise, as it will facilitate growth and attract more tenants across a diverse range of industries.
While residential property is currently experiencing huge gains in many areas of the country, commercial real estate nonetheless has an important role to play in the future, including around Surfers Paradise and Gold Coast. According to the CoreLogic Housing and Economic Market update for April this year, commercial real estate is responsible for $0.7trillion of Australia's current wealth.
This is a huge figure, and one likely to grow in coming years. Entering this market, especially in thriving tourism hubs like the Gold Coast, is one way of being a part of potential future growth.
Mr Brady has noted that the proposed second stage of light rail for the Gold Coast has already received support from Jackie Trad, deputy premier of Queensland. On top of this, he believes that a recent Productivity Commission report into workplace relations will allow businesses to continue growing, particularly when it comes to how employees are paid.
"As a predominately tourism driven economy, penalty rates continue to be a significant issue for small businesses on the Gold Coast, and we are hopeful the Productivity Commission will recognise such matters when making its recommendations to the Federal Government," he said.
With these indicators already in place, the long-term growth of the Gold Coast looks healthy, both leading towards the Commonwealth Games and in the long-term beyond the event. Anyone who wishes to be a part of the region by buying commercial or industrial real estate in Surfers Paradise can do so by contacting their local Ray White agent.