If you were lucky enough to be brought up in the sunny locale of Surfers Paradise, you'll already be aware of what a fantastic region it is to live in. However, if you're relocating to Surfers Paradise for financial reasons, you'll likely appreciate the news that the population is booming in this part of southeast Queensland.
The Australian Bureau of Statistics has released new population growth figures for the 12 months to September last year, and they reveal some insights that commercial property investors in Surfers Paradise could relish.
Overall, Queensland's population sprouted to 4.72 million people over the 12 months from June 2013. This is an additional 70,500 individuals calling the Sunshine State home. However, the ABS notes that this population growth has actually slowed to slowest rate in 15 years. This isn't likely something to be overly concerned with. The populace is still tracking along strong compared to other areas of the country – in fact, it still has the third fastest growth pattern of any state or territory, sitting just behind New South Wales.
Similarly, Queensland has been experiencing a fantastic level of net interstate migration over the past decade which could suggest that a growing number of Australians are choosing it as their favoured destination. There have been far more people entering the state than there are leaving it according to the ABS figures, with interstate movements increasing the state's population by 5,800 additional persons.
In total, migration has been contributing positively to Queensland population. The net gain from both interstate and overseas entries and departures was 36,023 between 2013 and 2014. This is the second highest of any state or territory, once again placing it just behind New South Wales.
The populations of southeast Queensland have been instrumental in pushing these numbers along. In particular, ABS figures show that the populations of the Gold Coast and Sunshine Coast grew by 14,900 people over the 12 months to June last year. This is a whopping 46 per cent of Queensland total growth level.
The Gold Coast region was particularly strong over the same period and had the largest growth of any regional area in Queensland. The population swelled by 9,100 people to 560,300 over the year to June 2014.
Investors who are looking to lay down funds on Surfers Paradise commercial property can also find comfort in this news. A blossoming population base is typically good news for economic development, jobs, retail spending, construction and demand for property, both residential and commercial – the list goes on!
If you'd like to more about how the composition of the population in Surfers Paradise could give your commercial portfolio a boost, tap into the reliable local knowledge of the team at Ray White.
The ABS has also made some predictions about the make up of Australian households between 2011 and 2036. This is something that commercial investors in Surfers Paradise can also keep a close eye on, as it can also reflect the type of workforce that could emerge in Surfers Paradise. With Queensland's population steadily increasing, the ABS expects another one million households to be added to the state's mix alone.
Across the country, the largest growth aspect is, interestingly, expected to be lone person households, although the everyday family will still be the most common. These single person households are predicted to boom by around 61 per cent and 65 percent – this could mean fewer children in the state's household profile, and potentially a longer working life.
Have a chat with the professionals at Ray White if you'd like to discuss the great possibilities of owning Surfers Paradise commercial real estate.