The Gold Coast is a fantastic tourist destination, and it looks set to become more popular for residents as the job market in the region strengthens.
As development in the Gold Coast continues at an unbelievable rate, there could be more reasons for residents to smile as the jobs market in the Sunshine State is looking strong.
The Queensland Treasury Mid-Year Fiscal and Economic Review 2015-16 (MYFER) provides an excellent snapshot of the growth and that is providing a boost in the state.
As the job market around Queensland continues to see improvements, commercial property for sale on the Gold Coast and Surfers Paradise could benefit from stronger industry conditions.
The property industry creates 11 per cent of local economic growth, according to the Property Council of Australia, and employs over 1million people. Such a significant part of Australian success and being a driving factor behind growing the economy, property on the Gold Coast could see major boosts with an enhanced job sector in the state.
The Queensland government plans to create business conditions that work to improve the number and strength of jobs in Australia's north-east, and a part of that is planning a $45billion tax rebate for apprentices and businesses over the next three years. What's more, a $40million business development fund is in the works that could help to make the Gold Coast more accessible to investors and businesses looking to lease commercial property alike.
The suburb of Southport is a major key to the success of the Gold Coast job market. Quickly becoming a hub for jobs in the city, the area is being handed a new investment plan worth up to $2.5billion, and that means the number of jobs will only increase.
"Southport already has the highest number of jobs in the city – 25,000 jobs – with this figure expected to grow to 60,000 by 2036," said Gold Coast mayor Tom Tate.
"It also has the highest amount of commercial floor space in the city, with more than 150,000 square metres over 80 buildings."
While the Gold Coast is growing, strong, continued investment in Queensland is an attractive prospect for people looking to move into the region.
The MYFER sets out a $1.6billion Working Queensland plan, aimed at providing new motivation to businesses and employees within the state. Over 50,000 jobs created in Queensland between January and November of 2015 set a remarkable precedent for potential future growth in the market and that figure should be encouraging news for people looking at moving to the Gold Coast.
A predicted gross domestic product growth in Queensland of 4 per cent by the end of the 2016 financial year is the largest in the country, with New South Wales projected to grow 3 per cent as the next largest figure. The strongest economic growth in the entire country mixed in with the continued investment and strength of the property market highlights commercial property on the Gold Coast as a great financial move for investors.
Further major developments in the region include the Gold Coast Light Rail being improved with Stage 2 of the project beginning, a gas pipeline stretching from Tennant Creek to Mount Isa and the $3billion Queen's Wharf development in Brisbane. The government has set aside $500million of investment for schools and hospitals, with $26million going towards state schools around Queensland.
As the state prepares for this growth and employment in the state improves, investing in commercial property on the Gold Coast is beginning to look more and more like a shrewd financial move. A growing industry points you towards the specialists, and the team at Ray White Surfers Paradise can help.