Master Builders Australia's (MBA) latest National Survey of Building and Construction has highlighted the returning strength of commercial building across the nation, with figures returning to the highest level seen since since the global financial crisis. This could be a wonderful opportunity for those interested in buying commercial property in Surfers Paradise, as the nation continues to move from strength to strength heading into the future.
Rising construction figures are potentially in response to the national shift away from mining investment into other, more tangible avenues of economic development. MBA chief economist Peter Jones said this was the first time in five years that commercial construction has moved into positive territory – which could be something to take note of and capitalise on.
"For the second consecutive quarter the survey shows improvement in the current business conditions of commercial builders while the index measuring expectations of future activity also rose sharply. Driving the recovery is increased confidence in the prospects for commercial construction as the upturn in residential building strengthens and evolves," said Mr Jones in a 21 October statement.
"The survey shows the transition to non-mining related investment in the economy is gaining traction but that the recovery in building activity needs to broaden across all states and territories for the industry to sustainably underpin increased GDP and jobs growth."
This could offer some insight into the improving conditions of the national commercial market. Furthermore, with the increasing degree of infrastructure development happening across the Surfers Paradise region, this could create a hospitable environment commercial investment over the coming months and years.
Furthermore, the latest ANZ/Property Council Survey has revealed the continued growth of the Queensland property industry. Confidence has risen by seven points over the last quarter to 143 points, with Queensland executive director of the Property Council of Australia Chris Mountford stating that this is the fifth consecutive quarter where confidence has grown up the national average. This is just behind New South Wales as the most positive state over the last three quarters.
"In a positive sign for the Queensland economy, respondents expect strong growth in their forward work schedule and staffing levels over the next 12 months. Additionally, capital growth expectations for the retail, residential, industrial, hotel and retirement living sectors are firmly planted in positive territory," said Mr Mountford in a 16 October statement.
One thing the region is currently lacking in is commercial office spaces, which are an important part of any city's central business district economy. Therefore, bolstering these office space supplies across the region is a great way to further contribute towards the overarching growth of Queensland's economic state.
Furthermore, ANZ senior property analyst David Cannington said the outlook for future employment and capital growth across the Sunshine State is expected to continue upwards, especially in the health, hospitality and retail sectors.
"Housing market conditions have also broadly improved, although remain divergent across the state, with upbeat conditions in Brisbane and south east Queensland, while regions exposed to the mining and resources sectors are underperforming," said Mr Cannington in a 16 October statement.
These circumstances all point towards an increasingly viable market for investment in the near future. With interest rates remaining low and the expected population boom already well underway, the current market could be a wonderful investment opportunity for commercial property buyers in Surfers Paradise.
Get in touch with a local real estate agent and begin discussing the various property and construction options available across the Gold Coast region today, and being the journey towards creating and developing your own commercial investment portfolio for the future.