The Gold Coast isn't just white sands, bronzed bodies and theme parks these days. No, it's quickly developing into one of Queensland's tourism, retail and investment hubs – a trend that will only swing upwards in anticipation of the city hosting the 2018 Commonwealth Games.
With industry in the area showing so much promise, it may just be the time to invest in commercial property on the Gold Coast and ride this wave to the shores of success. However, it's still essential you get the right advice to ensure you find the perfect property for you and your business's needs. So, to give you a helping hand on the road to smart commercial property investment, we've whipped up a quick summary of the Gold Coast commercial property market's current state and future outlooks.
As is the case in most of Australia's cities, residential property is one of the main drivers of value growth on the market due to supply shortages and high demand. The Gold Coast is true to this trend, yet it also boasts very healthy growth in commercial property values, according to a report by the Queensland Valuer General. This report found that value increases were impacted by falling vacancy rates and a demand for mixed use developments.
This indicates that business confidence is on the up in the area, as more and more commercial space is bought and leased by new or expanding businesses. The flow on effects of this are an increase in demand and thus growth in property values.
In the near future, the Gold Coast will be home to upwards of a dozen new developments with values ranging from $85million to $1billion according to More Gold Coast. Additionally a total of up to $13billion is being invested on major infrastructure projects, including cultural centres, health facilities and transport.
Some of the more impressive developments include the Jewel Apartments, a $1billion three-building residential development under construction in Broad Beach, or the full-scale Pacific Fair mall upgrade valued at $670million. This is brilliant news for residents and businesses in the area as improvements to the city attract more visitors, more economic opportunity and as a result, more money.
Dropping a billion may not be an option for you, so leasing commercial property on the Gold Coast may be a more affordable way to position your business to cash in on the region's considerable growth opportunities.
These massive investments in infrastructure and development are perhaps a reaction to forecasts that the city's population will double from 600,000 to 1.2million by 2050. One of Australia's leading demographers, Bernard Salt, commented on the scale of this growth in a Regional Development Australia Gold Coast report, stating:
"No other comparably scaled city in Australia can credibly claim to double in size over the next 35 years and yet that is precisely the promise of the Gold Coast. For this reason alone, Australian and international businesses should be made aware of the opportunities for investment and development in this most unique city of our time."
The indications are clear – commercial property on the Gold Coast and surrounding regions is showing incredible promise. Population growth, rising property values, massive developments and upcoming events are all contributing to the area's potential and immense future prospects.
Before moving or relocating your business and hunting for the right space, it's essential you know exactly what you're doing – even in such a hot property market, mistakes can be made. Why not contact Ray White Commercial today, and let our immense industry knowledge and decades of experience guide you and your business to the perfect property.