Already in 2016 there has been a confidence surge surrounding the Australian economy. According to the ANZ/Property Council Survey, confidence for the March 2016 quarter is up 6 points to 138 in Queensland, with 100 being a neutral score. Tasmania sees the biggest improvement, with a 16-point rise to 158. With confidence levels so high already, and more surges expected for the rest of the year, the time to buy commercial property on the Gold Coast is now.
ANZ chief economist Warren Hogan believes that "capital growth has strengthened across most commercial property sectors, with the expectations of capital growth strongest in retail and tourist accommodation property".
Retail leasing on the Gold Coast is booming, with Roy Morgan Research CEO Michele Levine finding in her 'State of the Nation: Australian Retail' report that Australians spent over $100billion on retail items in the last financial year. With such promising expenditure all over the country, the retail sector on the Gold Coast, an ever-growing tourist hot spot as well, seems like the perfect place to set up shop.
With lower levels of construction expected in 2016 compared to the previous year, the property sector is still expected to boost the economy. Mr Hogan stated that while the housing market has eased off over the past six months, "the pipeline of commercial property construction, however, is gradually growing".
Queensland has some plans in place to help consolidate the expected financial turnover. Queensland executive director of the Property Council Chris Mountford said that "if the Government can pass their new planning legislation and deliver integrated and meaningful regional land-use and infrastructure plans, they will send a strong message to industry that Queensland is open for business".
That can only be good news for anyone looking to buy or lease commercial property on the Gold Coast.
According to the Chamber of Commerce and Industry Queensland (CCIQ), retail sales for the month of November 2015 jumped 0.8%, which was double the national average. The growth over the month was an indicator for what was to come at the beginning of 2016.
CCIQ director of advocacy Nick Behrens said that the solid growth of retail in Queensland was up on the expected lows from recent years. While the economy is being touted to fall, Queensland retail keeps getting stronger.
With that in mind, having a plan to expand your business into the state could be considered a shrewd business move. Starting with simple office leasing on the Gold Coast will pave the way for expansion and give your company a solid grounding before deciding to take the plunge and lease some retail property in the Sunshine State.
Mr Behrens went on to say that "the jewel in the crown has been cafes, restaurants and food services recording the highest growth" because of a lower Australian dollar and Queenslanders deciding to stay in-state rather than venturing elsewhere for their holiday breaks.
In a separate report, Mr Behrens said that the unemployment rate in Queensland had hit its lowest point since November 2013 at 5.8%, and is equal to the national average. That is promising for businesses looking into Queensland as an option, as companies are growing and their employment rates are rising.
"These figures are promising and clearly indicate that the economy is heading into positive territory," Mr Behrens noted.
For business owners looking at office or retail leasing, and Queensland's economy growing stronger and stronger, the time is now to search for commercial property on the Gold Coast.
Contact Ray White Surfers Paradise to find out more.