With pristine beaches, a relaxed lifestyle and plenty of sunshine, the Gold Coast has a lot to offer. If you are considering investing in property on the Gold Coast, it is worth looking into the statistics and dipping your hands in the booming property market.
Northern Gold Coast is a highly sought after area in the region. Thanks to the Coomera connector project, an alternate to M1, under construction and focus on infrastructure development.
Pimpama and Coomera are among the most popular destinations on the Gold Coast for migrations. According to the Australian Bureau of Statistics data, Pimpama and Coomera accounted for half the net internal migrations to the entire Gold Coast region.
Gold Coast has also seen a significant rise in the population over the last decade. Between 2011 and 2016, the population in the Northern gold coast has increased by 31%.
The property prices have risen significantly, but there will be a massive shortage in land supply in the coming years.
According to the State Government estimates, there is enough land supply for 45,000 new dwellings by 2041. Queensland Treasury has also backed the government estimates suggesting there is enough land for the next 15 years. However, a study commissioned by the Gold Coast developers suggests that only 11,000 dwellings can be developed taking into account environmental overlays, flooding maps and market conditions.
The state government estimates over 350,000 new residents by 2041. This target can be achieved by constructing over 31,000 new dwellings on greenfield sites located in the northern suburbs of the Gold Coast. This can be achieved by high-density development in an area reserved for low-density housing.
To deal with the land supply shortage, the options are to either opt for high-rise development or knockdown and rebuild. Knockdown and rebuild projects are popular in Brownfield areas located in the southern region of the Gold Coast.