Alongside its capital Brisbane, Queensland’s broader southeastern housing market has popped up as a potential bright spot in an otherwise fairly flat medium-term outlook for Australian property prices.
While the reports also caution that anticipated interest rate rises and new building throughout this period will slow things down slightly, local economic growth, event-related tourism and renewed enthusiasm from sellers is set to drive a pick-up in activity.
The Gold Coast is in the midst of major infrastructure projects as it prepares to host the Commonwealth Games in 2018. The G:link light rail, which links Griffith University’s Gold Coast campus to Broadbeach, has been open to the public since July 2014, adding to a network of local buses and train routes connecting Gold Coast to Brisbane and beyond.
Pacific Fair Shopping Centre is currently undergoing a $670m transformation that will see it become the largest mall in Queensland. The site of the former Gold Cost Hospital in Southport is also being redeveloped, while Broadwater Parklands, a master-planned community space that includes the new Gold Coast Aquatic Centre, is in its final stages Meanwhile, the $1bn mixed-use Pacific View Estate, green-lit to be built in the Gold Coast suburb of Worongary, has the potential to contribute up to $3.2bn to the local economy as well as create 3,500 houses and apartments and more than 2,700 jobs, according to figures quoted by the Queensland Government.