Expanding on the city's growth following the success of the 2018 Commonwealth Games, $30 billion will be invested into the Gold Coast to build infrastructure across a range of sectors that seeks to evolve the popular tourist destination into a vibrant city with a multi-dimensional economy.
Despite fears that the construction of the Commonwealth Games’ buildings and infrastructure would be the peak of activity across the Gold Coast for the foreseeable future, recent research has revealed nearly $20 billion in residential projects are earmarked to meet the city’s ongoing growth, while a further $10 billion in public and private infrastructure is underway or planned for the city.
The research was prepared by Ray White Surfers Paradise Group and property consultants Urbis. “The staging of the Games heralds the beginning of the next chapter of the Gold Coast’s evolution from a tourist town into a vibrant city with an expanding multi-dimensional economy," stated Ray White Surfers Paradise chief executive, Andrew Bell
The significant residential pipeline came after a protracted post-GFC lull in development when very little was added to the Gold Coast’s stock of new housing and apartments.
“There’s extremely high demand for housing on the Gold Coast thanks to strong population growth and the shortfall in new homes and apartments coming to the market over the past decade,” said Bell. “As a result of the hiatus in development, we’ve had rental vacancy rate sitting at around one percent for some time, as well as significant pent-up demand for residential land in many areas of the city.”
Based on Urbis’ findings, the Gold Coast has more than 250 projects rolling out in multiple sectors, including transportation, tourism, retail, health and services. This includes the $615 million third stage of the Gold Coast Light Rail, the $500 million Westfield Coomera Town Centre, the $385 million Gold Coast Cultural Precinct, and the second stage of the Gold Coast Airport’s $300 million masterplan.
Lynda Campbell, author of Urbis’ Gold Coast Infrastructure Report, said more than half of the infrastructure spending was public and many of the projects would be undertaken over many years.
“While $2.4 billion in infrastructure development has been completed in the past 12 months, we still have $3.4 billion worth of projects currently under construction and a further $7.2 billion planned," Campbell explained. "The data reflects the Gold Coast’s diversifying economy and demonstrates that there is plenty of growth yet to come for the city."