$30b to ease Gold Coast post-Commonwealth Games hangover

$30b to ease Gold Coast post-Commonwealth Games hangover

27 April 2018

$30 billion in private and public developments to be rolled out on over the next decade is putting paid to criticisms the Gold Coast would suffer a post-Commonwealth Games hangover, reports The Australian.

Research from Ray White Surfers Paradise Group and property consultants Urbis reveals nearly $20 billion in housing and apartment projects will power the city’s ongoing growth.

A further $10 billion in public and private infrastructure projects is also underway or planned for the city post Commonwealth Games.

Urbis’ Gold Coast Infrastructure Report reveals the Gold Coast has more than 250 projects rolling out multiple sectors like transportation, tourism, retail, health and services.

These include the $615 million third stage of the Gold Coast Light Rail, $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 the report, said more than half of the infrastructure spending was public and many of the projects would be undertaken over many years, says The Urban Developer.

“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,” Ms Campbell said.

“The data reflects the Gold Coast’s diversifying economy and demonstrates that there is plenty of growth yet to come for the city,” she added.

Ray White Surfers Paradise chief executive Andrew Bell said there was plenty of projects yet to be done on the Gold Coast beyond the Commonwealth Games.

“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,” he said.

“A city of three to four million people would be thrilled to have this level of investment taking place. The amount of money being spent here for a population of only 680,000 is incredibly significant.”

“Progress on several key fronts will continue to be a hallmark of the city’s economy for years to come,” he added.

Head of research at Propertyology Simon Pressley said the current level of investment completely dwarfed any made in Brisbane in recent years.

“The Gold Coast is getting some serious investment when you consider its population is less than half of Brisbane’s,” he said. “The project pipeline of $30 billion is one of Australia’s biggest and certainly is great for future jobs.”

The Gold Coast property market outperformed every other region in Queensland last year, growing by nearly 8 per cent.

Urbis director of property economics and research Paul Riga told Domain.com these projects underpinned a massive shift in the demographic of the Gold Coast, which would ultimately shape its metamorphosis into a city.

“It’s hit that point now where it’s got that next level of diversification and population mass that allows it to be a city,” he said.

“These are true city-shaping projects. Where it gets exciting is the impact it has on the employment requirement; the diversification of the projects means the Gold Coast gets a diversification of its workforce.”

As the Gold Coast expanded and grew, it was likely the boundaries between it and Brisbane would blur, Mr Riga said.

“I think over time as the Gold Coast grows as a city very much in its own right, we’ll see the geographical differences between the two become less noticeable,” he said.