The Gold Coast property market is not expected to falter in the face of a recent revision to population forecasts.
“The most recent population estimates released in 2023 show a downward revision in the population projection compared to previous figures,” according to the Colliers Gold Coast Market Overview.
“Nevertheless, the medium series estimates indicate a significant 41% population growth between now and 2041.”
While the Gold Coast won’t break the million by 2041, the population is still projected to reach 915,611.
According to Colliers Gold Coast director-in-charge Steven King, a slowdown in population growth isn’t about to put the brakes on the Gold Coast property market.
“We have to put this into perspective as the Gold Coast is a maturing city with a maturing property market that will continue to be driven by its position as one of the fastest growing regions in Australia,” he said
He added that the lower population projections could be considered to be in the Gold Coast’s benefit.
“On the one hand it gives the city’s property market a breather catch up but, on the other, the scale of future population projections indicates demand for housing is not going to fall off a cliff in the medium to longer term,” he said.
The Gold Coast’s current population stands at 647,824, driven by a growth rate that has exceeded the 17% Queensland average over the past 10 years. In 2022, the region recorded the second largest population growth among major Australian cities.
“A substantial portion of this population increase is due to interstate migration, particularly from cities like Sydney and Melbourne.”
Steven King, Colliers Gold Coast director in charge
Back in July, two Sight Unseen reports by Little Hinges found that 40.4% of properties for sale on the Gold Coast were inspected by interstate buyers and 33.8% of rental properties on the Gold Coast were inspected from interstate.
Image Property director of sales, Adam Empringham, previously told The Property Tribune that Queensland offers a better value proposition compared to Sydney and Melbourne.
King noted a surfeit of infrastructure projects is set to ensure the Gold Coast remains an attractive proposition for investors.
“With an impressive pipeline of projects and substantial investments in infrastructure, including the anticipated benefits of hosting events during the 2032 Olympics, this region is poised for continued growth that can only intensify as the population heads closer to the million people mark,” said King.
“The expansion of road and transport networks, along with the development of a high-frequency light rail system connecting the rapidly growing northern suburbs to Coolangatta in the south, will not only bolster public transit options but also make investing in the Gold Coast an even more attractive proposition.”
The Ormeau-Oxenford region is expected to absorb an additional 103,000 people between 2021 and 2041, according to Colliers’ Market Overview.
The report noted this growth will be primarily driven by areas such as Coomera, Helensvale and Hope Island, which are anticipated to to experience the highest growth in terms of population.
Over the same period of time, Gold Coast North is expected to accommodate an extra 35,000 people, with Labrador and Biggera Waters playing a major role in that population growth.
Buying a property? Refinancing? Save time, hassle, and money with UNO Home Loans.
This is a paid advertisement. Please visit our advertising page to learn more and enquire about advertising with us.
Brought to you by UNO Home Loans
Stay up to date with Australia’s most important property news through our free email service.
This is a paid advertisement. Please visit our advertising page to learn more and enquire about advertising with us.
Experts Corner by The Property Tribune
Ko’s partnership with NPA Projects provides more opportunities to co-own off-the-plan holiday residences, including exclusive Gold Coast properties
Brought to you by Ko
Buying a property? Refinancing? Save time, hassle, and money with UNO Home Loans.
This is a paid advertisement. Please visit our advertising page to learn more and enquire about advertising with us.
Brought to you by UNO Home Loans
Get the latest real estate news delivered free to your inbox.
Living Corporation Pty Ltd (trading as The Property Tribune) ABN 17 159 150 651 provides an information service and factual information only in relation to property, financial, and credit products.
This information does not take into account your objectives, financial situation, or needs. To consider whether a financial or credit product is right for you speak to a licensed Financial Adviser or Finance Broker before you apply for any product or commit to any plan. Consider the product issuer’s Product Disclosure Statement (PDS) and Target Market Determination (TMD) before making a purchase decision.
We do not make any suggestions or recommendations to you about property investment, a particular credit or financial services product, service, or provider. If you decide to apply for a product or service through our website, you will be dealing directly with the provider of that product or service and not with us. You should be aware that the service provider may not have access to all providers or all products available in the market.
Stay up to date with our free emails containing the country’s most important stories with our free email newsletters.
You can unsubscribe at any time!
Recent Comments