Now, ten years later, the market has bounced back and it looks like it’s only going one way – up. With the Commonwealth Games happening in April 2018 it has seen much of the Gold Coast refurbished and over $13.5B in infrastructure projects.
By January 2018, the light rail will stretch from Helensvale train station to Pacific Fair Shopping Centre. The casino has been renovated and new, tasteful high-rises are being planned along the coast.
All indications show this period of growth will not go the way it did in 2007. In 2007/08 the Australian dollar was high and the demand for lifestyle property and tourism was down.
Whereas now the Commonwealth Games – amongst other factors – has set in motion the refurbishment and expansion of:
The total cost of all the work being undertaken is around seventeen billion dollars. And that’s just for the Commonwealth Game-driven refurbishments. It’s estimated another ten billion dollars has been invested into the Gold Coast over the last 5 years in retail centres, residential towers and housing in suburbs such as Mermaid Beach, Biggera Waters, Southport, Benowa, Broadbeach and Coolangatta.
The improved shopping centres, casino, accommodation, the promise of the Commonwealth Games and now the Logies coming to the Gold Coast are all contributing to the rising popularity of the Gold Coast.
“The Gold Coast market is currently the most lucrative investment goldmine in Australia” – A word from a marketing specialist based in Gold Coast
Prices in cities like Sydney are getting out of hand.
Apartments and units located hours outside Sydney’s CBD are priced around $900,000 to $1,000,000. For a Gold Coast apartment near the water you’re looking at about $450,000 to $650,000. That’s massive!
North of the Gold Coast in Beenleigh, you can buy a 2 bed, 2 bath, 2 car apartment from $349,000, walk to the train and shopping, less than 10 minutes from a new $1 Billion Westfield, and less than 30 minutes to Brisbane CBD.
And let’s face it: the beach lifestyle of the Gold Coast is much nicer and more relaxed than life in (or around) Sydney.
As suburbs like Broadbeach continue to expand, the investment opportunities on the Gold Coast are growing and growing. From the new casino, to the many residential tower opportunities, Broadbeach, Mermaid Beach, Palm Beach and much of the Southern Gold Coast is an ideal location for investors looking for good prices in excellent lifestyle locations.
It should be pointed out the growth in Gold Coast’s property market isn’t only a result of the Commonwealth Games but years of planning and investment by various government bodies. They have leveraged the lifestyle and beautiful beachside location of the Gold Coast to entice more people to make the move.
And when you look at the comparable affordability of property, the rise in tourism, and improved infrastructure: it isn’t hard to see why the Gold Coast is such an attractive prospect for investors.