Queen Street Village.
All that glitters may really be gold when it comes to the state’s southeast coastline, with analysts predicting that’s where Queensland’s biggest property growth will emerge next year.
With the Commonwealth Games shining a spotlight on the Gold Coast – and its already high popularity with both international and interstate investors – analysts believe the region will pull three times the rate of growth of Brisbane.
Home to more than half a million people (568,470 estimated), the formerly heavily wooded region was first home to the Yugambeh people – who lived in family clans in river valleys and estuaries.
Some place names have survived, including Nerang and Coombabah.
It was the booming property market that saw the name “the Gold Coast” become a reality, coming not from the metal but from a post-war real estate boom.
“In the late 1940s, Brisbane journalists called the coast, south of Brisbane, ‘the Gold Coast’… the local council thought that it was a good promotional name and on 23 October, 1958, the South Coast Town Council adopted the name Gold Coast Town Council,” according to the council.
It was officially recognised by the State Government as a local authority the following year and officially gazetted as a place name in April 1980.
The area spans more than 1858sw km, with the latest Queensland Home Value Forecasts, by Moody’s Analytics and CoreLogic, pointing to continued strong rises. It said Gold Coast house values grew 6.5 per cent last year – the strongest rise across the state.
While that’s supposed ti moderate somewhat to four per cent this year, it was then predicted to transition to a seven per cent surge in 2019.
No other part of Queensland other than Wide Bay was expected to see such a big jump next year.
The region includes Broadbeach-Burleigh, Coolangatta, Gold Coast-North, Gold Coast Hinterland, Mudgeeraba-Tallebudgera, Nerang, Ormeau-Oxenford, Robina, Southport and Surfers Paradise.
And developers are continuing to be drawn to the Gold Coast, with the $550 million master-planned Queen St Village to transform the former hospital site at Southpport, the twin tower River Terrace development at Surfers Paradise recently approved, and a host of residential developers have moved in to the outer suburbs of the tourism mecca.
Robina Group has two residential projects in the Stadium Village precinct.
Robina Group sales manager Azura Griffen said the announcement of the Games had been a catalyst for development around Cbus Stadium.
Coomera is another suburb reaping rewards, with a number of developments underway including Foreshore Coomera (Stockland), Bloom Coomera (Pointcorp) and Otto Estate (Tribeca).
Analyst Michael Matusik puts the Gold Coast’s contribution to the southeast Queensland economy at $31.564 billion, after growing 15 per cent over the past five years.
That’s just one percentage point below the powerhouse efforts of Brisbane in the same period (16 per cent).
“Brisbane and the Gold Coast are the whales and are likely to remain so for some time to come,” he said in his latest Matusik Missive.
Originally published The Courier Mail, Home Section.
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