The Gold Coast is growing rapidly, and with the population increase comes a positive change to the real estate market and the Commercial sector.
Commercial real estate is highly influenced by the demand in the residential market through a flow-on effect. As prices in residential units rise, so does the ability for developers to pay more for that land and as the population continues to grow, so does the demand for residential product.
At the moment, on the Gold Coast there is a limited supply of greenfield sites across key areas. This has caused developers to opt for residential unit developments as these are located close to all the main Gold Coast amenities, including the beach, major shopping centres and public transport systems.
The rise in development positively affects the Gold Coast as new developers look to fulfil the demand for residential dwellings. With a rise in developments, there also comes upgrades to the city’s facilities and infrastructure by way of council contributions which factor into development approvals.
With significant construction already underway to accommodate for the future 2032 Olympic Games. The population of the coast is predicted to rise to approximately 817,400 by 2032 according to the World Population Review.
Population growth is ultimately the key to an expanding market in all property sectors, including the Commercial sector as it creates more opportunities and development. Therefore, we can expect to see a continuation of growth in the Commercial sector if the population trend continues as predicted.
If you would like to have an informed discussion around how to best leverage your commercial asset, get in touch with our Commercial sales, property management or leasing experts today.