Population to Fuel Demand
November 8 2023
It’s not surprising that the annual rate of population growth across the Sunshine State is at near record levels, increasing by over 2,000 people each week. This remarkable growth trajectory is expected to gain further momentum in the coming years.
One significant catalyst behind this trend is the surge in interstate migration, particularly from Sydney and Melbourne. This phenomenon has been steadily gaining momentum since around 2014 and has been supercharged by the effects of the COVID-19 pandemic.
Over the past 12 months alone, the population in the Gold Coast region has swelled by 14,150 people, translating to a staggering 275 new residents joining the community each week. Projections suggest that this population surge will range between 16,500 and 17,100 new residents annually over the next two decades.
Robust population growth stands as a pivotal force that will propel the city’s commercial real estate market for years to come. As the population burgeons, so does the demand for office, retail, and industrial spaces.
There are currently very few new developments in the pipeline to meet this growing demand, and it’s only a matter of time before demand far outstrips supply. Consequently, this will exert upward pressure on rental rates and compress yields, strengthening the overall commercial market.
As of June 2023, the Gold Coast region stands as the sixth-largest urban area in Australia, home to 732,000 residents. Maintaining its sixth position, the region’s population is anticipated to exceed one million people by 2038, a mere 15 years from now.
The future for the commercial sector is teeming with promise. The Kollosche Commercial team is here to guide you through the opportunities, both now and on the horizon. Reach out to our team of trusted advisors to move your real estate goals forward.