The Gold Coast is set for a residential revival on the back of huge increases in infrastructure spending, according to Colliers International.
With infrastructure spending at a record level, having increased by almost $4 billion in two years, this is an indication that property will bounce back, said Colliers International’s director of residential project marketing, Tony Holland.
With a current total of $13.7 billion in infrastructure funding, investors should expect to see more buyers flocking to the Gold Coast market and capital growth to accelerate.
“History has shown that in areas where a high infrastructure spend occurs property sales volumes and prices tend to recover and increase shortly afterwards, when the benefit to the area is realised,” Mr Holland said.
Areas likely to benefit are those with the most concentrated infrastructure projects occurring, and Mr Holland points to the area around Griffith University, Southport, and Tweed Coast in northern New South Wales as other hotspots likely to see resulting growth.
“There’s now a $359 million upgrade to the Pacific Highway at Banora Point which is almost complete, and it will further reduce travel times between the Gold Coast and Tweed Coast and in turn, improve demand to live in that area even more,” he said.
In fact, some of these areas have already seen a surge on the back of these projects, with further growth expected.
“The New Tweed Coast’s Seaside community has had a $6 million sales surge and more than $11 million in property has been sold in Salt Village at Kingscliff, marking its best period of land sales activity for a number of years.”