MPM Outlook Cornubia

G O L D C O A S T • I P S W I C H • M A C K AY

CORNUBIA OUTLOOK

NOVEMBER 2016

community services, the property sector, construction

Cornubia is an up-and-coming suburb situated in the thriving city of Logan. It is just 30 kilometres south east of Brisbane and 30 kilometres north of the Gold Coast.

and agricultural industries.

Over the next 20 years Logan will continue to be one of

Cornubia is a relatively new area of urban subdivision adjacent to Carbrook in the watershed of California Creek and the Logan River.

the fastest growing cities in Queensland. Given its central geographic location and available young workforce, Logan is ideally place for continued growth in the

Logan city is a major economic destination with key industries including manufacturing, retail, business and

LOCATION: Positioned in the Brisbane growth corridor with the Gold Coast to the south.

YATALA ENTERPRISE AREA: The 127 hectare

southeast Queensland region.

PROPERTY PRICE GROWTH: The median

EMPLOYMENT GROWTH: Logan is currently

(realestate.com.au 2016).

132,690 people. Over 53,000 new jobs will be

price for housing in Cornubia is $557,500

industrial hub is projects to inject $1 billion

RENTAL GROWTH: Median rental yields

Gold Coast 2016).

momentum, with the weekly advertised rent

in the economy over the next 10 years (More

for houses in Cornubia are showing market

home to 19,490 businesses, employing

created in the Logan area to accommodate expected population growth.

being $495 (Your Property Investment 2016).

A new emphasis on social factors such as dining, entertainment, recreation and cultural diversity is rounding out the city’s new image.

A combination of affordable property prices, a solid pipeline of development and infrastructure, and the proximity to job hubs is making Cornubia an ideal choice.

Many of the Logan region’s older suburbs have been revitalised through urban renewal projects.

ECONOMIC OUTLOOK:

YATALA ENTERPRISE AREA

EMPLOYMENT GROWTH Logan’s population is expected to top 473,000 by 2031 and the Logan City Council has a Priority Infrastructure Plan in place to help manage the city’s growth in terms of housing and employment.

cities in Queensland. With this in mind, Logan City Council

The population of Cornubia has grown rapidly, more than doubling from 3,300 people in 2001 to 6,833 in 2011 (Australian Burea of Statistics, 2011).

capital to the north and the bustling Gold Coast to the

Facilities in Cornubia include the Mount Cotton Driver Training Centre, the California Creek Golf Course and the Cornubia Park Sports Centre. St Matthew’s Catholic Primary School opened in 1984 and Chisholm Catholic College opened in 1992.

Logan is home to 19,490 businesses, employing 132,690 people. It will continue to be one of the fastest growing

Logan produces a Gross Regional Product (GRP) of $9.70 billion – 3.3% of Queensland’s Gross State Product (GSP).

TThe city’s key industries include manufacturing, retail, business and community services, the property sector, construction and agricultural industries. This already diverse economy has the potential to grow and diversify further, while also adding a strong focus on technology and knowledge-based industries.

has pledged to create at least 53,000 jobs to support the population growth.

Logan is ideally positioned in the centre of one of southeast Queensland’s highest growth employment hubs. With booming industrial development at its core, Queensland’s south, Logan’s job market is expected to grow significantly over the next few years.

The $9 million Beenleigh Town Centre project is one of the city’s major redevelopments and will deliver on Logan City Council’s vision for the area’s central business district.

The project will provide business and employment opportunities, and catalyse development and small business investment.

The Yatala Enterprise Area (YEA), one of Queensland’s premier industrial addresses, is set to be a market leader in terms of innovative industrial development and will facilitate growth in long-term employment (Beenleigh & Region 2015).

In terms of development, the YEA is focused around attracting businesses in advanced manufacturing in food and beverage, construction materials, machinery and

E M P LOY M E N T G R O W T H O P P O R T U N I T I E S : • Wembley Road and Logan Motorway Interchange: will create 3,000 new jobs

equipment, plastic and chemicals, warehousing, transport

• Upgrade of Mt Lindesay Highway: will create 30,000 new jobs

and distribution. The YEA has enough capacity to sustain

• Yatala Enterprise Area: will create 40,000 new jobs

development until 2046.

RESIDENTIAL MARKET INSIGHTS Due to its central geographic location and available young workforce, Logan is ideally placed for continued growth in the South East Queensland region.

Logan’s property market is expected to be a

hotbed of activity during the next decade due

• 41.2% of the Logan population is in the process of purchasing a home, 22.3% own their own homes and 30.5% are currently renting.

• Market characterised by lower property entry price and high rental yields.

• Housing supply is consistent with population demand (Propertyology 2015).

HOUSING SUBURB PROFILES: SNAPSHOT OF THE NORTHERN GOLD COAST MEDIAN PRICE

to its proximity to Brisbane and the Gold Coast,

offering multi-sector employment opportunities and a beach lifestyle on weekends.

Its bushland setting, established retail

infrastructure, proximity to the Logan River and

CORNUBIA M O U N T C OT TO N S H A I L E R PA R K

easy access to Brisbane and the Gold Coast made it an attractive prospect for buyers.

The Cornubia Forest Nature Reserve, located in

$557,000 $504,000 $513,000

W E E K LY M E D I A N A D V E R T I S E D R E N T

the north west of the suburb, is a 196-hectare

nature refuge, popular for recreational activities and is a major tourist attraction.

The Logan area is about to embark on a

major growth phase due to land availability

CORNUBIA M O U N T C OT TO N S H A I L E R PA R K

$495 $460 $450

(Urban Developer 2015). Median rental yields for both apartments and houses in Logan

are showing market momentum with 7.7%

G R O S S R E N TA L Y I E L D

returns for apartments and 6.3% for houses (Commonwealth Bank 2016).

High-level growth is a result of affordable

properties with above-average rental yields, widespread transport links, a diverse mix

of industries providing employment and a growing economy.

CORNUBIA M O U N T C OT TO N S H A I L E R PA R K

4.83% 4.74% 4.56%