NORTHERN GOLD COAST OUTLOOK

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

NORTHERN GOLD COAST OUTLOOK The Northern Gold Coast is part of the City of Gold Coast and is know as the northern growth corridor. It centres around the suburbs of Pimpama and Coomera. The city is rapidly emerging as a thriving metropolitan city with a dynamic business and cultural scene.

MAY 2016

By 2036, the City of Gold Coast is forecast to grow to 905,681 people. Given its central geographic location and high proportion of families, children and young people, the Northern Gold Coast is ideally placed for continued growth.

LOCATION: Positioned in the northern growth

RAPID DEVELOPMENT: Major features in

RENTAL GROWTH: Median rental yields

Brisbane in the north.

institutions, marinas, parks, shopping centres,

increasing in momentum, currently at 4.95%

corridor with direct access via the M1 to

COOMERA TOWN CENTRE: The $1 billion

the area include theme parks, education entertainment precincts and schools

retail, business and entertainment precinct will

PROPERTY PRICE GROWTH: The median

boost to the area.

median house price in Pimpama is $456,000.

be of regional significant, providing a major

for housing in the Northern Gold Coast are for Coomera and 4.78% for Pimpama (Real Estate Investar 2016).

house price in Coomera is $472,000 and the

This is up 2.72% and 3.87% (respectively) from the past year (Real Estate Investar 2016).

City Planning estimates more than $6 billion of actual buildings on its books, including mega projects like Jewel, the Pacific Fair upgrade, the Coomera Town Centre and the four-tower Ruby project (Weston & Potts 2016)

The population of the suburbs of Coomera and Pimpama in 2011 were 8,793 and 3,211 respectively. These areas have show a 118.02% and 100.81% growth since the previous Census in 2006.

With ongoing residential and commercial development, the Northern Gold Coast area will continue to grow and flourish, attracting more young families to the area.

ECONOMIC OUTLOOK:

COOMERA TOWN CENTRE Coomera Local Area Plan - LAP Map 9.1 - Boundary

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Legend

© Gold Coast City Council 2010

The Gold Coast produces a Gross Regional COOMERA TOWN CENTRE STRUCTURE PLAN BOUNDARY Product (GRP) of $26.95 billion (Economy.

REFER TO MAP 10.1 ID 2016).

LOCAL AREA PLAN BOUNDARY

©

Based on Cadastral Data provided with the permission of the Department of Environment and Resource Management. (Current as at August 2010) While every care is taken to ensure the accuracy of this data, the Gold Coast City Council makes no representations or warranties about its accuracy, reliability, completeness or suitability for any particular purpose and disclaims all responsibility and all liability (including without limitation, liability in negligence) for all expenses, losses, damages (including indirect or consequential damage) and costs which you might incur as a result of the data being inaccurate or incomplete in any way and for any reason.

establishing Coomera as a major retail and entertainment destination (Potts, 2016).

The State of Queensland (Department of Environment and Resource Management) 2010

Gold Coast City Council

While every care is taken to ensure the accuracy of this data, the Department of Environment and Resource Management makes no representations or warranties about its accuracy, reliability, completeness or suitability for any particular purpose and disclaims all responsibility and all liability (including without limitation, liability in negligence) for all expenses, losses, damages (including indirect or consequential damage) and costs which you might incur as a result of the data being inaccurate or incomplete in any way and for any reason.

The sprawling 18-hectare shopping precinct includes retail stores, cinema complex, fast food premises, tavern, night

The city’s key industries include retail trade, construction, health care and social assistance, accommodation and food services, manufacturing, and education and training.

club, service industries and convenience stores (Pacific Rim

The upcoming $1 billion Coomera Town Centre to the north will provide a major boost during construction and on an ongoing basis, providing job growth and

will serve a catchment of regional significance and

Property Group 2015).

As a major activity centre, the Coomera Town Centre accommodate key concentrations of employment and a

significant residential population (City of Gold Coast 2016).

RAPID DEVELOPMENT As host city of the Commonwealth Games, the Gold Coast is embracing transformative civic projects like never before.

The $420 million stage 2 of the Light Rail will connect Southport to the heavy rail at the Helensvale Station, and will provide an immediate boost to the construction industry, supporting up to 1,000 new construction jobs (Burgess 2016).

Over the next decade, the Gold Coast will transform into a globally recognised city while retaining its enviable lifestyle and stunning natural environment.

On a cultural front, the $365 million Gold Coast Cultural Precinct will be launched in time for the 2018 Commonwealth Games, bringing the community together to engage with arts and culture, and supporting the city’s broader cultural economy and creative industries. It will also provide new employment and business opportunities.

More than $13.5 billion in major infrastructure projects are currently planned or underway (More Gold Coast 2016), with more than $6 billion in actual buildings planned (Weston & Potts 2016).

Approximately $200 million in new world-class sporting infrastructure is being constructed in readiness for the Commonwealth Games in 2018, including the Athletes Village, Gold Coast Aquatic Centre, Coomera Sports and Leisure Centre and the development of the Carrara Sports Precinct.

The event itself is expected to inject $2 billion into the local economy.

Other projects include the revitalisation of the Gold Coast CBD in Southport, which attracts a workforce of 24,857 people (City of Gold Coast 2016).

The $1.6 billion first stage of the Gold Coast Light Rail, linking Griffith University and the Gold Coast Health and Knowledge Precinct to Broadbeach via Southport, commenced service in 2014.

Other projects include Gold Coast Chinatown, which is currently under construction. The $6.8 million Chinatown is an integral part of the development of the CBD as a thriving, multicultural city scene.

The city’s north is set for a $1 billion boom with the Coomera Town Centre project. After a decade in the pipeline, works on the development have begun, which is sparking sales of land surrounding the precinct (Potts 2015).

Stage 1 of the development will include a major shopping precinct, activity centres and transit hub. The project is expected to create 1,200 jobs during construction and 1,600 jobs once the centre is open.

The $390 million Gold Coast International Marine Precinct will also be a boon for the Gold Coast and a key pillar in the city’s economy.

I N F R A S T R U C T U R E A N D D E V E LO P M E N T AT A G L A N C E : • $200 million in world-class sporting infrastructure for the 2018 Commonwealth Games • Southport CBD revitalisation • $420 million Light Rail Stage 2 • $365 million Cultural Precinct • $6.8 million Chinatown • $1 billion Coomera Town Centre • $390 million Gold Coast International Marine Precinct

RESIDENTIAL MARKET INSIGHTS The Northern Gold Coast is a rapidly developing residential and tourist area, with a marina to the south east.

The population grew significantly in the early 1990s, with the most rapid growth occurring in the last few years.

Significant residential development has taken place in the area since 2000 including housing, schools and shopping centre developments. The area has seen major growth in the last few years with Willow Vale (Upper Coomera), Coomera and Pimpama showing the largest growth of all suburbs on the Gold Coast.

The pipeline of development in the Northern Gold Coast area will serve as a key employment and residential cluster, providing approximately 25,000 new dwellings. Its location and expected growth will make it a key driver of the Gold Coast economy.

The Gold Coast was one of Queensland’s strongest performers in 2015 with data showing strengthening property sales. The suburbs of Pimpama and Coomera are Australia’s fastestgrowing regions outside a capital city, up by 20 per cent in 2014-2015 (Moore 2016).

The area has been marked as a ‘hotspot’ in terms of new home building and population growth.

Nationally, a ‘hotspot’ is defined as a local area where population growth exceeds the national average and where the value of residential building work approved is in excess of $100 million (Urban Developer 2016).

Before the boom, the area was comprised mostly of farming land. Rapid commercial and residential development is proving the Northern Gold Coast is a very convenient location for families to establish, and is set for continued growth.

• In Coomera, 42.2% of households are couples with children.

35.6% households are couples with children in Pimpama.

• 41% of the Coomera population are purchasing or own their own home and 50.6% are renting. 41% of the Pimpama population are purchasing or own their own home and 47.6% are renting.

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

P I M PA M A W I L LO W VA L E

$456,000 $441,000

COOMERA

$472,000

OXENFORD

$466,500

H E L E N S VA L E PA C I F I C P I N E S

$650,000 $469,000

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

P I M PA M A

$420

W I L LO W VA L E

$420

COOMERA

$450

OXENFORD

$450 $580

H E L E N S VA L E PA C I F I C P I N E S

$465

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

P I M PA M A

4.78%

W I L LO W VA L E

4.95%

COOMERA

4.95%

OXENFORD

5.01%

H E L E N S VA L E PA C I F I C P I N E S

4.64% 5.15%

• The market is characterised by a lower property entry price than the southern capital cities, the substantial pipeline of development and the rising levels of employment in the region.

• Property investors are likely to enjoy good returns, both in rents and capital growth for the next few years (McCarroll 2016).