sunshine coast property market growth
sunshine coast property market growth
The Sunshine Coast is on the cusp of a huge economic boom. Significant investment in the region by local, state and federal governments, coupled with private business investment, is positioning the Sunshine Coast as the next fastest-growing regional centre in Australia. We’ve taken a dive into some of the major factors that are likely to contribute to the Sunshine Coast’s rise over the next decade.

Olympics bid

South-East Queensland’s bid to host the 2032 Olympic Games is likely to drive significant investment in local infrastructure throughout the region. The Sunshine Coast stands to benefit from this investment, particularly as the current Queensland State Government seems committed to spreading events from the Whitsundays down to the Gold Coast.

Due to recent changes instituted by the International Olympics Committee, regions are now able to make bids for the games, which makes South-East Queensland’s bid far more likely to succeed. It also ensures that whichever government is in power during preparation for the games is more likely to allocate funding throughout the region, which stands to benefit the Sunshine Coast.

Infrastructure boom

The Sunshine Coast is currently undergoing a significant infrastructure boom that will better position it to handle upcoming population growth throughout the 2020s and 2030s.

Maroochydore CBD Development

Maroochydore is positioning itself as one of Australia’s largest and fastest-growing urban centres. A complete redevelopment of the new CBD will cement Maroochydore’s position as the hub of the Sunshine Coast, with closer proximity to Asian trading partners and a high-speed data connection providing it with independent access to the rest of the world.

Sunshine Coast Airport Expansion

The Sunshine Coast Airport is undergoing significant investment in a new runway and requisite infrastructure to boost capacity and improve exposure to the wider world. The new runway is expected to be completed in 2020 and will greatly improve tourism and work accessibility.

Sunshine Coast Health Precinct

The Sunshine Coast Health Precinct, incorporating the Sunshine Coast Health Institute, Sunshine Coast University Hospital and Sunshine Coast University Private Hospital, constitutes one of the largest ongoing health infrastructure investments in the country. Expectations are for the Health Precinct to drive around $447 million per year in contributions to the Sunshine Coast economy.

Other projects

There are major new residential developments the length of the Sunshine Coast, in addition to accompanying commercial developments that are being constructed to serve both existing needs and future requirements. New technology precincts will serve to take full advantage of the submarine cable that is connecting the Sunshine Coast with the wider world.

Employment growth

All of this investment and development is accompanied by an enormous jobs boom that is unlikely to die down. As construction jobs arise during the infrastructure development phase, more roles will follow as businesses and workers shift into the new technology, health and commercial districts. This cycle of investment and job creation is likely to last long into the future as the Sunshine Coast continues to grow, creating a self-fulfilling loop of investment and growth.

Shifting economy

The Sunshine Coast, a region once largely reliant on tourism, is rapidly accelerating towards a diversified future with a host of different industries taking centre stage. Health and technology are likely to play a large role in the future of the Sunshine Coast. As the local economy continues to strengthen and attract a range of business types, economic conditions will continue to improve and become vastly more robust.

As the economy diversifies, it will attract new residents and the continued demand for employees will place upwards pressure on residential real estate prices. The state government recognises this and appears committed to driving continued growth in the Sunshine Coast region in an effort to more evenly spread population growth throughout south-east Queensland rather than concentrating it in existing high-density areas.

Population shifts

The Sunshine Coast is experiencing significant population shifts. While in the past it was home to a slightly older population than many other areas in south east Queensland, recent years have seen a slight shift in the demographics of the region towards younger age brackets. As employment opportunities in the area continue to grow, this demographic shift is likely to become more pronounced.

The bottom line

The Sunshine Coast is Australia’s ninth most populous region. It’s attracting more investment than ever before. This huge boom in infrastructure investment is driving employment growth, further residential investment and a bright future for the region. Now is an excellent time to dive into the Sunshine Coast property market, whether as an investment purchase or a forever home – the Sunshine Coast has something for everyone.