Gold Coast Profile

Updated April 2008

The Gold Coast is a cosmopolitan city with a natural landscape charactarised by world famous beaches, World Heritage national parks, forest reserves, valued extractive resources, areas of agriculture and other rural activities, wetlands and waterways.

The name "Gold Coast" was first coined by a Brisbane newspaper in the late 1940s referring to the post war real estate opportunities here. The City was officially named the Gold Coast in 1958, and the current municipality was created with the amalgamation of the Gold Coast and Albert Shires in 1994. The Local Government Area stretches from the Logan River in the north to the border with New South Wales in the south.

Although not officially named Surfers Paradise until 1933, as early as 1917, the "Surfers Paradise Estate" was offered for sale. Serviced holiday apartments and shopping arcades were built in the 1950s and the first high-rise apartment building, â€œKinkaboolâ€, was erected in Surfers Paradise 1960. At that same time, canal estates were being constructed in the swampy areas between the Nerang River and Burleigh Heads.

As is evident for the majority of South East Queensland and Northern New South Wales, the property market remains strong and the outlook is positive for the Gold Coast. The Gold Coast historically follows a seven year property cycle, and judging by the dramatic upswing in prices seen in 2001, this augers well for 2008 being one to watch on the Coast!

There has been steady property price growth in the last couple of years since the 2001-02 property boom. The median house price broke through the $400,000 mark in March 2007. According to the Real Estate Institute of Queensland (REIQ), house prices on the Gold Coast increased by a phenomenal 11.1% to $450,000 in the year ended December 2007. According to the REIQ, the median sale price for a unit/townhouse on the Gold Coast in the year ended December 2007 was $342,000 - reflecting a 9.6% upswing since December 2006.

The median weekly rent for a four bedroom house in the December 2007 quarter was $460 in the central Gold Coast suburbs (Ashmore, Surfers Paradise, Broadbeach, Robina, Labrador) showing a 9.5% increase over 12 months. The northern Gold Coast suburbs (Biggera Waters, Coombabah, Hope Island, Paradise Point, Runaway Bay and Coomera), had a median rent for a four bedroom house of $380 in December 2007, an increase of $40 per week or 8.6% over 12 months. The largest rental growth was seen in the Southern Gold Coast suburbs (Palm Beach, Currumbin, Kirra, Coolangatta) which had a December 2007 median of $450 (a healthy 12.5% or $50 increase in just one year).

There is a wide range of housing options available on the Gold Coast, from high-rise apartments in developments such as Circle on Cavill and Q1 in Surfers Paradise, to sprawling rural residential homes in suburbs like Tallai and Mudgeeraba in the hinterland. The main suburban residential areas for detached housing and vacant land are within the strip between the Pacific Motorway and the Gold Coast Highway, in suburbs like Robina, Benowa, Currumbin, Carrara, Labrador and Helensvale. This urban area is currently growing to encompass new residential growth areas west of the M1, with vacant land and house and land packages currently for sale in suburbs such as Gaven, Pacific Pines, Upper Coomera, Maudsland, Mudgeeraba and Reedy Creek.

Residential Property Price Driver 1: Population Growth

The Gold Coast City has been identified as one of the most desirable places in the world to live, ranked on political, social, economic and environmental factors, personal safety and health. With its warm climate, beaches and extensive waterways, theme parks, boutique shopping, golf courses and scenic hinterland, the City is renowned as a premier domestic and international tourism destination, attracting over 10 million overnight and daytrip visitors each year, with interstate and overseas migration accounting for most of the Cityâ€™s population growth.

The estimated resident population of the Coast recently broke the half-million milestone. On Census night in 2006, 527,660 residents called the Gold Coast-Tweed Statistical District home. This Statistical District is Australiaâ€™s largest in terms of population, and it was also the largest growing Statistical District in Australia in the five year inter-Censal period, with almost 100,000 new residents - a growth of 4.2% per annum. This means that there were approximately 380 new Gold Coasters every week or 54 per day. The population for the Gold Coast Statistical Division grew by 3.7% over the five years to June 2006, and was the fastest growing SD in Australia for that period.

According to the latest Local Government population figures, which were released by the ABS in March 2008, the Gold Coast City had a population of 524,667 as at June 2007, an increase of 17,228 residents in 12 months (3.4%). In an upset to Brisbane's long-held crown, the Gold Coast had the largest growth of all Local Government Areas in Australia in this period.

Between 2006 and 2007, the three Gold Coast Statistical Local Areas with the highest growth rate were Kingsholme-Upper Coomera with a 17.1% increase, Hope Island with a 15.4% increase and Pimpama-Coomera with a 15.2% increase. The three areas with the largest growth in the past year were Kingsholme-Upper Coomera, Ormeau-Yatala and Varsity Lakes, all areas with new and developing housing estates.

Queenslandâ€™s Department of Local Government, Planning, Sport and Recreation project that between 2006 and 2026, the Gold Coast City will have the highest growth in household numbers, with an additional 130,260 households required in this period. They indicate that by 2011, the expected population of the Gold Coast City will be between 552,500 and 577,300 people (up from 481,262 at the 2006 Census). By 2026, this is expected to be between 706,900 and 833,900.

Residential Property Price Driver 2: Infrastructure

The Gold Coast Airport at Coolangatta has a largely domestic market, however is servicing a growing number of international destinations, and in September 2007, Federal Government approval was received for a $100million redevelopment of the airportâ€™s main terminal. This redevelopment has recently commenced and is due for completion in 2010.

Malaysiaâ€™s first long-haul low cost carrier, AirAsia X also recently unveiled the Gold Coast as its first international destination, marking a major tourism and economic coup for thriving Asia. In November 2007, the airline commenced four direct return flights per week between the Gold Coast and Kuala Lumpur.

Additionally, Air New Zealand announced that commencing in March 2008, they would operate international flights from the Gold Coast Airport, connecting the Gold Coast to the rest of the world through the Star Alliance network.

While the strength of the Gold Coast economy is based in the tourism and leisure industry, and the associated construction, property and service industries, there is now a greater diversity in the Cityâ€™s economic base. Increasingly, the City is establishing itself as a first choice for manufacturing, industrial and commercial businesses. Health and community services, property and business services, education and retail trade continue to grow as industries of employment in the City.

A good transport network exists allowing easy access to Brisbane via the recently upgraded M1 motorway and the Brisbane to Robina train line, which is currently being extended to Varsity Lakes and will eventually extend through Elanora to Coolangatta and the Gold Coast Airport.

The Tugun bypass is now nearing completion, and is expected to relieve congestion at the southern end of the Gold Coast and reduce travel times to northern New South Wales. This should have an impact on property prices in the Coast's south in the same way that we saw in the north on completion of the M1 upgrade.

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		Gold Coast Profile Updated April 2008 The Gold Coast is a cosmopolitan city with a natural landscape charactarised by world famous beaches, World Heritage national parks, forest reserves, valued extractive resources, areas of agriculture and other rural activities, wetlands and waterways. The name "Gold Coast" was first coined by a Brisbane newspaper in the late 1940s referring to the post war real estate opportunities here. The City was officially named the Gold Coast in 1958, and the current municipality was created with the amalgamation of the Gold Coast and Albert Shires in 1994. The Local Government Area stretches from the Logan River in the north to the border with New South Wales in the south. Although not officially named Surfers Paradise until 1933, as early as 1917, the "Surfers Paradise Estate" was offered for sale. Serviced holiday apartments and shopping arcades were built in the 1950s and the first high-rise apartment building, â€œKinkaboolâ€, was erected in Surfers Paradise 1960. At that same time, canal estates were being constructed in the swampy areas between the Nerang River and Burleigh Heads. As is evident for the majority of South East Queensland and Northern New South Wales, the property market remains strong and the outlook is positive for the Gold Coast. The Gold Coast historically follows a seven year property cycle, and judging by the dramatic upswing in prices seen in 2001, this augers well for 2008 being one to watch on the Coast! There has been steady property price growth in the last couple of years since the 2001-02 property boom. The median house price broke through the $400,000 mark in March 2007. According to the Real Estate Institute of Queensland (REIQ), house prices on the Gold Coast increased by a phenomenal 11.1% to $450,000 in the year ended December 2007. According to the REIQ, the median sale price for a unit/townhouse on the Gold Coast in the year ended December 2007 was $342,000 - reflecting a 9.6% upswing since December 2006. The median weekly rent for a four bedroom house in the December 2007 quarter was $460 in the central Gold Coast suburbs (Ashmore, Surfers Paradise, Broadbeach, Robina, Labrador) showing a 9.5% increase over 12 months. The northern Gold Coast suburbs (Biggera Waters, Coombabah, Hope Island, Paradise Point, Runaway Bay and Coomera), had a median rent for a four bedroom house of $380 in December 2007, an increase of $40 per week or 8.6% over 12 months. The largest rental growth was seen in the Southern Gold Coast suburbs (Palm Beach, Currumbin, Kirra, Coolangatta) which had a December 2007 median of $450 (a healthy 12.5% or $50 increase in just one year). There is a wide range of housing options available on the Gold Coast, from high-rise apartments in developments such as Circle on Cavill and Q1 in Surfers Paradise, to sprawling rural residential homes in suburbs like Tallai and Mudgeeraba in the hinterland. The main suburban residential areas for detached housing and vacant land are within the strip between the Pacific Motorway and the Gold Coast Highway, in suburbs like Robina, Benowa, Currumbin, Carrara, Labrador and Helensvale. This urban area is currently growing to encompass new residential growth areas west of the M1, with vacant land and house and land packages currently for sale in suburbs such as Gaven, Pacific Pines, Upper Coomera, Maudsland, Mudgeeraba and Reedy Creek. Residential Property Price Driver 1: Population Growth The Gold Coast City has been identified as one of the most desirable places in the world to live, ranked on political, social, economic and environmental factors, personal safety and health. With its warm climate, beaches and extensive waterways, theme parks, boutique shopping, golf courses and scenic hinterland, the City is renowned as a premier domestic and international tourism destination, attracting over 10 million overnight and daytrip visitors each year, with interstate and overseas migration accounting for most of the Cityâ€™s population growth. The estimated resident population of the Coast recently broke the half-million milestone. On Census night in 2006, 527,660 residents called the Gold Coast-Tweed Statistical District home. This Statistical District is Australiaâ€™s largest in terms of population, and it was also the largest growing Statistical District in Australia in the five year inter-Censal period, with almost 100,000 new residents - a growth of 4.2% per annum. This means that there were approximately 380 new Gold Coasters every week or 54 per day. The population for the Gold Coast Statistical Division grew by 3.7% over the five years to June 2006, and was the fastest growing SD in Australia for that period. According to the latest Local Government population figures, which were released by the ABS in March 2008, the Gold Coast City had a population of 524,667 as at June 2007, an increase of 17,228 residents in 12 months (3.4%). In an upset to Brisbane's long-held crown, the Gold Coast had the largest growth of all Local Government Areas in Australia in this period. Between 2006 and 2007, the three Gold Coast Statistical Local Areas with the highest growth rate were Kingsholme-Upper Coomera with a 17.1% increase, Hope Island with a 15.4% increase and Pimpama-Coomera with a 15.2% increase. The three areas with the largest growth in the past year were Kingsholme-Upper Coomera, Ormeau-Yatala and Varsity Lakes, all areas with new and developing housing estates. Queenslandâ€™s Department of Local Government, Planning, Sport and Recreation project that between 2006 and 2026, the Gold Coast City will have the highest growth in household numbers, with an additional 130,260 households required in this period. They indicate that by 2011, the expected population of the Gold Coast City will be between 552,500 and 577,300 people (up from 481,262 at the 2006 Census). By 2026, this is expected to be between 706,900 and 833,900. Residential Property Price Driver 2: Infrastructure The Gold Coast Airport at Coolangatta has a largely domestic market, however is servicing a growing number of international destinations, and in September 2007, Federal Government approval was received for a $100million redevelopment of the airportâ€™s main terminal. This redevelopment has recently commenced and is due for completion in 2010. Malaysiaâ€™s first long-haul low cost carrier, AirAsia X also recently unveiled the Gold Coast as its first international destination, marking a major tourism and economic coup for thriving Asia. In November 2007, the airline commenced four direct return flights per week between the Gold Coast and Kuala Lumpur. Additionally, Air New Zealand announced that commencing in March 2008, they would operate international flights from the Gold Coast Airport, connecting the Gold Coast to the rest of the world through the Star Alliance network. While the strength of the Gold Coast economy is based in the tourism and leisure industry, and the associated construction, property and service industries, there is now a greater diversity in the Cityâ€™s economic base. Increasingly, the City is establishing itself as a first choice for manufacturing, industrial and commercial businesses. Health and community services, property and business services, education and retail trade continue to grow as industries of employment in the City. A good transport network exists allowing easy access to Brisbane via the recently upgraded M1 motorway and the Brisbane to Robina train line, which is currently being extended to Varsity Lakes and will eventually extend through Elanora to Coolangatta and the Gold Coast Airport. The Tugun bypass is now nearing completion, and is expected to relieve congestion at the southern end of the Gold Coast and reduce travel times to northern New South Wales. This should have an impact on property prices in the Coast's south in the same way that we saw in the north on completion of the M1 upgrade. << Back to News >>
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