Going for Gold on the Gold Coast

The Property Council’s first event for 2016 on the Gold Coast sold out, in a clear sign that property and construction is leading the Gold Coast’s economic revival.      The audience had the opportunity to hear from three industry experts, Paul Riga- Associate Director- QLD Residential Economics & Market Research, Urbis, Josef Seidler- Group Director Property Development, The Star Entertainment Group, and Tania Moore – Joint Managing Director, Knight Frank Gold Coast, as they discussed the local market outlook for residential, tourism and office.   Paul Riga stepped the audience through the latest edition of the Urbis Gold Coast Apartment Essentials report. The highlight was that the Gold Coast had set a post GFC record of 453 sales for the December 2015 quarter.  The outlook for apartment sales looks strong over the next 6 – 12 months off the back of strong interstate and foreign buyer interest, infrastructure investment, and relative affordability compared to southern markets.   Following Paul’s presentation, Josef Seidler spoke about the investment that The Star Entertainment Group has committed to upgrading Jupiters on the Gold Coast. The first stage, currently under construction, includes the Gold Coast’s first truly 6 star hotel offering. The Group has also announced a further stage that will expand the offering to approximately 1,400 hotel rooms and apartments.  This investment is in response to the growth in Chinese visitor numbers in Queensland, which have increased by 19 per cent.   The final presentation was provided by Tania Moore, who discussed the state of play of the Gold Coast office market, including an overview of the Property Council’s Gold Coast Office Market Report.  Overall, the Gold Coast market has seen a decrease in office vacancy over the last six months, dropping to 13.6 per cent, with standout performers Broadbeach sitting at 3.7 per cent and Robina/Varsity Lakes at 6.9 per cent.  The Coast’s vacancy rate is tipped to drop further, reaching 10 per cent in 2017. Mixed use product is expected to become more dominant on the Gold Coast, however, it needs to be planned carefully to attract office market tenants.   Following the presentations Dyan Currie- Director, Planning and Environment, Gold Coast City Council, invited all three speakers to the stage for a moderated panel discussion.  Key topics included the Commonwealth Games, investment markets and migration patterns.   The Property Council would like to thank all speakers for sharing their insights, as well as Dyan Currie for moderating the panel discussion.  A special thanks must also go to our event sponsor Knight Frank for their support.   Photos from the event can be found here.   Event Sponsor: