Gold Coast Market Outlook Lunch
The Property Council’s first Gold Coast lunch of 2017, held on Friday 17 March, heard three unique expert perspectives on the outlook for the Gold Coast’s residential, tourism, and retail property sectors.
Michelle Ciesielski, Director – Residential Research Australia, Knight Frank, provided a big picture look at the Gold Coast residential market. Michelle outlined that site sales remain strong but there must be a pick up by mid-year to exceed the volume experienced in 2015. Despite a low number of projects in the pipeline, vacancy is still trending below market equilibrium. The key strengths of the Gold Coast market remain the ‘East Coast’ value proposition and an attractive lower entry point.
Bob East, CEO – Mantra Group and Chairman of Tourism and Events Qld, dived into the detail on how international tourism numbers are growing on the Gold Coast. Chinese tourists now dominate the 2.6 million annual international visitors to Queensland who spend $5.2 billion while they are here. Bob outlined the importance of the Commonwealth Games to the local tourism industry, estimating a $2 billion economic impact.
Con Brakatselos, Head of Retail Investment Management and Strategy, AMP Capital, explored how the Gold Coast retail market has grown over recent years. The Gold Coast now boasts a comprehensive retail offer which is comparable to the best in Sydney and Melbourne. The investment required to deliver this offer has been driven by a big increase in Chinese tourism numbers. Con believes that an increase in luxury travellers choosing the Gold Coast as their destination of choice for holidays to shop, dine and play will drive further retail investment.
Lucy Ardern, Gold Coast Manager – Rowland, moderated an informative question and answer session with the speakers, touching on topics as far ranging as greenfield supply and the diversification of the local economy.
The Property Council thanks the expert panel for sharing their insights, and Lucy Ardern for moderating the panel discussion. This lunch would not have been possible without the valued support of sponsor Knight Frank.
Photos from the event can be found here.