Northern Gold Coast Outlook by MPM Property Sales & Management

NORTHERN GOLD COAST COOMERA

NORTHERN GOLD COAST OUTLOOK The Northern Gold Coast forms part of the City of Gold Coast and is known as the ‘northern growth corridor’, which centres around the suburb of Coomera.

The Gold Coast is rapidly emerging as a thriving

metropolitan city with a dynamic business and cultural scene.

By 2045, the Gold Coast is forecast to reach one million

LOCATION: Positioned in the northern growth corridor with direct access via the M1 north to Brisbane (35 minutes) and south to Surfers

people, with the biggest growth in Coomera, Pimpama, Surfers Paradise, Southport North and the Upper Coomera-Willowvale areas.

Given its central geographic location and high proportion of families, children and young people, the Northern Gold Coast is ideally placed for continued growth.

PRIVATE HOSPITAL: Developers Keylin and Kinstone Group have filed a development

application for a 400-bed private hospital and

Paradise (20 minutes).

health precinct in two stages, the final piece in the

RAPID DEVELOPMENT: Major features in the

development masterplan on the northern end of

area include theme parks, education institutions, marinas, parks, shopping centres, entertainment precincts, schools and heavy rail.

2032 OLYMPIC & PARAOLYMPIC GAMES: Hosted across Brisbane, the Sunshine Coast and the Gold Coast, the Games will put south-east Queensland

OCTOBER 2022

PROPERTY PRICE GROWTH: The median house price in Coomera is $730,000 and the median house price in Pimpama is $635,000.

Coomera Town Centre and part of a $1.5-billion

COSTCO CONSTRUCTION: Construction on the

the Gold Coast.

shopping centre set to open in 2023. As the latest

MARINE PRECINCT: The Gold Coast Marine

Precinct is Australia’s premier boating hub set

across 250 hectares on the shores of the Coomera River where major marina facilities and boat

manufacturers make a significant contribution to

Gold Coast’s first Costco has begun with the $75m stage of the Coomera Town Centre Precinct, the site will create more than 120 jobs during construction and another 250 employees once open.

TIGHT VACANCY RATES: REA Group’s economic research manager Cameron Kusher said the Gold

on the world stage and generate an estimated $8.1

our export economy.

billion in state benefits, including a $4.6 billion

The billion-dollar-plus precinct is home to the

as demand remains strong. Median Gold Coast

individual complexes that support the largest

and house prices are up by 20 per cent according

boost to tourism and trade and $3.5 billion in social improvements to health, volunteering and community benefits.

Coast’s rental market will likely remain “really tight”

Gold Coast City Marina and The Boat Works, two

rents have risen by up to 30 per cent since 2020,

concentration of marine trades in Australia.

to REA Group.

Enjoy the Gold Coast lifestyle, you’ve been looking for! Located on the banks of the Coomera River, Oaky Bay Apartments offers you the chance to buy your own piece of the Northern Gold Coast.

According to CoreLogic, the the median dwelling value across the combined regions jumped 26.1% in the year to January 2022, outpacing the combined capital city dwelling growth rate of 21.3% for the same period.

Data from the Australian Bureau of Statistics shows more than 22,000 people have moved to the Gold Coast’s booming north in the past six years.

The total population in Pimpama rose from just 9396 in the 2016 census to 24,601 in 2021, while Coomera’s population increased from 13,304 residents to 20,225.

ECONOMIC OUTLOOK:

COOMERA TOWN CENTRE Low regional unemployment, population growth and consistent net interstate migration is supporting retail activity and demand for future retail centres.

The $470 million first stage of the Coomera Town Centre

has provided a major economic boost to the area, providing job growth and establishing Coomera as a major retail and entertainment destination.

Home to 140 retail stores, the 59,000 sqm centre features

cinemas, casual dining and entertainment offerings, fashion and lifestyle stores and a market-style fresh food precinct.

As a major activity centre, the Coomera Town Centre

will serve as a catchment of regional significance and

accommodate key concentrations of employment and a significant surrounding residential population.

Construction of a giant Costco on the Gold Coast has begun after the highly anticipated shopping centre was given the green light by council.

Council ticked off the Coomera project after resolving

outstanding concerns about the project’s design and impact on traffic.

The approval cleared the way for work to finally begin on the site more than 18 months after it was first proposed.

Area councillor and Deputy Mayor Donna Gates told the Bulletin she was “delighted” by the decision, which was

“It is great to see this project getting underway after

approved and all the issues which delayed it getting resolved satisfactorily,” she said.

The wholesale retail giant, which already has one outlet in

North Brisbane and another in Ipswich, last year secured an

agreement with Scentre Group and Queensland Investment Corporation (QIC) to start construction of a warehouse and petrol station complex this year. The project is expected to create 330 full-time and part-time positions through both

made under delegated authority.

the construction period and once it opens.

MARINE PRECINCT

The coast’s waterways are regarded as a $26 billion asset

The Gold Coast’s waterways are set for some major changes, with the State Government providing a $35 million investment over a

supporting the tourism, recreation and marine industries and the thousands of people who work in and live in surrounding areas.

Recent works completed include the $10 million Coomera Dredged Sediment Facility and associated works at the

Coomera River, as well as the upgrade of the Sand Bypass

four-year period.

System jetty at The Spit ($3.35 million).

The centrepiece of our Waterways Management Program

officially opened, which includes a superyacht shed, berths,

2020-2024 is a $5.5 million investment in dredging the Gold Coast Seaway and the north and south navigation

The $100 million expansion of the Boat Works has now hard stands and a 300-tonne boat lift.

High demand has since led to a stage three expansion

channels.

for superyacht service offerings with the Boat Works

The investment will improve waterways and help to drive

will include marine workshops, retail facilities and high bay

more jobs on the northern end of the Gold Coast.

announcing an additional $30 million development, which refit sheds.

RAPID DEVELOPMENT The Gold Coast has embraced transformative civic projects like never before.

The Federal Government has highlighted the upgrade of the M1 between Tugun and Eight Mile Plains as a high priority initiative to facilitate population and employment growth in the region.

The State Government has proposed a 400-bed private hospital and health precinct will be built on the northern Gold Coast.

The Premier confirmed the Coomera Hospital would be built on over 13 hectares of publicly owned land on George Alexander Way, provided it gets the tick of approval through community consultation.

The Premier said $3 million would be set aside to develop the plan for the new full service public facility.

The new Gold Coast Airport terminal, together with the Rydges Gold Coast Airport hotel across the road, has been completed, welcoming passengers from September 8.

Ten years in the making and three under construction, the new $260 million terminal is part of a precinct-wide rejuvenation project and represents an investment in the airport precinct of approximately $500 million.

It is believed by 2037 the airport will contribute $818 million annually to the region and support an estimated 20,000 fulltime jobs.

Split over three levels, the new complex features six gates, four glass aerobridges (a first for the airport) and a departure lounge facing the hinterland, plus new boarding facilities, baggage handling and border control.

The extension project is set to create more than 760 jobs and inject more than $1.2 billion into the Gold Coast’s economy, including a $4.7 million injection into the tourism industry.

The State Government released plans for Stage 3B through to the southern Gold Coast.

To the city’s north, the 127-hectare Yatala Enterprise Area

(YEA) is the largest zoned industrial land area in the Gold Coast and the city’s leading industrial precinct.

The YEA is projected to bring more than $1 billion to the

local economy over the next 10 years and already employs an estimated 10,000 people.

It is a value-adding manufacturing region with businesses in food and beverage, construction materials, machinery and equipment, plastic and chemicals, warehousing, transport and distribution.

New convenience and retail shopping centres are also

delivering amenities to meet the needs of the burgeoning population in the area.

The Coomera Town Centre development has created

thousands of jobs and provided unprecedented retail opportunities to the north.

The $100 million Pimpama City Shopping Centre opened its doors late 2018, creating more than 400 jobs.

The $80 million Pimpama Sports Hub and local council has recently unveiled plans for the Gold Coast’s biggest ever regional community centre.

The council has pledged $7 million to get the Coomera

Stage 3A of the Gold Coast light rail will bring it one step closer to the airport, with the route linking Broadbeach to Burleigh Heads.

Civic Hub underway, which will be built next to the Westfield

Construction of the $709 million extension to Burleigh is underway, with early works underway on the tram system.

the civic hub was being planned now to cater for a population

Coomera Shopping Centre.

Deputy Mayor and northern based Councillor Donna Gates said growth of another 200,000 people in the next 20 years.

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 : • $500 million M1 Motorway upgrade

• $165 million capital injection to the Marine Precinct

• Construction of a giant Costco on the Gold Coast

• $470 million first stage of the Coomera Town Centre

• Gold Coast Airport expansion including hotel opens

• $100 million Pimpama City Shopping Centre

• $2.5 million investment in Stage 4 of light rail

• $80 Pimpama Sports Hub

• $1 billion boost from the Yatala Enterprise Area

• $7 million Coomera Civic Hub

RESIDENTIAL MARKET INSIGHTS CoreLogic’s quarterly Regional Market Update, released on 17 May 2022, shows Australia’s 25 largest non-capital city regions including the Gold Coast, has slowed from a peak of 6.6% in April 2021 to 4.7% in the three months to April 2022.

Red hot Regional Australia property markets are showing signs of slowing, despite outpacing capital cities due to chronically low listings and sustained buyer demand.

Dwelling values across the combined regions jumped 23.9% in the year to April 2022, outpacing the combined capital city dwelling growth rate of 14.6% for the same period.

The Gold Coast delivered the second highest annual regional house value growth in the 12 months to January 2022 at 36.3%.

The Federal Government’s popular First Home Loan Deposit Scheme opened to 10,000 eligible first homebuyers and closed on 30 June 2022.

There has been increased activity from first homebuyers in the first half of this year, according to the National Housing Finance and Investment Corporation – and it’s set to continue.

And it’s the Northern Gold Coast where buyers are looking, with the area emerging as a rapidly developing residential hotspot.

The area has seen major growth in the last few years with Pimpama being the third-fastest growing suburb in Queensland.

The development industry turned the areas of Coomera, Upper Coomera, Pimpama and Ormeau into thriving communities.

The government is investing in new fire rescue, police services and schools over the coming years.

The northern Gold Coast is ideally located, with close proximity to the M1 and Brisbane; while also home to a variety of schools, making it a highly desirable choice for young families.

• In Pimpama, 36.8% of households are couples with children.

42.6% of households are couples with children in Coomera.

• The majority of employed persons in Pimpama and Coomera work in construction, retail trade, and health care and social assistance.

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

P I M PA M A COOMERA ORMEAU

$635,000 $710,000 $688,000 $760,000

OXENFORD

$968,000

H E L E N S VA L E

$825,000

PA C I F I C P I N E S

M P M P R O P E R T Y ’ S W E E K LY M E D I A N R E N T

P I M PA M A

$650 $685

COOMERA ORMEAU OXENFORD

$640 $650 $825

H E L E N S VA L E

$710

PA C I F I C P I N E S

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

4.43%

P I M PA M A COOMERA ORMEAU

4.40% 4.32% 5.30%

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

5.60% 5.32%

• 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.

• Strong migration rates, combined with the strength and diversity of the local economy should see buyer activity hold up well throughout the coming year.