13 Sep Sunshine Coast in the spotlight: infrastructure driving growth
Knowing where the infrastructure hotspots and employment hubs are and will be in the near future is essential when evaluating where to invest. The Sunshine Coast is one of those rising stars, with significant infrastructure spend moving the area from largely a tourism destination to a strategic lifestyle choice with employment opportunities.
With tens of billions of dollars in investment taking place across the coast in the coming years, this infrastructure means jobs, which drives both population growth and house and land prices.
This extraordinary amount of investment is seeing significant changes to the area, including a great growth forecast. The Sunshine Coast population is projected to reach 469,873 persons in 2036 which represents annual growth of 2.3% per annum.
Growth is forecast to be strongest between 2016 and 2021, which coincides with the Sunshine Coast economy entering into a new growth phase, supported by this significant, unprecedented infrastructure investment.
The Sunshine Coast is just one area where our clients are currently benefiting from great results. This isn’t the only area that we are helping clients to invest in, but it certainly is a great market. However, no matter where you invest, even across the coast, if you aren’t careful you can make some costly mistakes without the right advice.
In this edition of the DBA Newsletter, we wanted to share what’s been happening and share what’s planned as far as infrastructure spending across the Sunshine Coast.
The unprecedented infrastructure projects on the Sunshine Coast include:
$1.8 billion University Public Hospital | Birtinya
The hospital opened in April 2017 and will contain 738 beds and 6,000 staff by 2021.
$5 billion Aura Master Planned City | Caloundra South
A new city approximately the size of Gladstone was officially unveiled by Stockland in late 2015 and upon completion within the next 20 years will be home to more than 50,000 people and have created over 20,000 new jobs.
$347 million Sunshine Coast Airport Expansion | Marcoola
The Queensland State Coordinator General’s report delivered on 19 May 2016 approved the Environmental Impact Statement (EIS) for the Sunshine Coast Airport Expansion Project and confirms the project will deliver major economic and social benefits to the region. The proposed airport extension is forecast to contribute $4.1 billion in Gross Regional Product, generate 2,231 jobs and significantly benefit the tourism industry. The demand for this new airport can be evidenced by the fact that Qantas Airways has re-established direct daily services after a break of ten years and the existing airport was also awarded as the fastest growing in Australia, with a 23.9% increase in passengers for the year ending February 2016.
$2.1 billion Maroochydore City Centre | Maroochydore
This 53 hectare site planned for re-development is set to include fine dining, exclusive retail, entertainment facilities, a five-star hotel and an entertainment, convention and exhibition centre. Stage one of development commenced in February 2016 and by 2040, result in 30,000 extra jobs and an economic boost of $4.4 billion for the Sunshine Coast.
$5 billion Oceanside Kawana Development | Birtinya
Stockland is also currently developing Oceanside Kawana into a world-class destination with a mix of housing, retail and business uses and, on completion, the project is anticipated to create approximately 12,000 ongoing jobs and contribute $828 million annually to the local and state economy.
$81 million Sunshine Coast University Upgrade | Sippy Downs
The University of the Sunshine Coast is one of Australia’s fastest growing Universities and consequently, an upgrade to the campus was recently competed in 2015 and the university now has around 12,000 student enrolments.
$1.1 billion Bruce Highway Upgrade
The Bruce Highway between Caloundra Road and the Sunshine Motorway is being upgraded from four to six lanes which will enable the speed limit to be increased to 110km per hour and is scheduled to be completed by 2020.
These are just some of the projects currently underway on the Coast. We are sure you can see why it is a market of extreme interest to us. If this market or any others interests you or you would like to learn more, please contact us. We would love to learn how we can help you with your investment journey.