The northern Gold Coast has been identified as a hotspot for large development projects, off the back of rapid migration to affordable lifestyle locations across Australia. The Coomera corridor is tipped to be at the centre of an infrastructure-led property boom, as government spending supports and encourages this growing wave of sea-change buyers.
Recent reports demonstrate that more Victorians than ever are seeking a home in the sunshine state, as buyer’s needs change in the wake of the pandemic and strict lockdowns. The northern Gold Coast precinct is one of 10 hot spots identified across Australia where big ticket developments are aiming to meet a demand in the market for residential property opportunities, with experts asserting that the Coomera corridor is on track to soar.
Property expert and commentator Terry Ryder explains, “Infrastructure spending is always a key driver of growth in residential property markets and government plans to fast-track shovel-ready projects will enhance the established trend of rising markets in many parts of Australia.”
“That will turbocharge a residential property boom which is already building across the nation.”
Coomera is often shown to be one of the fastest growing areas in Queensland, with the corridor encompassing Coomera, Pimpama, Ormeau, Upper Coomera and Willowvale. The region grew by 23% between 2016 and 2019, with the $1.5 billion Coomera Town Centre being developed to support this growth.
This community hub includes nine precincts – featuring a $470 million Westfield Shopping Centre, with Costco planning on commencing construction on its first Gold Coast store in 2021, creating 330 jobs for the region. An alternative to the M1 motorway – the $2.4 billion Coomera Connector – is designed to ease congestion between Brisbane and the Gold Coast, and the Gold Coast Marine Project continues by creating the largest facility of its kind in the Southern Hemisphere.
“Infrastructure such as new motorways, rail links, hospitals and universities improve the amenity and desirability of the locations directly impacted,” Mr Ryder continued.
“These projects generate major economic activity and employment – and from that flows demand for real estate.”
Coomera corridor offered an affordable lifestyle in proximity to key infrastructure and employment, while southern beachside suburbs have also seen a massive surge in demand since COVID, Mr Ryder said. The median house prices below $500,000, making it a very affordable option.
“Not everyone can live in high rise apartments by the beach and million-dollar waterfront homes,” he said.
“That Coomera precinct plays a very important role in providing new, modern homes at an affordable price, particularly for first home buyers and average income earners.
“There’s also a lifestyle developing in that precinct that’s not just housing estates with McMansions on small blocks; with access to shopping centres, train stations, a marine precinct, theme parks, employment and entertainment, there’s plenty to recommend.”