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The Gold Coast economy is set to prosper with positive property outlook

Gold Coast

Colliers International Gold Coast Snapshot has revealed the city will hit the one million population milestone within the next 30 years, underpinned by the internal migration seen throughout the pandemic and more than 50 residential projects currently in the works.

The announcement:

The Gold Coast’s strengthening economic resilience and solid growth as the preferred destination for Australia’s “internal migrants” is expected to underpin a positive long-term outlook for its property sector, according to new research.

Across the city, there are currently more than 50 residential projects with an estimated investment value of $4.8 billion under construction and with firm pipeline commitments. “Affordability, lifestyle and high-quality health and education services have consolidated the region as the preferred destination for net interstate migration across Australia over the past year,” the report states.The latest Colliers International Gold Coast Snapshot, despite the impact of the COVID-19 pandemic, the city is still on track to hit the one million population milestone within the next 30 years.

“The COVID-19 pandemic has had a negative impact on business activity, particularly for businesses operating in the sectors of tourism and international education, however other sectors have thrived including logistics and the housing market.

“Whilst the Gold Coast economy has not been immune to the current economic uncertainty, the long-term regional economic fundamentals are expected to underpin a positive long-term outlook for property investors.”

Steven King, Director in Charge at Colliers Gold Coast, says the research underpins the strength of the Gold Coast economy despite the challenges posed by Covid.

“Obviously certain sectors have struggled such as tourism but the data shows that the city is not only enduring under the weight of these challenges but forecast to perform very well when things get back to normal,” said Mr King.

“The infrastructure and development pipeline and population forecasts outlined in the data paint a very positive long term picture for the Gold Coast.”

The Snapshot indicates forecast investment in major infrastructure projects totalling $5.2 billion will significantly facilitate the recovery and growth of Australia’s sixth biggest city.

“The forecast investment in large infrastructure projects is equivalent to about 13.6 per cent of the GRP (Gross Regional Product),” it states.

Among the major projects it cites are Pacific View Estate ($3.2 billion), Coomera Connector ($1.5 billion), Light Rail Stage 3 to Burleigh Heads ($1.04 billion), M1 Pacific Motorway Upgrade Varsity Lakes to Tugun ($1.03 billion), Queen Street Village Southport ($500 million) and the Star Casino Expansion ($345 million).

According to the Snapshot, the Gold Coast’s increasing resilience is also evident in the latest employment figures, which show its employed ranks now total 371,100 persons — an historic record level in the region.

“The Gold Coast has historically been able to create job opportunities for the growing population,” it states.

“Despite the challenges imposed by the pandemic, the regional employment market has recovered quickly with the unemployment rate contracting from the peak of 8.9 per cent in July 2020 to 3.9 per cent in May 2021.”

Construction employment remains very relevant for the region and has been boosted by the HomeBuilder program implemented to support the recovery of the national economy.

Tourism, which has consistently been a major industry in the Gold Coast, has been negatively impacted by the pandemic since March 2020.

But despite the challenges, an annual economic injection from domestic tourism activity of $2.4 billion was estimated for the year-on-year to March 2021.


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Locals, Sydneysiders and Melburnians swoop on Esprit, S&S Projects Rainbow Bay apartments

Nearly three quarters of buyers were local owner-occupiers, with around 30 per cent coming from Sydney’s beaches and the intercity and fringe suburbs of Melbourne

It took just a weekend soft launch for the luxury developer S&S Projects to secure over half of the sales in its latest Gold Coast apartment development, Esprit.

Esprit, at 217-227 Boundary Street, in the sought-after Rainbow Bay location in Coolangatta, sold over half of the 97 apartments on offer in the two interconnected Cottee Parker-designed buildings.

No surprise in the quick-fire sales by KM Sales and Marketing agent Jayde Pezet given the location, the fact Esprit is crowned by Club Esprit, the Gold Coast’s first ever residents-only rooftop wellness centre, and the size of the apartments.

They range between 109 sqm and 128 sqm and start from $825,000.

The three-bedroom apartments, from 151 sqm to 215 sqm, start from $1,915,000 and top out at $3.7 million.

S&S Projects

Esprit 217-227 Boundary Street, Coolangatta QLD 4225 

Nearly three quarters of buyers were local owner-occupiers, with around 30 per cent coming from Sydney’s beaches and the intercity and fringe suburbs of Melbourne.

S&S Projects boss Paul Gedoun said the demand for luxury pulsating across the southern Gold Coast.

“Esprit is a new luxury residential high-water mark for Rainbow Bay on so many levels and that has been validated by the extraordinary number of sales secured over the weekend,” Gedoun said.

“It is more than a breathtaking place to call home and these astute buyers have recognised and been drawn by its superb location, exceptional level of amenity and superiority of design.”

Gedoun describes Esprit as a project “born from Rainbow Bay’s natural incitement of a restorative lifestyle rooted in enjoyment”.

The rooftop wellness club, Club Esprit, will span more than 1,100 sqm and will feature every wellness and recreational amenity, dubbed as offering an elite-athlete standard of physical and mental rejuvenation.

There is set to be a fully equipped gym, yoga lawn, private remedial treatment room, ice bath, infrared sauna, steam rooms, 25-metre lap pool and poolside cabanas.

The wellness amenity is balanced by an expansive recreational space, including a children’s lawn with play equipment, a private dining room, private terraces, BBQ areas and an outdoor cinema.

“Not only are residents securing an immaculately designed home but essentially also a lifetime membership to one of the most impressive and exclusive wellness clubs to exist on the coast,” said Jayde Pezet of KM Sales and Marketing.

Esprit is S&S Projects’ third venture in the beachfront residential enclave and surfing mecca, following the success of the sellout of the $74 million Flow Residences up the road, as well as the nearby Awaken Residences.


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Bensons appoint ICON to build luxury Chevron Island apartment tower, Chevron One

Chevron One

Chevron One, the luxury apartment tower on Chevron Island, is one step closer, as the Melbourne-based developer Bensons have appointed the well regarded and experienced construction firm, ICON, to build the 41-level building.

Construction will begin October 11 on what will be the only high-rise on the island, with the build expected to take just over three years to complete. Bensons are aiming for completion before Christmas 2024.

ICON are one of Australia and New Zealand’s largest and most experienced construction providers. Currently that have over 75 buildings under construction, including the sell-out Signature Broadbeach tower nearby.

They’ve previously built the modern Auckland apartment, retail and hotel tower, The Pacifica, and recently signed off on the luxury Circular Quay, Sydney apartment development, The Harrington Collection.

On the appointment, Bensons Property Group Managing Director Rick Curtis said “For us, it’s about selecting a builder who is able to not only execute our commitment to the design, quality and timely delivery of Chevron One, but one that can do so in a way that reflects our company mission to deliver exceptional living, whilst making a positive contribution to local communities”.

Chevron One

Chevron One 36-44 Stanhill Drive, Surfers Paradise QLD 4217 

Luke Young, ICON Director of QLD, WA and NT, called Chevron One a landmark project for the Gold Coast.

“ICON are proud to be partnering with Bensons for the construction of the project of such significance. Bensons have an established reputation of developing high quality apartments, which is something that we pride ourselves on being able to offer,” Young said.

“We are excited to be underway.”

Chevron One is the vision of the Bensons chairman, philanthropist and art patron Elias Jreissati, who spends a considerable amount of time each year on the Gold Coast with his wife Colleen.

He wants to create an offering that epitomises understated luxury that Melbourne is accustomed to, combined with uninterrupted panoramic views over Surfers Paradise, all within an exclusive island location.

Bensons has just released their Daylight Sky Homes collection, occupying the upper levels of the tower, with the best, never-to-be-built-out views of Surfers Paradise. They start from $1.5 million, and range up to $15 million, the price tag for the huge 1,000 sqm sub penthouse.

They held back the apartments, but there has been such demand for luxury, larger apartments in the area.

Jreissati will be hanging on to the penthouse, the largest ever created on the Gold Coast spanning nearly 2,000 sqm.

Designed by global architecture practice Marchese Partners, Chevron One is built on the principle of a strong integration between indoor/outdoor living, with oversized balconies one of the key liveability factors.

There’s around 2,000 sqm of resident amenity, including two pools (one an outdoor lagoon style with a floating cinema and one indoor), an indoor/outdoor beach, a gym, a number of spas, a residents lounge with BBQ area and an outdoor sun-lounge on the podium level.


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Hutchinson ranked as nation’s top apartment builder: HIA

The largest 100 residential builders created 80 per cent of new houses and apartments last year

The largest 100 residential builders created 80 per cent of new houses and apartments in the last financial year.

For the sixth consecutive year, Metricon Homes was the nation’s number one residential builder.

The largest apartment builder in this year’s report was Hutchies, who ranked as the 5th most active builder overall, down three places.

It constructed 3015 apartments, down from 3820 in 2019-20.


Encore Broadbeach 22 Albert Avenue, Broadbeach QLD 4218 

Hutchinson are one of only three apartment builders in the top 20 this year, which include Meriton Apartments on 1412.

Hutchinson Builders, founded in 1918, has an average project value of $19 million, working across commercial and residential high-rise, health, education, retail, and aged care.

The top 100 list saw an increase in the number of detached house starts by 49 per cent while the number of units fell by 20 per cent.

The HIA-COLORBOND® steel Housing 100 Report ranks Australia’s largest 100 residential builders based on the number of homes commenced each year.

Metricon Homes reported a total of 6,052 new home starts across Victoria, Queensland, New South Wales and South Australia. Of these starts, 5,820 were detached houses and 232 were semi-detached dwellings. The Metricon CEO, Mario Biasin advised Metricon has grown from 604 site starts in Queensland in 2019/20 to 1177 in 2020/21 representing a 95% year on year growth.

Moving up from fourth in the 2019/20 report, the second most active builder in 2020/21 was ABN Group with 5,345 starts.

They were followed by MJH Group with 4,548 starts.


“The past year has been a remarkable year for home building,” HIA Chief economist, Tim Reardon said.

“The majority of builders increased their number of dwelling starts in 2020/21 compared to the previous year. Those that didn’t were more likely to be in the multi-unit market.

“In this market, it is not surprising that detached home builders have dominated the list of the most active home builders in Australia.

“The loss of overseas migration last year hit the apartment market almost immediately.


Belvedere 25 Woodroffe Avenue, Main Beach QLD 4217 

“Overseas students, tourists and migrants often stay in multi-unit dwellings when they first arrive in the country.

“This trend was exacerbated by the shift in consumer preferences towards lower density housing,” he suggested.

With this boom in home building, the minimum number of homes required to make it onto this list rose from 108 to 125, the highest in the 28 years that the report has been released.

The top 100 builders grew their market share of the new home building market from 40 per cent last year to 44 per cent in 2020/21, suggesting that larger builders were able to expand their capacity to build faster than smaller builders.

The largest 100 residential builders increased revenue earned from home construction by 31 per cent to $31.7 billion in 2020/21.


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