As more and more Australians consider the need to remain or lay roots in a capital city, the picturesque coastal area of the Gold Coast is receiving unprecedented levels of interest, not only from tourists but also new residents looking to take advantage of the lifestyle, affordability and opportunities on offer. With over 10 million visitors and approximately 12,500 new residents each year, it is safe to say the little brother of Brisbane is not so little anymore – currently the countries largest non-capital city with the population expected to surpass 800,000 by 2035, boosted by Queensland recently taking the top spot from Victoria for net interstate migration.
Annual net interstate migration
|New South Wales||-21,995||-20,506|
Source: Australian Bureau of Statistics
At Rose & Jones, we see the migration and investment into South East Queensland and Northern New South Wales not only continuing, but increasing, and are excited to announce the opening of our Queensland office in the coming months – to assist local, interstate and international buyers with their property needs.
The pull factors for those considering a sea or tree change are obvious and aplenty, with the Gold Coast renowned for its subtropical climate and beautiful beaches, complemented by world heritage listed national parks and rainforests that encourage the active, outdoor lifestyle that so many are drawn to. Along with its unrivaled natural environment, it is quickly transforming into a world class city dedicated to economic growth and job creation boasting three internationally renowned universities, a newly founded health and knowledge precinct and a rapidly growing culinary and hospitality culture at the forefront. Both the Queensland and Australian government have made, and continue to make, substantial financial commitments to improving the local infrastructure and amenity offered to residents and visitors alike, as to sustain and accommodate the current and forecasted growth. Growing up on the Gold Coast, and spending the last decade in Sydney, it is exciting to see the inevitable transformation and gentrification occurring in my hometown.
Whilst it is easy to appreciate the pull factors above, the most significant push factor is equally as important to consider. Housing affordability in both Sydney and Melbourne is becoming an issue for many, with the growth in property values experienced in these particular cities since the Global Financial Crisis pricing a large portion of long term residents out of their desired marketplace and forcing them to outer fringe areas where lifestyle is being compromised by issues like lengthier commute times, in some cases more than two hours each way. The Australian Bureau of Statistics demonstrates this factor by showing NSW, the most expensive state, is losing the most people to interstate migration.