Gold Coast Population Boom Spurs Construction Demand

Australia is experiencing its highest population growth since the 1950s, with lifestyle hotspots like the Gold Coast attracting thousands of new residents each year. Despite having one of the lowest population densities globally at 3.5 people per square kilometre, the Australian population is highly urbanised, with 75 per cent of people living on just 2.6 per cent of the country’s total land mass.

Data from CoreLogic highlights that among Queensland’s top 10 high-density regional areas are the Statistical Area Level 2 (SA2) pockets of Surfers Paradise North, Surfers Paradise South, and Mermaid Beach-Broadbeach. These SA2s represent medium-sized communities defined by social and economic interactions.

While CoreLogic reports that population density does not directly impact price growth, these regions have continued to show strong performance over the past decade. One such area, Mermaid Beach-Broadbeach, has become a magnet for new residents drawn to its laid-back beachside lifestyle.

Over the past decade, the population in Mermaid Beach-Broadbeach has surged from 11,720 to 15,313, with population density increasing from 3,908 to 5,107 per square kilometre. This growth is largely driven by new beachfront developments in Broadbeach. However, as demand for property in these prime locations rises, so do property prices. Mermaid Beach, in particular, boasts some of the highest prices on the Gold Coast. A notable sale was a block of four apartments on a 405 square metre lot at 2 Surf Street in Mermaid Beach, which sold for a record-breaking $11,500,000. This sale, equating to $28,395 per square metre, set a new benchmark for land value in the area.

Another high-density region, Surfers Paradise – North and Surfers Paradise, including Paradise Waters and Chevron Island, is the most populated on the Gold Coast. This area houses 5,603 people within 2.5 square kilometres. Riverfront properties in this region are particularly sought after, as evidenced by recent significant sales. A 2,024 square metre property at 75-81 Stanhill Drive on Chevron Island was sold for an area record of $15,000,000. Similarly, a new home at 79 Gibraltar Drive in Isle of Capri, on a 601 square metre block, fetched $5,300,000.

Migration trends indicate a substantial influx of people to the Gold Coast over the next decade, further increasing population densities and housing demand. This surge will likely result in significant price growth in areas experiencing the highest demand for housing, assuming the supply of new properties remains limited.

For construction and infrastructure professionals, these trends signify a robust market ripe with opportunities. As population growth continues to drive demand, the Gold Coast will require extensive development to accommodate its expanding population. This growth is not only reshaping the real estate landscape but also creating numerous job opportunities within the construction and infrastructure sectors.

In conclusion, the Gold Coast’s booming population and high-density regions like Surfers Paradise and Mermaid Beach-Broadbeach are leading the charge in Australia’s real estate market. With record-breaking property sales and an ever-increasing demand for housing, these areas offer immense potential for investment and development. As the population continues to swell, the construction industry stands poised to play a crucial role in shaping the future of these vibrant communities.