Adam Empringham,
Director of Sales at Image Property.
Gold Coast becoming Australia’s fastest growing economy
Emerging as Australia’s fastest-growing region, the Gold Coast achieved a new milestone last year, with its economy surpassing $45 billion—$630 million above forecast.
In recent years, the Gold Coast has outpaced major cities, drawing attention with impressive growth metrics.
Known for its iconic beaches and vibrant lifestyle, this thriving coastal region is now recognised as a solid investment destination, bolstered by economic resilience, population growth, and strong job prospects.
Let’s take a closer look at the key factors driving the Gold Coast’s economic expansion and what they mean for potential investors.
Leading Growth Rate in Australia
Between 2021 and 2023, the Gold Coast’s Gross Regional Product (GRP) grew by 17.4% – well above Queensland’s growth rate of 11% and Australia’s national growth rate of 9.8%.
This average outpaces every major city in the country, showcasing the Gold Coast as a leader in economic expansion.
The steady growth offers a positive outlook for investors, indicating that the region isn’t just a short-term boom but a market with long-term appeal.
Low Unemployment and Abundant Job Opportunities
With an unemployment rate sitting at just 2.83%, the Gold Coast boasts one of the lowest jobless rates in the country.
Job opportunities are ample across various sectors, making the area highly attractive to newcomers seeking employment and financial stability.
This employment environment not only supports the local economy but also helps maintain a consistent influx of residents who drive demand for housing and investment.
Rapid Population Growth and Migration Appeal
Population growth is another driving force behind the Gold Coast’s economic rise. As of June 2023, the population exceeded 660,000, with projections aiming for a milestone of 1 million by 2040.
This steady migration ensures a new generation of residents who can build their lives, careers, and investments within the city without needing to relocate.
The city’s allure for new residents emphasizes its desirability, underscoring a promising market for property investors and developers alike.
Supporting Infrastructure to Match Growing Demand
To accommodate and sustain this rapid growth, infrastructure development remains crucial. Investing in roads, public transport, and community facilities is vital to managing the influx of new residents and maintaining the high quality of life that attracts people to the Gold Coast.
These efforts ensure that the Gold Coast can handle its expansion responsibly, paving the way for continued economic growth and housing demand.
With robust economic metrics, a low unemployment rate, and a well-supported infrastructure plan, the Gold Coast is fast becoming a beacon of growth and opportunity in Australia. The region’s rising population, coupled with a strong economic foundation, positions it as a top choice for property investors looking for stability and growth potential.
At Image Property, we provide up-to-date insights on thriving markets like the Gold Coast. Whether you’re exploring investment opportunities or looking to navigate the latest market trends, get in touch with our team for strategic guidance to support your decisions.
