Coast puts on growth spurt
THE Gold Coast property industry has joined calls for planners to redouble their efforts, after revised population data showed the city was attracting enough new residents to fill Varsity Lakes every year.
Figures released by Treasury in November predicted the Coast will grow by 14,670 people annually for the next 25 years, up from the previous forecast average of around 10,000 per year.
While the growth is good news for the economy and house prices, providing a buffer from much of the dip being felt in Sydney and Melbourne, the Property Council said work was needed now to ensure the Coast remained liveable as it expanded.
Queensland executive director Chris Mountford warned there remained a severe shortage of greenfield land in the region, and that current targets for housing approvals would fall well short of need.
“Planning appropriately for this accelerated growth will be critical to ensuring we can keep a lid on affordability, and maintain the Gold Coast’s enviable lifestyle and liveability,” he said.
“Even if we meet the current Gold Coast dwelling construction targets in 2041, the forecasts now say we’ll still be short of homes for 15,700 residents,” Mr Mountford said.
“That’s a housing requirement shortfall on the magnitude of another Varsity Lakes, or Palm Beach.”
According to the latest State Government population projections, the Gold Coast’s population is now expected to reach 943,686 by 2041, up from previous forecasts of 928,000. The city’s population was estimated at 577,000 in 2016.
The 2015 projections forecast that 621,751 people will be living in the region by 2021 but the latest prediction says there is likely to be 650,349 residents.
A report presented to councillors last month revealed the the population hotspots would be Coomera, Pimpama, Surfers Paradise, Southport North and the Upper Coomera-Willowvale areas.
Molendinar, Currumbin Waters and Broadbeach Waters had the lowest predicted growth rate, reflecting a lack of land supply.
The 2017 Shaping SEQ Regional Plan is the statutory framework for the region’s growth planning, and establishes dwelling construction targets for the Gold Coast local government
area based on the previously anticipated growth trajectory.
The Property Council is warning that if population expectations continue to accelerate, dwelling targets and local planning settings for the Gold Coast will need to be revised accordingly.
The council has backed the State Government’s new Growth Monitoring Program, which seeks to track the implementation of the SEQ Regional Plan.
“Only by accurately tracking supply and demand can we achieve stronger, evidenced
based decisions about future land supply,” Mr Mountford said.
“When new data changes the underlying growth assumptions, it’s important that this informs the decisions of local planners and policymakers.”