THE SUNSHINE COAST HAS $15 BILLION DOLLARS IN INVESTMENT DRIVING ITS TRANSITION TO BECOME A REGIONAL CITY
The Sunshine Coast Government has an economic plan for the region that will see it through to 2033.
The vision is for the Sunshine Coast to be “a prosperous, high-value economy of choice for business, investment and employment – while offering an enviable lifestyle an environment.”
This vision will be achieved through a strengthening of the core economic pillars (construction, retail and tourism), exploiting new sources for investment to build high-value industries such as health, technology and education and by ‘changing the game’ with high level infrastructure projects.
Source : Sunshine Coast Regional Economic Strategy, 2013 – 2033
The following industry projects will become permanent game changer projects altering the current ‘face’ of Sunshine Coast in a positive and strengthening way
Sunshine Coast University Hospital
Construction for the Sunshine Coast University Hospital (SCUH) is well underway. The multi-billion dollar health hub at Kawana is the region’s largest project and will generate a total of 2,000 construction jobs and 3,500 permanent jobs once completed in 2016. The hospital is expected to inject $680 million per year into the local economy.
University of the Sunshine Coast (USC) Expansion
A major component of the USC expansion will involve the construction of a $24 million building at the University’s Sippy Downs Campus. The expansion will majorly increase the University’s profile, while simultaneously providing a shot in the arm for the regional economy.
Sunshine Coast Airport Expansion
The $436 million Sunshine Coast Airport Expansion Project will involve the creation of a new runway and passenger terminal. These elements will provide 5,000 new permanent jobs upon completion and $1.6 billion in regional economic benefit between 2015 and 2050.
Coast Connect, is a $350m State funded public transport initiative which aims to help stimulate economic growth and to cope with the expected population boom. The project, which will run from Caloundra to Maroochydore will encompass a mixture of transport infrastructure improvements to suit different parts of the coast. This will include the addition of extra bus lanes, bus queue bypasses, traffic lights, bus stations and bus stop upgrades.
Maroochydore City Centre Project
The Maroochydore City Centre Project is a mixed use precinct which will dramatically transform the area, providing a mix of residential, commercial, retail, civic and community uses in order to develop a thriving and vibrant business district and city centre. The plan will create employment opportunities through the allocation of 150,000 m2 of new commercial floor space and 65,000 m2 of new retail floor space, by 2031. The Maroochydore City Centre proposes 4000 new dwellings within the principal activity centre, while still retaining 40% of the Horton Park golf course site as public open space. The project will employ a sub -tropical design that embraces Maroochydore’s unique coastal and waterfront qualities. With the city centre project on the cards, Maroochydore is fast tracked to become the business, community and employment hub of the Sunshine Coast.
Major Change To Come
The Sunshine Coast is experiencing the tri-factor of growth indicators; population, infrastructure and employment. These elements represent the ultimate synergy, and as the one continues to grow, the rest will follow. Things are only set to get bigger for the Sunshine Coast, meaning that the days of this area being regarded as a mere tourist destination, are well and truly numbered.
The past twelve months of sales activity to June 2014 saw the median house price across the Sunshine Coast LGA increase by 4.9% to settle at $467,000. During the last six months, a total of 2,443 houses sold in the Sunshine Coast – 6% higher than the sales figure achieved during the same period during 2013. The most active price point for the most recent six month period ending June 2014 was the $400,000 to $499,999 price bracket, which saw 34% of total sales activity. There is a substantial luxury market on the Sunshine Coast; during the most recent six month period ending June 2014, house sales for more than $700,000 accounted for 11% of the market.
Median prices are also increasing in the apartment market. The 12 months to June 2014 saw the Sunshine Coast apartment market achieve a median price of $362,250 – an increase of 2% over that period. Whilst sales volumes increased in the housing market, apartment sales saw a slight contraction. The most recent six month period ending June 2014 saw 1,466 apartments sold across the Sunshine Coast. This is 8%, or 131 apartment sales, lower than the corresponding period in 2013. During the six month period ending June 2014, the most active price point was the $300,000 to $399,999 price bracket, which accounted for 35% of total sales. This was followed by the $200,000 to $299,999 price bracket, which accounted for 20% of the market. The most active apartment building in terms of sales was Broadwater at Birtinya. This waterfront building consists of 100 NRAS apartments and has been constructed to capitalise on the new Sunshine Coast University Hospital precinct.
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