City Growing Pains

Gold Coast Bulletin

The Gold Coast needs more than 100 new houses a week to cope with its huge population growth.

The city’s population increased by 17,374 people in 2006. Between now and 2011 when the city is expected to hit 643,800, about 55,000 people – roughly equivalent to the populations of Mackay, will have been added to the Gold Coast.

To deal with the massive population boom, the Gold Coast needs 133 new houses a week according to a new report by real estate chain PRD Nationwide’s spokeswoman, Lynda Campbell. This is 36 more per week than the year before. Ms Campbell said migration and family creation had pushed the Coast’s growth rate to 3.5 per cent a year. She said the Gold Coast and Brisbane was the top choice for people wanting to relocate.

“However land supply in the Gold Coast is rapidly drying up. The areas that will benefit in the future are those that will have suitable pockets of land available for development” she said.

She said that “While the population demands an unprecedented number of new homes, building approvals and sales are not keeping pace due to a land shortage.”

The diminishing supply of homes has also driven up prices. The city’s medium house price now is $416,000.

Land prices have also risen dramatically due to the shortage. The Housing Industry of Queensland said all levels of government had failed to keep pace with the massive population boom and were not releasing housing approvals fast enough.

Buying property in Queensland will never be as affordable as it is now!