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Maroochydore's new CBD is one of the largest greenfield developments in Australia, bringing with it a $4.4 billion boost to the local economy and driving steady growth in an already booming Sunshine Coast.
The strongest real estate market in Queensland, and the 10th largest significant urban area in Australia, the Sunshine Coast has been experiencing commercial, employment, amenity, and population growth through a massive $20 billion infrastructure boost, which has catapulted the region into a new era of sustained growth.
The Maroochydore CBD will deliver 53 hectares of commercial, residential, retail, public green spaces, parks, plazas, and waterways to the area, and will help drive property growth on the Sunshine Coast. The project will be released in stages and will generate more than 15,000 permanent jobs and inject over $4.4 billion into the local economy. Commencing in August 2019, construction on the first stage is now officially underway.
The Maroochydore CBD is part of an unprecedented $20 billion public and private infrastructure investment in the region, which is building business confidence along with an economy that is growing at four times the average annual rate of the Nation’s economy.
Due in mid-2020, the landing of the new International Submarine Cable to Maroochydore will be responsible for improved telecommunications across Australia’s east coast and will raise up to 864 new jobs and up to $927 million in new investment. The cable will allow Queensland businesses the ability to bypass Sydney and connect internationally directly, putting the Sunshine Coast on the international business map as a leading investment destination for commerce and industry, encouraging major data-dependent companies like Facebook, Google, Amazon, and Microsoft to locate their Australian investments in the region.
The Sunshine Coast Airport expansion is scheduled for completion in late 2020 and will provide direct access to the world, delivering over 2,000,000 passengers annually to the coastal region. By 2040 the expansion will contribute $4.1 billion to the local economy and generate over 2230 jobs.
The $1.8 billion Sunshine Coast University Hospital officially opened in 2017, with a further expansion due in 2021 to reach a capacity of 738 beds. Australia’s first public teaching hospital in 20 years, the hospital spans more than 20 hectares and currently employs more than 3,500 staff, expanding to 6,000 employees by 2021.
In a recent property report, analyst Terry Ryder stated that the new CBD is at the heart of this growth, providing a centre for the Sunshine Coast’s growing economy and job opportunities while helping to fuel residential price rises across the region.
“Population growth leads to more demand for property and that, in turn, translates to increased values,” Mr Ryder said.
“In fact, the region is now tending towards a shortage of new dwellings with the Property Council of Australia warning that the Sunshine Coast is at risk of not keeping up with demand.”
Sources: realestate.com.au; Queensland Health; Maroochydore City; Sunshine Coast Council; Sunshine Coast Airport.
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