This article is from the Australian Property Journal archive
The satellite suburb of Coomera between Brisbane and the Gold Coast is set to boom, according to the latest research, Coomera is Australia’s fastest growing precinct.
According to Resolution Research and Marketing, more than $2.2 billion in development is currently planned within a 10-kilometre radius of the proposed Coomera Town Centre.
In addition, the population of the area has swelled by almost a quarter in the last 12 months to 25,000, more than three times the average growth rate of the city of Gold Coast.
According to RRM, the growth in Coomera is being driven by a desire by people in Brisbane and the Gold Coast to explore lifestyle options, while remaining close to major metropolitan areas for employment purposes.
Coomera is just off the M1 Freeway, 40 minutes from Brisbane and 20 kilometres from Surfers Paradise.
According to the report, Coomera’s dynamic new era is reinforced by latest building figure approvals, with all categories of residential dwelling growing by 61% per annum compared to an overall decline on the Gold Coast of 2%.
Approval figures over the past four years have increased substantially for both detached house and other residential dwellings – with total approvals having an average annual growth of 61% compared to 29% growth rate for nearby Hope Island and a decline of two% for the Gold Coast as a whole.
RRM said developments such as the $600 million Coomera Waters project were adding to the quality of the residential destination and meeting an increasing demand for masterplanned residential living.
Coomera’s emergence as a new hub was also being spearheaded by the proposed Coomera Town Centre, which will be as large as the Gold Coast’s traditional CBD suburb of Southport on completion, the report said.
“The proposed Coomera Town Centre will be located at the Coomera rail station and once completed will be as large as Southport with more than 100,000 sqm of retail and office space that will cover an area four times larger than the Pacific Fair Shopping Centre.
“Also planned are a number of government and service buildings, educational institutions and a medical precinct. The town centre will be surrounded by smaller centres that are expected to hold 70,000 sqm with completion set for 2025.
“There are an additional 13 projects worth over $2.2 billion planned within a 10km radius of Coomera,” RRM said.
According to the report, there are currently in excess of 200 businesses in Yatala employing more than 2000 people and when the industrial estate has expanded to 3000 hectares as planned, it will provide an estimated 30,000 jobs to the local area.
The Gold Coast Marine Precinct is also located in the area – the city’s primary marine industrial area covering around 250 hectares and located on the Coomera River, which has access to the Broadwater to the south, the Pacific Ocean to the east and southern Moreton Bay to the north.
Major private sector companies established in the precinct include the Gold Coast City Marine Complex, Riviera Marine, Quintrex, Perry Catamarans and Mercury Marine – and a total of 60 companies employing an estimated 2500 people.
By Adam Parsons
