How will the Gold Coast ‘store wars’ affect residents?
A long time ago, in a galaxy far, far away, the Gold Coast was a mecca for shoppers and holiday makers alike. A place of theme parks, incredible surf beaches and a vibrant night life. Of course, all of these things are still true today, but like there's been a disturbance in the Force, and change is coming.
There has been an awakening
Thanks to a prolonged period of economic and commercial growth, the Gold Coast is quickly becoming one of the most important business and residential hubs in the country – a status exemplified by its status as the largest non-capital city.
Accordingly, the landscape of Gold Coast property has changed too, and with a relative shortage of land and an increasing demand to live in the area, prices have steadily increased over the years. There are other factors to consider when looking at this growth though, and chief among them are the vast commercial and infrastructural developments that have been brought in to make the city more livable and interconnected. With the Gold Coast's population set to continue swelling in the coming years, these projects may prove critical to the success of key suburbs and new commercial endeavours.
Chief amongst the necessities that every growing city needs are shopping hubs, and the biggest malls in the region are looking to capitalise on the resident influx by offering some truly out of this world experiences. These are the 'store wars'.
Return of the malls
Essentially the so-called 'store wars' are the competition between the Gold Coast's biggest shopping complexes to offer the very best customer experience – whether through more retail options, better parking facilities or top tier dining options. The cost of these renovations and refits have spiralled into the hundreds of millions. For example, Pacific Fair is currently undergoing a $670million development which will see it become Queensland's biggest shopping complex.
As part of the Pacific Fair upgrade, the mall will see its space expanded to a galactic 150,000metres squared, with roughly 420 different stores – and that's just one centre! Others throughout the region are all seeing similar upgrades, and the run-on effects for residents and Gold Coast real estate could be huge.
The future for residents
First and foremost, residents and especially those who live nearby to malls will experience an increase in the value of their property. Whether you've invested in Gold Coast real estate to live there or rent out, the proximity to such a temple of consumerism can only mean good things for the value of your land – especially as there isn't a whole lot of it to go around.
For a great case study, look no further than property in Robina. This suburb has seen an increase in average property value of almost $100,000 from 2007 to 2015, according to numbers from CoreLogic RP Data. Why? Well there is a host of potential reasons that you could point to, but one of the most critical is the great success of Robina Town Centre – the largest mall on the Gold Coast prior to Pacific Fair's revamp.
So, if you're thinking about getting into the property game as either an investor or homeowner, make sure to look closely at the areas close to the developing malls. Aside from the added value in a few years time, you'll also be able to enjoy the added benefit of living within walking distance to some of the country's biggest and best retail hubs. And as an added bonus, another element of the 'store wars' is the continual "slashing" of prices in an attempt to draw the crowds, so get in an grab yourself some bargains!
For more information on all things Gold Coast property, get in touch with Ray White Surfers Paradise today.