Continued development of Gold Coast

Continued development of Gold Coast

Investors looking for somewhere to take out a home loan and expand their portfolio could be interested to learn about the continued expansion of the Gold Coast's infrastructure, with new projects reacting to the expectation of population growth and increased tourism opportunities in the region.

The latest release from the Gold Coast City Council has announced new plans to expand the car parks across the the area to help accommodate the rising number of people expected to call the Gold Coast home. Mayor Tate said the City Parking Plan 2015 aims to utilise new technology with innovative ideas to help maximise the availability of parking spaces and ensure a peaceful coexistence for all residents of the area.

A pilot project for the new parking systems will be installed in Broadbeach and Burleigh Heads by mid-2015, with the remainder being rolled out after this. Mayor Tate said that making parking simpler and more efficient would help boost a number of different aspects of the city - including commercial investment possibilities and the growth of the local tourism industry.

"In a similar scheme in San Francisco, the time spent finding a parking space was cut by 43 per cent and there was a 30 per cent cut in vehicle miles. Parking became a whole lot easier, but perhaps the best news was for the local economy, where a 30 per cent increase in visits gave a huge boost to local businesses," said Mayor Tate in a November 19 statement.

Some of the improvements include new in-ground sensors to help provide real time parking information, which will be transmitted to motorists through a smartphone application that allows people to plan their travels and parking moves before arriving at their destination. Furthermore, new solar-powered signs for car parks to display parking information will be used to provide similar information for those driving past.

Continued economic boosts seen across the region

The project ties in well with the Gold Coast's Economic Development Strategy (EDS), with Mayor Tate highlighting an 18 per cent rise in business confidence over the first year of the new plan and large increases in productivity, efficiency and the overarching growth of the economy.

The Strategy aims to improve six key aspects of the Gold Coast, including Innovation for business practises, Infrastructure to help foster the future development of the region, Workforce to push up the number of employed individuals in the area, and International to create a diverse, connected community throughout the state.

"On the positive side, the key opportunities identified by businesses over the next five years are the Gold Coast 2018 Commonwealth Games, improvements in tourism and new infrastructure development," said Mayor Tate in a September 2 statement.

"We're certainly putting the effort into these areas as we work towards the overarching goal of the EDS - which is to create a city recognised globally for its unique lifestyle, talented people, its innovation and its entrepreneurial culture, where people can study, work and live. I think we're tracking well and I'm confident about our future."

Continued development of infrastructure in a region is a good indication of anticipated future growth, which could offer a number of investment opportunities for smart buyers looking to expand their property portfolios in the near future.

For example, now could be a great time to consider taking out a construction home loan and begin building more housing in the area. With the population anticipated to keep growing, maintaining the property supply is a crucial part of creating more investment opportunities over the coming years.

Get in touch with a real estate expert and begin discussing the most suitable home loan product for your investment needs today.

Image credit: d.i.