The new city center of Maroochydore is slowly taking shape and, according to developer SunCentral, is already helping to drive real estate growth in the nearby Sunshine Coast suburbs.
The new Maroochydore City Center is located on a former 53 hectare golf course and is one of the largest CBD projects in the green field in Australia.
John Knaggs, SunCentral’s chief executive officer, said that the project, when completed, would deliver commercial, residential, retail, and mixed-use projects along with public green spaces such as parks, squares, and waterways.
“Maroochydore’s new CBD is expected to create more than 15,000 permanent jobs on the Sunshine Coast and bring in more than $ 4.4 billion to the local economy,” Knaggs said.
“The total construction cost for the 20-year project is estimated at $ 2.1 billion.”
After more than a decade of planning, the first stage of the Maroochydore City Center was officially opened to the public in August. The first buildings are under construction.
It will be complemented by other infrastructure developments in the region, including the expansion of the Sunshine Coast Airport and the recent completion of the Sunshine Coast University Hospital for $ 2 billion.
“Maroochydore’s CBD will be at the heart of a region where unprecedented investments in private and public infrastructure are being made,” said Knaggs.
“The confidence of companies on the Sunshine Coast is strong as the economy is growing four times faster than the Australian one.”
According to a real estate report by analyst Terry Ryder, average property prices in the Sunshine Coast suburbs have risen by up to 37 percent. These include the Twin Waters suburbs, which grew 21 percent last year, and Mooloolaba, which grew 14 percent.
Further north, Sunshine Beach grew 37 percent, and the Noosa hinterland suburb of Doonan grew 19 percent.
“The new CBD is at the heart of this growth. It provides a center for the growing economy and employment opportunities of the Sunshine Coast while helping to boost housing price increases in the region,” said Ryder.
The local government districts of Sunshine Coast and Noosa are expected to reach 580,000 residents by 2041.
“Population growth leads to higher demand for real estate, which in turn leads to higher values,” said Ryder.
“In fact, the region is now tending to shortage of new housing. The Property Council of Australia warns that the Sunshine Coast cannot keep up with demand.”