Some years back now I wrote about how exciting the new Maroochydore CBD is going to be. Well it’s now here and while it will take years to be developed there is already lots of buildings, restaurants, cafes and businesses.
Still, in its very early stages, most people are unaware of how significant this new CBD is becoming to the entire Sunshine Coast Qld.
Maroochydore, located on the Sunshine Coast in Queensland, Australia, is experiencing a significant transformation. Over the past few years, the region has seen a remarkable surge in property values, making it one of the most sought-after investment destinations in the country. With the development of the Maroochydore Central Business District (CBD), the city is evolving into a thriving greenfield metropolis. In this article, we will explore the factors driving this growth, the unique opportunities it presents for investors, and the future prospects of the Maroochydore CBD.
THE SUNSHINE COAST PROPERTY MARKET: A REMARKABLE TURNAROUND
The Sunshine Coast property market has defied national trends, rebounding strongly after a decline in property values. According to exclusive data commissioned from CoreLogic, housing values on the Sunshine Coast have surged by over 35 percent since the onset of the COVID-19 pandemic in March 2020. This remarkable upswing has been driven by a combination of factors, including a low supply of listings and strong housing demand supported by interstate and internal migration.
Tim Lawless, Research Director at CoreLogic, highlights the persistently low number of listings as a key factor contributing to the market’s resilience. Advertised supply levels on the Sunshine Coast are currently tracking 26.9 percent below the previous five-year average, creating a tight housing supply. With the expectation of continued demand and limited supply, the outlook for the Sunshine Coast property market remains positive.
MAROOCHYDORE: THE EMERGING CBD
At the heart of the Sunshine Coast’s growth story is Maroochydore, the emerging CBD that has captured the attention of investors, particularly those from Sydney. Maroochydore’s unit values have soared by over 40 percent since 2018, making it an attractive investment proposition. What sets Maroochydore apart is its status as one of the few greenfield CBDs in the world. The Sunshine Coast City Council is building the CBD from scratch, leveraging modern technology and innovative infrastructure solutions.
The development of Maroochydore as a greenfield city represents a multi-billion dollar investment that will transform the region from a retirement town into a self-sustaining metropolis. The city’s economy is diversifying, with health-related services and construction emerging as the key employment sectors. The presence of an internationally-designated airport and the award-winning Sunshine Coast University further contribute to the region’s growth potential.
INFRASTRUCTURE AND CONNECTIVITY: CATALYSTS FOR GROWTH
Maroochydore’s growth is underpinned by a robust infrastructure pipeline and enhanced connectivity. The region boasts an internationally-acclaimed university that ranks among the top two percent globally. The proposed light rail project aims to connect the housing precincts with key employment hubs such as the university, hospital, and the new CBD. Additionally, a $3.2 billion plan to connect Maroochydore to Brisbane by train is in the works, which would significantly reduce commuting time.
These infrastructure projects, coupled with Maroochydore’s affordability compared to Sydney, have attracted a significant number of investors from the capital city. The Corso, a two-tower development by Habitat Development Group, has witnessed a surge in purchases from Sydney-based investors, who recognize the potential for capital growth and strong rental prices in the coming years.
INVESTMENT OPPORTUNITIES IN THE CORSO
The Corso, located in the heart of Maroochydore’s evolving CBD, offers investors an array of opportunities. The development, currently under construction, comprises two towers that promise a seamless living experience. With a range of apartment options, including 2 and 3-bedroom configurations, The Corso balances high-quality fixtures with affordability.
According to Habitat Development Group’s Sales Director, Michael Schenk, the buyers in The Corso are not just typical investors. They are individuals who see the potential for long-term rental income and eventual sea change or retirement. The tight rental market in the Sunshine Coast, which has consistently maintained vacancy rates below one percent, further solidifies the investment potential of The Corso. Rental prices for two-bedroom apartments are expected to range from $720 to $790 per week, with rental growth expectations between five and ten percent annually.
A SELF-SUSTAINING GREENFIELD METROPOLIS
Maroochydore’s transformation into a self-sustaining greenfield metropolis is well underway. The development of the CBD, supported by robust infrastructure and connectivity, has positioned the region as a prime investment destination. The combination of strong housing demand, limited supply, and the lure of a thriving city with modern amenities has attracted investors from across the country, particularly Sydney.
As Maroochydore continues to evolve, its potential for capital growth and rental income remains promising. The city’s unique positioning as a greenfield CBD, coupled with its affordability compared to major capital cities, makes it an attractive proposition for both investors and individuals seeking a sea change or retirement destination. With ongoing infrastructure projects and a strong economic outlook, Maroochydore is poised to become a vibrant and sustainable city on the Sunshine Coast.