3 Sunshine Coast developments you should know about
It's common knowledge that the Sunshine Coast is a hot spot for tourism in Australia. With its kilometres of stunning, golden-sand beaches, balmy tropical weather and relaxing atmosphere, it's also a place that many people flock to in order to live full-time.
This gives investors looking for a Queensland rental property many opportunities, as a rising population and high demand is in investors' favour.
Tourism brings a lot of money into the Australian economy. In fact, over 2012-13, tourism injected a whopping $115 million per day into the national economy, the Australian Bureau of Statistics found. While this means lots of tourists are enjoying our fine country, it also means local businesses are reaping the benefits and property investors should take note.
There's a lot of development happening across the Sunshine Coast – here are three you should keep an eye on.
A brand-new $90 million water theme park in the Sunshine Coast will play a big part in maintaining the region's strong tourism industry. Aside from the water rides and aquatic features, the development will also provide a function centre, restaurants and accommodation facilities. Not only will this bring in more visitors from the rest of Australia and abroad, employment seekers are expected to be drawn here, too.
According to Sunshine Coast Destination Limited (SCDL), the project will create 430 jobs while the theme park is being built. Once it's in operation, 250 ongoing jobs will be created for the region.
Development for this 24 ha project is expected to start in early 2015.
Alma Park Zoo
Another major tourist attraction will be shifted up to Big Pineapple on the Sunshine Coast, bringing in visitors and spending into the local economy. The Alma Park Zoo was dubbed a "major tourism drawcard" by the Logan City Council when it approved the decision back in February this year.
According to the council, the relocation of the zoo will bring in $13 million into the local economy each year, while providing 30 permanent jobs. During its construction phase, the council estimated the project provided more than 150 jobs.
Hospital and power station
The Sunshine Coast University Hospital is a $1.87 billion development that will provide the region with a world-class medical facility. While it's being built, this massive project has generated in excess of 10,000 jobs. Once the hospital is up and running in 2016, more than 3,500 positions will be available. This hospital will provide residents with access to great healthcare, but it will also draw workers into the region to benefit property investors.
In addition to this, $23.7 million will be spent on a new electricity substation. This will help power the large university hospital and eventually provide electricity to neighbouring suburbs.
With all kinds of development happening across the Sunshine Coast, it seems as though growth in this area is almost unstoppable.