One step closer to Sunshine Coast airport expansion
With the Queensland economy growing at a fast pace, rental property owners are likely to hear about many developments across the state getting underway .
A significant project, sure to catch the eye of many property investors, is about to occur at the Sunshine Coast Airport. Recently, it was announced that the Environment Impact Statement for this project was released to the public, meaning construction one step closer to getting off the ground.
Features of the Sunshine Coast Airport expansion
The Sunshine Coast is a fast-growing part of Queensland, not just in terms of its population but economically too. Tourism is a big market in this part of Australia and visitor numbers have increased on the Sunshine Coast significantly over the decade, according to a report from Regional Development Australia.
Already, the airport sees more than 900,000 travellers a year, but with a strong tourism market and more people living here, this figure could grow even further. The state government expects the number of visitors to reach two million per year by 2030.
In order to accommodate this growth, the Sunshine Coast Airport Expansion was pegged as a solution.
Part of the $347 million expansion involves adding a new 2,450 metre-long runway that will service large aircraft, such as the A330 and B777. Some changes are also expected to be made to airspace and flight paths, while an Air Traffic Control Tower, a Fire Fighting Services Station and an Aircraft Rescue will be built at the site.
What does this mean for Queensland rental property owners?
Apart from making room for more planes and visitors, the Sunshine Coast Airport Expansion will pave the way for future economic growth. This is definitely something that will catch the eye of many investment property owners, especially in the suburbs surrounding the airport.
According to the Environmental Impact Statement for the project, over $4.1 billion will be injected into the economy over 2020 to 2040, thanks to this expansion.
But one of the biggest and best outcomes of the expansion for investors will be job opportunities. Over 80 jobs will be created during construction, with over 1,500 operational jobs by 2040, helping to draw more residents into the Sunshine Coast area.
With lots of development occurring along Queensland and the Sunshine Coast, investors have a lot of choice for property hotspots to invest in.