Maroochydore’s New CBD Boosts Real Estate Growth In Sunshine Coast

According to real estate analysts, Maroochydore City Centre’s development helps boost real estate growth amongst surrounding suburbs of the Sunshine Coast.

The first stage of the Maroochydore City Centre was unveiled in August 2019 after more than a decade of careful planning by the local Council and the State Government. This city-making project has a full timeline of 20 years of construction and is estimated to cost $ 2.1 billion.

The City Centre is viewed as one of the largest CBD projects to be accomplished on a green field in Australia due to its size of 53 hectares.

Photo credit: Maroochydore – The Bright City/ Facebook

According to SunCentral’s CEO, John Knaggs, once the entire CBD is complete, it would strengthen the entire region by providing sustainable infrastructures for the purpose of commercial, retail, residential, and civic uses.

Included amongst infrastructure developments that are soon to rise in the region are the expansion of the Sunshine Coast Airport and the completion of the Sunshine Coast University Hospital.

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“Maroochydore’s CBD will be at the heart of a region where unprecedented investments in private and public infrastructure are being made,” said Knaggs.

“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.”

Real Estate Growth in Sunshine Coast Suburbs

With Maroochydore City Centre slowly taking shape, the demand for real estate in nearby Sunshine Coast suburbs has significantly increased.

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real estate report by analyst Terry Ryder shows a 37% increase in average property prices in the suburbs of Sunshine Coast last 2019. Specifically, Twin Waters suburbs grew 21%, Mooloolaba by 14%, Sunshine Beach by 37%, and Doonan by 19%.

“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.

“Population growth leads to higher demand for real estate, which in turn leads to higher values.”

Increased Residential Dwellings Approved at New Maroochydore City Centre

The State Government has approved up to 4000 residential dwellings to be constructed at the new Maroochydore City Centre.

Maroochydore is being fast-tracked to become the business, community, and employment hub of Sunshine Coast. In 2013, the State Government declared that the new Maroochydore City Centre as a Priority Development Area, considered to be a ground-breaking city-making project that will strengthen the entire region by providing sustainable infrastructures for the purpose of commercial, retail, residential, and civic uses.

Maroochydore City Centre
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In August 2019, the State Government approved increasing the number of apartment units to be built from 2000 to nearly 4000. Maximum building heights have also been increased. These changes were generously approved by the State Government in order to accommodate the speedy growth of the city centre.

However, development of these residential buildings must still meet the design requirements relating to residential privacy and natural light access, as stated in the regulatory document of the development scheme.

This latest approval by the State Government is seen to eventually be beneficial as it addresses the future need of the Sunshine Coast’s urban areas. The South East Queensland regional plan revealed that there will be a need of extra 53,700 dwellings within the urban areas of Sunshine Coast by 2041.

Sunshine Coast Mayor Mark Jamieson supports the given changes by stating how “Maroochydore is ideally placed to deliver more apartment living options for the region, and these changes will enable the city centre to grow.”

About the Maroochydore City Centre

Maroochydore City Centre
Photo credit: Maroochydore – The Bright City/ Facebook

The construction of the first commercial building at the core commercial area of the Maroochydore City Centre site kicked off last July 2019. It is a $30 million Cottee Parker-designed Foundation Place to be constructed by local developer Evans Long.

This privately-owned eight-level building will accommodate various offices and retail stores.

The Cottee Parker-designed project is expected to be opened by mid-2020.

Maroochydore City Centre
Photo credit: Maroochydore – The Bright City/ Facebook

Another first that will soon be constructed at the city centre site is a nine-storey 167-room hotel. The country’s leading hotel investment and development company, Pro-Invest, has announced its plan of developing and operating Holiday Inn Express & Suites hotel right at the heart of the new CBD.

The hotel is scheduled to open to the public by late 2020, and it will coincide with the launch of the new airport runway that will enable direct flights to and from Asia on the Sunshine Coast for the first time.