Maroochydore’s new city centre is starting to take shape and according to developer SunCentral, it’s already helping drive property growth in nearby Sunshine Coast suburbs.
Located on a former 53ha golf course, the new Maroochydore City Centre is one of the largest greenfield CBD developments in Australia.
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SunCentral chief executive officer John Knaggs said when complete, the project would deliver commercial, residential, retail and mixed-use projects along with public green spaces such as parks, plazas and waterways.
“The new Maroochydore CBD is expected to create more than 15,000 permanent jobs on the Sunshine Coast and inject more than $4.4 billion into the local economy,” Mr Knaggs said.
“The total construction cost of the 20-year project is estimated to be $2.1 billion.”
After more than a decade of planning, the first stage of the Maroochydore City Centre was officially opened to the public in August, with construction of the initial buildings now under way.
It is complemented by further infrastructure developments in the region including the expansion of the Sunshine Coast Airport, and the recent completion of the $2 billion Sunshine Coast University Hospital.
“The Maroochydore CBD will form the heart of a region that’s experiencing unprecedented investment in private and public infrastructure investment,” Mr Knaggs said.
“Business confidence on the Sunshine Coast is strong with the economy growing at four times the average annual rate than the Australian economy.”
Meanwhile, a property report by analyst Terry Ryder has found median house prices in Sunshine Coast suburbs have increased by up to 37 per cent. Among them are the suburbs of Twin Waters, which has enjoyed 21 per cent growth in the past year, and Mooloolaba which reported 14 per cent growth.
Further north, Sunshine Beach has experienced growth of 37 per cent and the Noosa hinterland suburb of Doonan has increased by 19 per cent.
“The new CBD is at the heart of this growth, providing a centre for the Sunshine Coast’s growing economy and job opportunities while helping to fuel residential price rises across the region,” Mr Ryder said.
The Sunshine Coast and Noosa local government areas are tipped to reach 580,000 residents by 2041.
“Population growth leads to more demand for property and that, in turn, translates to increased values,” Mr Ryder said.
“In fact, the region is now tending towards a shortage of new dwellings with the Property Council of Australia warning that the Sunshine Coast is at risk of not keeping up with demand.”