The Gold Coast, renowned for its pristine beaches and vibrant lifestyle, is facing a mounting challenge: a severe shortage in affordable housing supply, leaving young professionals in the lurch. As demand continues to surge, the gap between supply and demand widens, exacerbating affordability concerns and limiting housing options for the region’s burgeoning workforce.
The YP Gold Coast Committee recently attended the Property Council of Australia (PCA) event ‘What is the Outlook for Housing Supply?’ last Friday, 23rd February 2024, relating to the housing supply on the Gold Coast. Notably, there were a number of discussions relating to why this housing supply shortage is so mismatched with the demand. The demand for housing, particularly in urban centres and coastal areas, continues to surge, and the supply of available properties has continually failed to meet these escalating needs.
Promisingly, Meaghan Scanlon – the Minister for Housing, Local Government and Planning and Minister for Public Works, stated that the Queensland Government was working through solutions with talks of infill development grants and a state-facilitated development unit.
Our concern with this approach is that the private sector is delivering a staggering 95% of homes, and the prices of these homes are only surging higher. Relative to other regional markets, the Gold Coast has recorded one of the highest rates of dwelling value growth over the past year at 11.15%.
Not enough is being done for young professionals and first home buyers, with this housing crunch translating into fierce competition and limited options. Rental prices have also skyrocketed, placing immense strain on the budgets of those entering the workforce or navigating early career stages. Many find themselves grappling with exorbitant rental costs, which often consume a significant portion of their income, leaving little room for accumulating savings to get into the property market or invest in other areas of their lives.
The PCA event identified that addressing the Gold Coast’s housing supply shortfall demands a multifaceted approach that involves collaboration between policymakers, developers, community stakeholders, and industry players. The YP Gold Coast committee are eager to see greater efforts to streamline regulatory processes, incentivise affordable housing developments, and promote sustainable urban planning practices as essential steps toward fostering a more equitable and inclusive housing landscape.
