Gold Coast retirement boom: Two new mega projects approved in Southport and Currumbin Waters

New over-65s developments are being greenlit across the city to tap into the Gold Coast’s grey market, which is now worth an eye-watering amount of money to the economy. FIND OUT WHY

New over-65s developments are being greenlit across the city to tap into the Gold Coast’s grey market.

The Gold Coast, once known as “God’s waiting room” for its retiree population has seen a move in recent decades towards younger families.

However, the grey dollar is worth more than $3.5bn to the Gold Coast’s economy and it’s set to grow, with experts tipping more older people to move here as the city’s population reaches one million.

Urbis director Paul Riga said more projects aimed at this market would be needed.

“Queensland has the highest growth in people over 55 over the next two decades and greater Brisbane and the balance of the state has the highest propensity to live in retirement and land lease housing product across the States, so it is a market where this product is tried and tested,” he said.

Paul Riga

“On the Gold Coast in particular, growth in price points for existing housing, and for the new apartment market is giving headway for independent living units (ILU) in the city.

“The city’s off-the-plan clearance rates are the highest of any metropolitan area in Australia, underscoring demand in the area.

“What we are finding is that the drivers for retirement living are different compared to other residential property purchases – seen as a lifestyle option to live in a community around like-minded people, as well as having safety and security.

“The Land Lease/ Manufactured home space on the Coast is well-established, but there is more room for purpose built vertical retirement/independent living, particularly with a growing scarcity of land across the broader Gold Coast.”

Artist impression of a new retirement tower planned for a site on Southport's Lather Street. Picture: Supplied

Two major projects in the retirement space have been greenlit in the past six months.

The ageing Eureka Cascade Gardens retirement facility on Southport’s Lather St will be knocked down and replaced by an 11-storey tower which will have space for 153 units.

“The existing seniors’ rental living facility is outdated, and the building is at the end of its useful life,” a report lodged with council reads.

“The proposed development is to replace an existing outdated seniors’ rental living facility on the site, with a contemporary and fit-for-purpose seniors’ build-to-rent facility.”

Meanwhile, Helensvale-based aged care outfit Gemlife is building a $450m low-rise project on Currumbin Waters’ Galleon Way.

Artist impression of the approved Gemlife development at Currumbin.

The project will feature three six-storey buildings and a four-storey complex on the 13.8ha site.

The development will feature 205 three-bedroom units and a country club.

Gemlife CEO Adrian Puljich said the development would relieve pressure on the market.

“We are thrilled to have the green light for the project and will be working to bring it to the market as soon as possible, to help fill a shortage of supply for relaxed yet elevated over-50s apartments on the Gold Coast,” he said.

“The development will raise the bar for this style of living and, as our first apartment village, is an exciting addition to our portfolio of communities across Queensland, New South Wales and Victoria.

“We believe it will be embraced by buyers.”

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Originally published as Gold Coast retirement boom: Two new mega projects approved in Southport and Currumbin Waters