QLD MARKET OVERVIEW
QUEENSLAND
QLD Market Overview with Kyle Youngson & Richard McCouaig
Kyle Youngson is a Director at Cushman & Wakefield’s Gold Coast office, and has been selling and leasing commercial and industrial property in Queensland since 2002. Richard McCouaig is an Associate Director at Cushman & Wakefield’s Gold Coast office, and has over 20 years of professional experience in the property consulting business, both in Australia and the United Kingdom. McCouaig specialises in the structure and feasibility of residential developments and commercial investment properties throughout south-east Queensland. This overview of the Queensland market is taken from an interview with Mr. Youngson and Mr. McCouaig, who recently sat down to talk property with Ready Media Group’s Rob Langton.
How is the demand for Queensland property faring? (Richard) - We’ve fared very well throughout and then post-COVID. The Gold Coast in particular has seen a massive influx of population growth; growth of probably an additional third of the population over the last couple of years. That creates demand, and our current levels of supply are trying to keep up with catering for that demand. The major sea change that happened post-COVID was a generalisation of larger apartments being built, to accommodate a higher price point. The vacancy rates have pushed so low across the Gold Coast, that it’s sitting at about 0.1%. That fundamentally shows that we need product put on the market. Where are the best opportunities for either developers or investors to be involved in the Queensland property market? (Richard) - The increase in population in south-east Queensland is certainly providing an opportunity. We’re seeing a lot of interest in regional Queensland, and the CBD revitalisation projects are proving popular. If you’re providing high-level retail and good size office developments,
KYLE YOUNGSON Director, Cushman & Wakefield, Gold Coast
RICHARD MCCOUAIG Associate Director, Cushman & Wakefield, Gold Coast
74 –October / November 2022
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