The Gold Coast's current property model is insufficient for the number of Australians likely to be living there in the coming months, an expert has warned.
While investors have largely focused on the area's potential as a tourism hotspot, property expert Michael Matusik warned that the booming population will require affordable residential developments in the next decade.
Writing in Property Observer, he pointed out that the region's population is expected to rise by 135,000 people in this period.
"The Gold Coast needs to start thinking like a capital rather than a tourist destination or sea change location," argued Mr Matusik.
Too much current supply is focused on the "lifestyle" market and is unrealistic for the majority of first home buyers, he concluded.
Recent figures from the Australian Bureau of Statistics revealed that the country's population increased by 1.4 per cent over the course of 2011, sparking further debates about housing supply.
Posted by Steve Douglas
