Gold Coast Bulletin
THE Gold Coast will become the Dubai of Australia by 2050 as Chinese investors look to buy property in nearby “lifestyle” cities, says a leading demographer.
Bernard Salt said the Coast would be hit by the “Dubai effect” over the next 35 years as China’s share of the market place continued to increase.
“The Gold Coast is so well connected into China and every wealth-generating region for (the past) 100 years had a lifestyle area nearby,” he said.
“In the Middle East, you made your money in Saudi Arabia or Kuwait in the 1990s but you parked your money, your family, your lifestyle and bought an apartment and lived for three months of the year in Dubai.”
The KPMG partner told guests at his What Lies Beyond the Horizon, Future Gold Coast seminar in Brisbane the very wealthy own property in a “lifestyle city” and a “work city”.
“What region is the greatest wealth-generating region in the planet over the next 10, 20, 30 years or so? That would probably be China,” Mr Salt said.
“And where is the lifestyle area from China?
“In a big-picture sense we would say it is Australia and it is somewhere like the Gold Coast, Sydney, Melbourne, Perth.”
Mr Salt also said future foreign investors would look to buy on the Gold Coast as “risk mitigation” to move money.