A population slump with fewer seachangers heading to the Gold Coast is predicted to hit the city’s economy hard.
The city recorded its lowest population increase in five years between 2009-2010 with only 12,943 people moving to the Coast in the 12-month period.
The average for previous years was around 16,000 people and business leaders say the slump is just the beginning.
The city’s average growth for the past five years has been 3.2 per cent which is 0.08 a per cent behind Ipswich.
RP Data senior research analyst Cameron Kusher said in the past 12 months Australian home values had not been healthy, with capital city values rising only 0.8 per cent.
“Samples taken from the Gold Coast reveal the tourist city is feeling the pain as southerners, who would typically look to the coastal region for retirement or a seachange, were instead staying put to pay off their debts,” Mr Kusher said.
A council spokesman said the economic climate had hit people hard.
“When jobs are more readily available and the economy is better people are more likely to make a move,” the spokesman said.
Meanwhile UDIA Gold Coast president Steve Harrison said affordability was a big issue for most people.
“The Gold Coast just isn’t affordable,” he said. “Developers are forced to charge more for their products because it is more expensive for them to build here on the Coast.
“It is forcing people in to other areas for cheaper living and more employment opportunities.
“The city needs to make a big effort to turn this around — the longer it takes the worse the city’s economic position will be.”
Mayor Ron Clarke said he had expected the drop.
“Council had anticipated this decline in migration,” he said.
“The 2009-2010 figure of 12,943 newcomers was around the anticipated increase in population.
“Council’s long-term planning is based on these projections.”