What Does The Commonwealth Games Mean For The Gold Coast Property Market?
In just a few short months the 2018 Gold Coast Commonwealth Games (GC2018) will kick off, securing positive and lasting benefits for our growing city, including:
Global exposure to a live television audience of over 1.5 billion people
A $2 billion economic injection
$200 million in new sporting and community infrastructure
Up to 30,000 full-time equivalent jobs
Major tourism boost with 100,000+ visitors during GC2018 and $270 million+ to state/local economy
Public domain improvements including tree planting, streetscaping, road and footpath upgrades, community health and safety initiatives
Gold Coast City is the first non-capital Australian City to play host to the Commonwealth Games and GC2018 will be the largest sporting even Australia will see this decade. Running from the 4th to the 15th of April 2018, the expectations are that there will be a long lasting impact on the city.
This major event has local market commentators noting the increased interest generated by the Commonwealth Games and the positive flow on effect for the local property market.
PRDnationwide chairman and managing director Tony Brasier said he believed this major event will fuel growth.
“When Melbourne hosted the Commonwealth Games in 2006, new and upgraded infrastructure was scattered throughout the city [and] its athlete’s village saw a $43.5 million investment post-Games to become a major residential hub in Parkville,” Mr Brasier said.
“Sydney saw the same impact after the Olympic Games in 2000 [as] Newington and surrounding areas which once hosted athletes was seeing sales rise 58 per cent by 2001.”
“Investment in local transport infrastructure, an athlete’s village able to be transformed into residential dwellings, and increased recreational and retail facilities will see the Gold Coast follow the path of Sydney and Melbourne,” he said.
PRDnationwide national research manager Diaswati Mardiasmo said interstate and foreign investment in Gold Coast city real estate was contributing to growth.
“We have seen an increase in purchases from southern states and international buyers, in particular from China,” she said.
“Savvy buyers are seeing the expected growth on the Gold Coast pre- and post-Games and are either investing or moving to the area.”
Real estate veteran and CEO of Ray White Surfers Paradise Andrew Bell said the growth will continue beyond the sporting event.
“It’s not about a 10-day sporting event,” he said.
“Yes, the Games will provide a window to the coast for the rest of the world but it will continue to go from strength to strength long after the Games is over.”
“Right now, with the Commonwealth Games in 2018 we have so much going on here – transport links, infrastructure and a fantastic range of international restaurants – and I fully support all that. These are exciting times.”
We have no doubt that our amazing city will absolutely shine on the world stage and we can’t wait for the games to begin!