"What impact will the Commonwealth Games have on the Gold Coast Property Market?"
Its a question we are often asked.
There is an excellent report put together by PRDnationwide in 2016, comparing the Gold Coast property market to Sydney and Melbourne before an after the Commonwealth and Olympic Games.
PRDnationwide was founded on the Gold Coast 40 years ago and have witnessed numerous market cycles during this time. It is clear from their new report that the Gold Coast property market has come to life over the past two years, and it is expected to continue to grow beyond the 2018 Commonwealth Games.
The Athletes Village will leave a lasting legacy of benefits for the Gold Coast, with 1200 apartments built, utilising a liveable housing design. Together with a $5 Billion infrastructure investment in improving light rail and road upgrades, the Athletes Village and surrounding areas are expected to be highly desirable locations.
Past experience has proven prosperous, with Sydney experiencing a 58% increase in sales activity following the 2000 Olympic Games; and Melbourne experiencing 33% increase in sales activity in the 12-month period after the 2006 Commonwealth Games.
Click here to download their free copy of the 2018 Commonwealth Games Residential Property Impact Report 2016.
Another report put together by Griffith University in mid 2017 looks at the impact as a whole, not specific to the property market, read it here. "The Gold Coast 2018 Commonwealth Games promises to yield major benefits for the Gold Coast. These benefits will be both short-term and long-term."
 | Eureka Comment: On a personal local note, I see the Commonwealth Games as a real positive for the Gold Coast in the long term. With a population now of almost 600,000 there is money being spent that really should have been spent along time ago in the upgrade of our public transport, sporting facilities and beautification of our public amenities (ie upgrading our crappy old toilet blocks along the beach front that haven't been touched for 40 years, and improving our dodgy parks with better lighting and foot paths, painting bridges etc) In the short term, for us residents, its a pain in the butt to be honest - with most locals planning on leaving town for a few weeks as it conveniently co-incides with the school holidays. Our road networks are already pushed to capacity so when you hear rumours that during the games it will aparently take 5 hours to get to the Gold Coast airport from the northern suburbs (a trip that usually takes 30 mins), or three hours to get from the west side of the M1 to the broadwater (a trip that usually takes 15-20mins), its no wonder people are leaving in droves as getting around and getting to work is going to be virtually impossible. I have also heard that many of the tradies working in Surfers Paradise can't work for 5 weeks prior to the games due to the security risk which, with many being employed on a casual basis, would mean 5 weeks with no income.... Overall though - it will be a case of short term pain, long term gain I believe. |