As Queensland gears up for the Commonwealth Games, investors are anticipating action in the property market.
If history is any indication, the Gold Coast property market is likely to see a considerable boost when the 2018 Commonwealth Games roll into town.
PRDnationwide national research manager Asti Mardiasmo said hosting games in the past had shown significant benefits to the host cities.
“We’ve tried to learn what happened in Sydney and Melbourne previously,” she said.
“The main thing that we can see is that the benefit of the Commonwealth Games is not just felt in the year that the games are held, but it’s actually felt two, three, four years down the track. It’s actually quite sustainable down the track.”
Related infrastructure was expected to cost $950 million while the games were expected to inject a total of $2 billion into the local economy.
“Having the Commonwealth Games will bring more attention to the Gold Coast . . . there’s more infrastructure, more commercial and more residential development about to happen.”
The 2000 Sydney Summer Olympics saw sales numbers increase 58% in suburbs surrounding the athletes’ village over 2001.
Likewise, after the 2006 Melbourne Commonwealth Games median prices increased at a rate of 9.52% in the following two years.
Mardiasmo said something big was about to happen on the Gold Coast.
“There’s going to be so many developments happening in those suburbs.
“The more there’s development in the Gold Coast the more benefit there will be. It’s spread out with some developments in the Coomera area all the way down to the Broadbeach
area but there is also a concentration around that Southport
area in the middle.
“It signals potential growth in the future.”
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