Three days ago, the Gold Coast won the right to host the 2018 Commonwealth Games. Aside from providing a big boost to tourism and jobs on the Gold Coast, the win could be the spark the city needs to get its stagnant property market moving again.
Queensland Premier Anna Bligh has said that the Games will turbo-charge the Gold Coast’s economy and take the city to a new level, as they did for the Brisbane in 1982 and the Sydney Olympics eighteen years later.
With the possibility of up to 30,000 full time jobs being created between 2015 and 2020, a successful bid should result in increased investor interest in the region.
“There will be an investment in excess of $500 million on sport and transport infrastructure, and we expect renewed private investment, with independent economic assessments estimating that the potential economic benefit of staging the Games will be up to $2 billion,” she said.
East London has already noticed the benefits of winning the 2012 Olympic Games with suburbs such as Hackney having recorded an average property price increase of up to 56% between 2005 and 2011. The increased development in infrastructure has also brought a lot of attention and ‘buzz’ to the area.
Likewise, in the lead up to the 2014 Football World Cup and the, Brazilian property prices continue to increase at a rapid rate with the country experiencing strong demand from buyers both domestically and internationally.
Ray White Broadbeach principal Larry Malan believes the Gold Coast Commonwealth Games could bring a flood of buyers into the market.
Prior to the winning the announcement Malan said, “If we get the Games, which I think we will, it will push people to jump into the market.”
“People will want to get in before the big government money arrives.”