How will the 2018 Commonwealth Games affect the Gold Coast real estate market?

The Gold Coast Commonwealth Games will run between the 4th and 18th of April 2018, but how will these twelve days affect the Gold Coast, particularly the housing market?

It seems there is always much speculation that surrounds large international events and the housing market. My hope is that I can dispel some speculation and give you some perspective on what this event will do for the Gold Coast.

I have read multiple articles regarding individual’s perspectives on the affect the Commonwealth Games will have. They always seem compare the boom to come from what happened after the Sydney 2000 Olympics and the Melbourne Commonwealth Games in 2006. In both cases the housing markets benefited from these major events, however I would like to point out that these events took place before the GFC, when there was greater confidence in the market. It is also sensible to point out that both Sydney and Melbourne are large capital cities with an already established global identity, which causes individuals and companies to be enticed to them.

Do I believe there is going to be a negative affect from the 2018 Commonwealth Games? No.

We have to look past the twelve day event to what will be the legacy left after the last medal is won. This is what I believe will have the greatest affect on property prices. The Gold Coast is positioned to emerge from the Commonwealth Games as a city to invest in.

We need to look at what is being put in place because of the Games. We have seen local, state and federal governments put money behind projects on the Gold Coast because of the coverage the games will hold. If the 2018 games weren’t given to the Gold Coast, would we see this much emphasis on infrastructure?

Our future as a city rests squarely on the economic diversity that can be produced from this city. Tourism will always be a driver of the economics of the Coast but we also need to diversify and strengthen other industries: such as health and medical research, research and development, education, sporting and film industries. With guaranteed infrastructure being put in place, the hope is that business and industries select the Gold Coast to base their production.

As the Gold Coast becomes home to strong business it will mean more people with stable jobs will be looking at purchasing property. Now would be the time to purchase property with an expectation that the Gold Coast is a strong contender and a highly desirable place of residence.

Our eyes need to shift from the event that is the 2018 Commonwealth Games to how can we leverage the Games to advance the Gold Coast to become a highly desirable place to live and work. We already have a lifestyle envied by many but we need to provide diversity in industries to attract the best national and international companies.

I firmly believe that the Gold Coast is only now finding its identity as a world-class city. Those that can see that will invest in this city, to see it become one of Australia’s strongest and most livable cities. I encourage greater infrastructure at this time, before this city really comes into its own.

The 2018 Commonwealth Games on the Gold Coast will affect the property market for the positive. However, I would consider the event as a marker to point towards the growth of our city. To invest on the Gold Coast solely because of the Games is naive. However, the bigger picture of what the Games can usher in makes purchasing real estate on the Gold Coast a true opportunity.

 

Christopher Mills

Principal

Simplicity Buyers Agency