When Sydney hosted the Olympic Games in 2000, the event had a major effect on the property market across not only New South Wales, but into south-east Queensland as well. With some events held in Brisbane, the Olympics proved to be a drawcard for visitors and investors alike. So can we expect the same from the Commonwealth Games in March-April 2018?
The short answer is yes.
The 2018 Commonwealth Games is estimated to bring around $2 billion into the economy on the Gold Coast, and the Queensland Government believes it will result in more home buyers, renters and investors; and in turn, more retailers and businesses; moving to the region. And considering some of the events are to be held in Brisbane as well, the increase in visitor numbers for that period of time could also positively impact our property market.
The Commonwealth Games is expected to bring 30,000 jobs, including the construction phases (which are nearing the end) and the games themselves. There are new sports centres in Carrara, Coomera, a hockey facility in Labrador, and a new velodrome in Chandler, Brisbane. All of these are expected to attract new people to the region, particularly those who want to train for future events!
The Games Village on the Gold Coast has already added 1,252 new residences and 5,700m2 of retail space to the area, and after the games are over – this will become open to the public – with the ability to house more than 2,500 people. And with the infrastructure developments that coincide with the games bringing better transport options between Brisbane and the Gold Coast, it paves the way for more people and greater business opportunities. Chinese investors have already played a major role, including another theme park (Australia Legend Kingdom), 2 major resorts and a $1.2 billion luxury apartment tower.
If the games are going to impact significantly on the property market, we should be seeing signs in the second half of the year.