As part of South East Queensland’s commitment to host the 2018 Commonwealth Games, it has seen a momentous arrival of large scale infrastructure with economic activity reported to be around $17 billion, which includes private development, infrastructure and tourism.
The Parklands precinct on the Gold Coast, which was a redevelopment of the 29-hectare site that housed Gold Coast Parklands, integrates 1,252 dwellings that were used for as games dormitories. These are currently under retrofitting development to convert them into a variety of apartments and townhouses.
The surrounding site, which totals 200 hectares, is set to be developed over the next 7-8 years into a Health and Knowledge Precinct. This will include 12,000m2 of shops, cafes and markets, 5,700m2 of mixed use retail, with capacity for another 6,300m2, all set to begin construction in 2019.
In the coming years it will transition to a mixed-use community space supported by $5 billion in infrastructure installed prior to the Games which includes Griffith, Gold Coast University Hospital and Gold Coast Private University Hospital.
The post-Games legacy has been important for most cities that have previously held Commonwealth and Olympic Games; from benefiting local communities with new facilities and better transport, to the effects of urban renewal projects which have transformed entire suburbs.
For property investors, the big question is how the post-Games legacy will impact local Gold Coast private sector investment.
The Commonwealth Games will have momentous impact on property as it has produced the infrastructure to fuel ongoing growth. After the Commonwealth Games in Melbourne, residential property price rose 20% in the 2 years post-Games. In Sydney after the Olympics, residential price growth was close to 40%.
South East Queensland should expect nothing less.