The 2018 Commonwealth Games have stimulated infrastructure works worth $13.5 billion, ensuring a positive future for the Gold Coast’s property market.
According to The Australian, the infrastructure works include the development and upgrading of 15 projects that total $763.9 million. Urbis Research Senior Consultant Lynda Campbell said these figures highlight what the Gold Coast can offer.
“It will put the Gold Coast on the world stage. All those great pictures of the beach and the high-rises will all be flashed around the world,” Ms Campbell said.
According to ABC News, the Gold Coast also received an approximate $156 million boost from the federal budget. Ardent Leisure Chief Executive, Greg Shaw, told The Australian that the infrastructure is the most important feature that will benefit the Gold Coast and draw people to the city.
“This really enables government to fund some quality, local infrastructure. Work is complete on the $949 million first stage of the light-rail tram service, sporting venues totalling $470 million and the $1.76 billion Gold Coast University Hospital,” Mr Shaw said.
Gold Coast LJ Hooker agent, Rick Graham said that although the spotlight is on the city, the heat would only last for so long.
“The impact is building, but it is not as strong as we would like. It is very, very positive for the Gold Coast, but as most people realise it is only a two-week event and you’ve got to temper the emphasis that is placed on it,” Mr Graham said.
A report conducted by PRD Nationwide found that the Gold Coast property market has begun to grow and will feel a surge during and after the games.
PRD Nationwide National Research Manager Dr Diaswati Mardiasmo said the areas close to the games would most feel the positive affects.
“The Gold Coast market recap for 2014 clearly identifies that houses in almost all of the suburbs surrounding the 2018 Commonwealth Games have witnessed median price growth over the past 12 months,” Dr Mardiasmo said.
“The recent growth is expected to continue through to 2018 and beyond thanks to overall improvement in market conditions as well as the infrastructure and publicity the Gold Coast will receive due to the Commonwealth Games.”