New industry analysis suggests Gold Coast property prices will continue to grow for the next few years, well after the athletes have left the village next April.
The recently released PRDnationwide Commonwealth Games Residential Property Impact Report 2018 suggests the market will still be growing up to 25 percent in 2020 thanks to the new infrastructure improvements that have been fast-tracked because of the Games, now less than a year away.
$2.4 billion worth of new and upgraded infrastructure – including transport, an athletes’ village to be converted into residential apartments and new retail and recreational facilities, will see the Gold Coast benefit like Sydney did after the 2000 Olympics – up 40 percent, and Melbourne after their Commonwealth Games – up 20 percent.
PRDnationwide chairman Tony Brasier said suburbs already experiencing good growth: Ashmore, Carrara, Coomera, Oxenford and Southport, will continue that trend after the Games.
Real estate industry leader John Mcgrath expects southeast Queensland to move to double-digit price growth in 2017.
As reported in The Australian newspaper, Mr McGrath said: “You can buy a unit on the Gold Coast, a walk from the beach, for $250,000. The same unit in Sydney will cost $750,000”.
These types of large projects add tremendous value, according to PRD’s national research manager Dr Diaswati Mardiasmo.
“You’re pretty much renewing the whole city … because you’re upgrading the roads, the infrastructure, you’re building new stadiums and generally cleaning up the place,” she is reported as saying in The Australian.
The $501 million Parklands Gold Coast Athletes’ Village project to be transformed into 1250 apartments after the Games, is being developed by Grocon.
