The Gold Coast is gearing up for a huge employment and economic injection with infrastructure underway for 2018, according to tourism, major events, small business and Commonwealth Games minister, Jann Stuckey.
Preparations are already underway for the Commonwealth Games in less than five and a half years time, with huge job creation predicted for during the games and in the lead up.
“We have been buoyed by the enthusiasm of the community and I am pleased to report the Games preparations are exactly where they should be in these early planning stages,” Ms Stuckey said.
The Gold Coast 2018 Commonwealth Games Corporation (GOLDOC) chairman, Nigel Chamier, said “The Games and associated infrastructure development will generate up to 30,000 full time equivalent jobs and an estimated economic impact of $2 billion.”
“In the first ten months of operation, the Corporation spent $2.7 million locally on office relocation and fit out, operations and staff. Since my appointment, GOLDOC has more than doubled in staff numbers.
“Our preference is always to employ locals and use local businesses first, and with the foundations that we have put in place over the last 12 months I am confident that we will deliver a great Games.”
However, how this will affect the housing market remains uncertain. In a previous Smart Property Investment expert poll earlier in the year, Geoff Brand, found of Geoff Brand Real Estate, said that “The social and economic impacts of the 2018 Commonwealth Games are likely to be huge.
“Unemployment should fall, with the creation of tens of thousands of jobs. An injection of $1.4 - $2 billion can only have a positive impact.”
Bernard Salt, demographer at KPMG International, warned that while it’s “another little push” for the Gold Coast, “In an ideal world you would buy in 2013 or 2014, things would pick up in 2015 or 2016, reach their peak in 2018, you sell right in the peak of the Commonwealth Games ... So you’ve probably got a three to four year play there but it’s all about timing.”
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