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Commonwealth Games real estate legacy is ‘no myth’

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The legacies that events such as the Commonwealth Games leave on their host cities is “no myth”, findings have revealed.

PRDnationwide’s 2018 Commonwealth Games Residential Property Impact Report predicts that two years after the games, the Gold Coast residential property market will grow at a higher rate than Melbourne following the 2006 Commonwealth Games.

The Gold Coast market would be “delivering up to 25 per cent house and unit price increases” after the Games, the report said.

In comparison, following its own Commonwealth Games, Melbourne’s residential price growth was 20 per cent, while Sydney’s residential price growth after the Olympic Games was almost 40 per cent.

PRDnationwide chairman and managing director Tony Brasier said he believed these major events left an infrastructure that helped fuel growth.

“When Melbourne hosted the Commonwealth Games in 2006, new and upgraded infrastructure was scattered throughout the city [and] its athlete’s village saw a $43.5 million investment post-Games to become a major residential hub in Parkville,” Mr Brasier said.

“Sydney saw the same impact after the Olympic Games in 2000 [as] Newington and surrounding areas which once hosted athletes was seeing sales rise 58 per cent by 2001.”

Mr Brasier said he believes an investment in the region will allow the Gold Coat to grow in the same way as other cities.

“Investment in local transport infrastructure, an athlete’s village able to be transformed into residential dwellings, and increased recreational and retail facilities will see the Gold Coast follow the path of Sydney and Melbourne,” he said.

There are indications that growth is already under way on the Gold Coast, especially in suburbs located close to the event grounds, with the median sales price increasing by up to 12.6 per cent and residential unit prices increasing by up to 33.5 per cent in some areas.

PRDnationwide national research manager Diaswati Mardiasmo said the growth is being fuelled by interstate and foreign investment in residential property.

“Savvy buyers are seeing the expected growth on the Gold Coast pre- and post-Games and are either investing or moving to the area,” she said.

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