The upcoming Commonwealth Games has been the single biggest factor for the economic boom and massive investment in the Gold Coast. And if we had a dollar for every time someone hypothesized on its impact on property prices, well… we would be reinvesting it back into the area! The whopping $13 billion in property investment is slowly becoming evident as developments emerge from the ground up. If you’ve been following any news related to the games, commentary related to its impact on Gold Coast’s economy and real estate would have been hard to miss. If you’ve been away from the news, here are some notable projects to consider when evaluating property values in the Goldie:
• The $1.2 billion Spirit tower, southern hemisphere’s tallest building.
• The first stage ($37 million) of the Evandale development – with an amphitheatre performance venue and art gallery – will be open in early 2018.
• The Broadbeach to Burleigh Heads light rail link was unveiled by Mayor Tom Tate last week.
• Empire Estate, the $1 billion industrial estate in Yatala, is on the radar of large international companies looking for local headquarters. I’m sure those famous pies will make for the perfect corporate luncheon.
According to a news report published by The Australian, the games have driven up property prices and improved infrastructure. They have also boosted tourist traffic, which is helping median prices of properties as well as transaction volumes. Realestate.com.au predicts that Gold Coast’s housing property market will grow at a higher rate than the 20 per cent witnessed after the 2006 Melbourne Commonwealth Games.