New report points to long-term real estate growth around Commonwealth Game
GOLD Coast suburbs including Southport and Ashmore have been tipped for strong growth either side of the 2018 Commonwealth Games.
The Coast was set for an uplift based on the impact the 2000 Olympic Games and 2006 Commonwealth Games had on Sydney and Melbourne, respectively.
“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.
She said Southport and Ashmore have been among the best performers in that period, with both experiencing double digit growth.
“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.”
That growth will be strongest in the suburbs around the development sites where the Games will be held, the report found.
According to the report, sales figures rose almost 58 per cent from 2000 to 2001 in areas surrounding the Sydney Olympics Athletes Village, which was later transformed into nearly 900 townhouses and 700 apartments for sale to the public.
Six years later in Melbourne, sales of homes from the site of the Athletes Village in Parkville was attributed to a rise of more than 33 per cent in the region between 2006 and 2007.