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Effect on property market because of Commonwealth Games 2018

The preparations for commonwealth games have played a part in boosting property prices in places near improved framework and it is predicted to have a long-lasting aftereffect.

There has been $2.4 billion worth of new upgrades on framework on Gold Coast, and there will be a boost of tourism figures from the international and national publicity. This will help raise the average price of properties and transaction numbers according to the report from the 2018 Commonwealth Games Residential Property Impact Report and PRD Nationwide.

PRD’s national research manager Asti Mardiasmo said there was a “double effect” that helped the property market.
“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 said.

In the suburb of Ashmore, located inland from south ports and Surfers Paradise the light rail had been extended, with demand from southern buyers there was a price growth of 12.4% for houses and 4.9% for apartment/units.
In Coomera and other northern suburbs units have grown by a median of 33.5% giving light to the absence of new stock. The average price growth for the suburb was 6.8% annual.

After the 2006 Commonwealth Games hosted by Melbourne the suburb of Parkville that put up housing for the athletes was transformed into 1000 dwellings. A year after the 2006 Commonwealth Games sales transactions leaped 33% and the average house price climbed an 11.4%, the report said.

In Sydney after the 2000 Olympics, the athletes village that was built up to around 900 townhouses and around 700 apartments caused a boost in transaction numbers following years.

Ms Mardiasmo said the interstate examples showed an increase in transaction volumes as well as prices. “For that to happen two to three years after the Games, that is a pretty good track record,” she said.
Grocon has developed the $501 million Parklands Gold Coast Village as the athletes village, which will be re made into 1250 new ¬apartments for the Gold Coast.

Original Source: theaustralian.com.au