Just wondering what people think about the Games in terms of property prices in Melbourne.
I remember last year an associate employed by a property marketing company stating that inner city property prices would increase significantly as a result of the Games.They were selling units in the city with water views.
Unfortuantly I did not keep all the porno sorry, promo material to compare prices.
Any comments/ thoughts please.
hrmrichmondParticipant@richmondJoin Date: 2003Post Count: 831
I can’t see them having any impact whatsoever and I am a Melburnian.
roziMember@oziJoin Date: 2004Post Count: 262
A while back some guy was telling me that after the games there will be glut of inner city apartments on the market, including the significant number of apartments they have built purposely for the games. I don’t have any sources to back this up, but if true, I would think that it will affect inner-city prices in a negative way.
OziToolsParticipant@toolsJoin Date: 2003Post Count: 363
I don’t think it will have any effect on prices.But it certainly will on short term accomodation.I live about 200 metres from the MCG,and can see it from my front door.Just out of curiosity,I googled to see what people were asking for rental houses during the games.Going on what I saw,I could probably ask around$5000 for a week.I even saw a place for $2000 and the big selling point was that it was only 1.5hrs from the games!
ToolsoziMember@oziJoin Date: 2004Post Count: 262
If thats the case, you should consider pitching a tent up in the backyard and maybe renting the house out to some tourists? [biggrin]
Anyone know what is planned for the purpose built accommodation after the games.could this be an opportunity!
Tools: Perhaps a good time to take a holiday for $5K
hrmMichaelYardneyParticipant@michaelyardneyJoin Date: 2001Post Count: 617
A number of years ago, proeprty watchers predicted that the Commonwealth Games would boost the Melbourne property market.
Apart form some extra construction work, it has done little to the property market and will do nothing for prices.
It will boost short term accomodation and hotel usage for a while.
Author of Australia’s leading property e-magazine.
Join over 10,000 readers each month.
FREE subscription http://www.metropole.com.auC2Participant@c2Join Date: 2002Post Count: 518
Don’t know if the prices will go up, but 2 rooms in a property approximately 50 minutes from the city semi rural area has just been booked for 2 weeks at $3600. No meals provided but pick up and drop off to the nearest tramstop is.
If you have any spare rooms now is the time to advertise.
C2BDMParticipant@bdmJoin Date: 2002Post Count: 93
Friends of mine live in Sydney, and they rented their house out for two weeks to a family from Finland during the Sydney 2000 Olympics for an absolute fortune. They suggested that we do the same during the Melb Games coming soon.
My initial research suggests that my family home in Mt Waverley would rent for $2000 plus (and possibly even $3 grand ) for the 10 days of the games !! My wife and I are seriously considering it….
BDMdepreciatorMember@depreciatorJoin Date: 2003Post Count: 541
Will anybody go to the Commonwealth Games? They’re a bit of a quaint anachronism. Howard will love them – he’ll be channelling Menzies for the entire time and revelling in the glory days of the commonwealth.
Any talk about property prices set to boom will be developers trying to offload stock they’ve been stuck with.
I don’t imagine there have really been any ‘apartments built purposely for the games’ despite what the developer ads might say.
I imagine there are several accomodation sites up and running. House/apartment owners would register and be checked out – they need to meet certain standards.
The most lucrative short term tenants would be the media who usually arrive some time before the events to get organised. Most of them would have booked accomodation ages ago.
If you rent your house out (and yours would be contender, Tools), make sure insurance etc is in order.
When are the games?
ScottToolsParticipant@toolsJoin Date: 2003Post Count: 363
They would have to be offering me a hell of a lot more than $5000 for me to rent my house out.I just don’t like the idea of people being in my private space.For $5000 it isn’t worth the hassle or the worry.
ToolsdepreciatorMember@depreciatorJoin Date: 2003Post Count: 541
I knew people who did it in Sydney during the Olympics. They rented a small mini storage unit and put alot of personal stuff in there. The garage took some of their excess furniture. It actually turned out to be a great opportunity to have spring clean-out. Then they headed out of town for a month on a holiday. Of course, they missed being in Sydney during the Olympics, which was an amazing experience.
I’d be tempted for $5,000.
ScottC2Participant@c2Join Date: 2002Post Count: 518
Hi Tools, what would be your asking price? I’m with Scott on this $5000 is a tempting offer, but if the house is really good and depending on location you may be able to double that price.