I purchased my first PPOR about 9 months ago in Southport, following the announcement of the 2018 Commonwealth Games being held on the Gold Coast. The Majority of the development surrounding the Games will be in Southport. (pool, track and field, athletes village etc.).
I am now looking at purchasing my first IP. I am considering Southport again for the sole reason of the up and coming 2018 Games + new hospital and light rail/Tram.
My questions is for those who may remember if any significant gains where had in the lead up, and more importantly retained post the commonwealth games in 2006 in Melbourne, or 1982 in Brisbane or even the Sydney Olympics…?
Is it best to sell just before the games? or hold after and reap any rewards from the new infrastructure/development.
Is it all hype leading up to the event? or does the development make a difference to property prices after all the hype is over?
We have financed a number of deals down in Southport over the last few months as my Accountant is Southport based.
Whilst we are seeing some real discounting come into the market i would like to say the GC market will improve and strengthen on the back of an improving Qld economy as well as the forthcoming Commonwealth games.
I can't comment about Brisbane as i wasn't in Oz in 1982 but certainly the London and SE England market took off after the Olympics on the back of both Govt and Local Council spending.
Yours in Finance
Richard Taylor | Australia's leading private lender
The site for the Sydney Olympics was basically a wasteland prior to the Olympics, since they have come and gone there have been whole new suburbs that have taken off, notably around Rhodes, North Strathfield, Newington and Homebush etc, all these high rise apartment blocks along the river that were just not there before. The train stations along these areas have also been improved significantly. Whether this was on the back of the Olympics is hard to tell, I would say just new pieces of land came onto the market for development which investors snapped at and has since changed the landscape so significantly. With the new demand at these stations, they needed upgrading. They were only upgraded around 2009 though, so well after the Olympics.
No doubt the Sydney Olympics improved public transport in the area, but the main improvement was really only transport into Sydney Olympic Park itself, where nobody lives, it is just stadiums and arenas. Couple hotels, pubs and shops in there but nothing too significant. You need to remember the site of Sydney Olympic Park is still a fair distance from the city, (approx 15km)
Hard to tell what Gold Coast will be like, I do not know the area well, I would say if it is already built up then it would pay to buy now ahead of all the main works that will be carried out in 5 years time. But just make sure the people selling the places have not taken that into consideration and used it to increase their property value…
The parklands will be transformed to commercial/residential (will be used for athletes to stay for Commonwealth games) precincts in the future. The new hospital has been built and new private hospital will be built soon with new light rail.
My neighbor has listed his property (4+2+2) for >800k ; where I bought mine (5+2+4) 18 months ago with better waterfront view for much less.
Something I am not sure of what are they going to do with the athletes accommodation after the games at parklands? I have heard it may stay for accommodation for the university hospital recently built. This could provide an oversupply of lower range property in the area. Love to hear anyone's thought?