With the huge amount of people, infrastructure and money the Commonwealth Games will bring, the Gold Coast is sure to thrive!
But will the Commonwealth Games increase the value of your property?
Photo: Surfers Paradise, Gold Coast at sunset
The Gold Coast property market is already performing well with some suburbs currently seeing record high ‘Median Sale Prices’.
With the Gold Coast’s rental market in particular already tight, the Commonwealth Games are sure to have some kind of effect. One being; because of the sheer number of people attending the games, the demand for short term accommodation will increase, meaning accommodation prices will almost certainly rise.
Is it bound to effect just the tourist hotspots or will it effect the Gold Coast as a whole?
As the ‘tourist’ accommodation fills up, people will have to look further away from the general tourist areas for places to stay. With that, the infrastructure will need to follow. Yet another way the Commonwealth Games could effect property prices both before and after the event.
The news is good for property owners on the Gold Coast as investors are looking now! But one of the biggest causes of the Gold Coast’s strong performing property market has less to do with the Commonwealth Games and more to do with the property markets in major cities such as Sydney and Melbourne.
Jason Hocking from Real Estate Real Easy commented; “Young families, interstate buyers and people looking for dual-accommodation properties are some of the causes behind the price increases.
In particular, a great deal of interest has come from interstate buyers ‘fleeing the high property prices’ of capital cities, looking for an ‘affordable’ place to live.
Along with low interest rates and the incentive to buy property at an all time high, the current market is what I call a ‘sellers’ market’. Meaning good properties are in much higher demand and because of that property prices have risen.”
How does your suburb rate?
Suburb, Median House Sale Price, Percentage increase over 12 months up to July 2016
– Mermaid Beach $1,700,000, up 37.4%
– Coolangatta $940,000, up 25.4%
– Palm Beach $635,000 14.9%
– Robina $535,000 14.4%
– Tallebudgera $996,250, up 13.9%
– Mermaid Waters $855,000 up 12.8%
– Burleigh Waters $651,250 up 12.7%
– Burleigh Heads $879,000 up 10.1%
– Currumbin Waters $568,750 up 9.5%
– Gold Coast City $537,500 up 5.9%
Data taken from www.corelogic.com.au (RP Data) July 2016
CONTACT US
PO Box 3306
Burleigh Town, 4220
Phone: (07) 5522 5829
Email: info@elanorarealty.com.au
