Regardless, he says here can be ‘little argument’ that the Olympic Games were anything but a ‘significant’ benefit to home owners in the area surrounding the event.
But Gold Coast broker, Rebekah Gould, says she’s worried that any positive impact the Commonwealth Games may have on the local housing market will primarily be felt by prospectors uninterested in long-term investment.
“My initial reaction when I heard the Games were coming to the Coast was I couldn't see it making a huge impact on property values, as we are already a transient population with our economy based on tourism. So, the Games will be great for our economy and anyone in the tourism industry, but not so much for the locals who live here who aren't.”
Gould says many of her clients are tradies who have been forced to enter the mining industry on a fly in/fly out basis, due to lack of local job prospects.
“I can't see the Games improving things sufficiently for them to be able to give up that income and rely on local employment. There could possibly be a small increase in activity from investors hoping to pick up some capital gain and good rental yields during the Game period, but I’m not sure if it will be anything more than that.”