Edwards say units are more likely to serve as rental properties for the games and are probably the most solid investment.
“If I were to take a guess, the answer would be to go off and buy old rundown blocks of flats, sit on them for a few years, remodelling them and rent them out during the games and sell immediately following the completion of the Games.”
However, Edwards warns that there are significant differences between Sydney and the Gold Coast and says the effects of the Commonwealth Games are likely to be more subdued.
“Given the above points, it is important to note that the Gold Coast is already very developed with reasonably good infrastructure. This suggests there is little the Commonwealth Games can add to the city, other than increased tourism exposure.”
He says that, while the Gold Coast boasts good air access, a good road system and general amenities, its rail services are ‘poor’- and that, he says, is one area where the Commonwealth Games may have a positive impact.
“All of the above leads me to the view that we cannot expect the same level of benefit for property owners as we saw from the 2000 Sydney Olympic Games. Benefits will more likely come via an economic boost via a surge in tourism before the Games and for some time after.”