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Gold Coast Commonwealth Games to have a positive effect on the local property market

24 Jan 2017 Surfers Paradise 0 Comment

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The 2018 Commonwealth Games will be a defining moment in the Gold Coast’s history.

Unlike many other former host cities, the Gold Coast is within budget and ahead of schedule in delivering facilities which will provide a lasting legacy for future generations. Capital cities like Sydney and Melbourne are already known internationally as major sporting locations and the Gold Coast has now joined that list.

In the future, the Gold Coast will also boast a range of new and upgraded facilities capable of hosting more world class sporting events. The Coast has long been utilised as a training location by a multitude of world class athletes keen to take advantage of its bio-diversity and favourable climate year round. The city has previously hosted major international competitions including the Pan Pacific swimming championships and triathlon world championships.

Over the next decade the Gold Coast is expected to attract an increasing number of major sporting events and conferences at new or redeveloped facilities. Former Australian swimmer Andrew Baildon, who sits on three Gold Coast 2018 Commonwealth Games committees including the athlete advisory board which he chairs, said he had a close interest in ensuring the future of Games facilities. He said all the venues, whether newly built or upgraded, would benefit – not just from sporting events but also conferences which could be held at some of the locations.

“Community infrastructure such as the Commonwealth Games village – those units will become available on the market in a gradual and timely manner as not to flood the market. There is a lot of strategy involved in how those units are released onto the market to meet the needs of an ever growing population.”

The Gold Coast has won the right to host one of Australia’s biggest ever business events with more than 8,000 employees from a Chinese company due to visit the city in 2018. The week-long business event is expected to generate more than $50 million for the region thanks to the collaborative efforts of Gold Coast Business Events, Tourism and Events Queensland and Tourism Australia.

There has been a resurgence of confidence in the Gold Coast economy fuelled by domestic migration and a buoyant tourism industry. The property market has boomed in 2016 thanks to Chinese and interstate spending and an improved economic outlook leading up to the Commonwealth Games.

Fifteen months out from the start of the XXI Commonwealth Games on April 4, 2018, the organising committee has been handed a positive report card from the international Commonwealth Games Federation (CGF). The review was complimentary of the pace of planning, organisational readiness, community engagement, security, legacy and progress of venue construction and quality of facilities.

“This latest report card from the CGF confirms once again that we are Games-ready,” the Queensland Government’s Commonwealth Games Minister Stirling Hinchliffe said. He said the $320 million Games venues program was on time and on budget, with all competition venues on track to be delivered at least 12 months ahead of the Games. “It will also leave a lasting legacy of world-class sporting and community infrastructure, and attract elite athletes and world-class events to Queensland for decades to come.

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