Despite being two years away, the Commonwealth Games have already created a property boom on the Gold Coast.
A PRD Nationwide report shows house values in most suburbs around Commonwealth Games venues have surged by an average of 8.6 per cent.
House prices in Runaway Bay have grown by 10.8 per cent in the 12 months to December 2015. Coomera saw house price growth of 10.5 per cent, while Southport grew 7.9 per cent.
Comparatively, Brisbane house prices grew by only 4.1 per cent in the 12 months to March 2016.
PRD researchers said growth had been driven in part by Games infrastructure projects including the Coomera Sports and Leisure Centre, the Carrara Sports and Leisure Centre and the Southport Athletes Village.
PRD Nationwide chairman and managing director Tony Brasier said it was an exciting time for Gold Coast property.
“PRD Nationwide agents on the ground [are] reporting a spike in interest from local residents looking to buy in suburbs close to new infrastructure and gain ‘first mover advantage’,” he said.
“There has also been an increase in the number of calls from interstate investors looking to take advantage of opportunities on the Gold Coast.
“The great news is that the property market is expected to continue growing strongly beyond the 2018 Commonwealth Games.”
Sam Guo of Ray White Broadbeach said the Commonwealth Games had already had a positive impact on the property market.
“People have more confidence in the city and in the local government,” he said.
“The infrastructure, roads and trams and all these facilities give a great positive image.
“We are seeing the impact pretty much right across the coast – North to upper Coomera all the way down south to Coolangatta.”
James Legerwood of McGrath Broadbeach said prestige market on the Gold Coast had also seen a surge in buyer activity because of the Games.
“The central Gold Coast prestige market is seeing a lot of interest from interstate buyers who are wanting to come because of all the new infrastructure and public transport being created.”