How are the Commonwealth Games already boosting the Gold Coast economy?

Despite not being held for another three years, the 2018 Commonwealth Games on the Gold Coast have already brought some excellent benefits to our region and its economy. This is one of the biggest events that the region will see for quite some time, and anyone with real estate in Surfers Paradise or nearby could see significant growth in their property. But what exactly is the growth that is already occurring? 

Memorandum to maximise growth

With so many countries coming to our part of the world to take part in the 2018 Commonwealth Games, forging great partnerships with these visitors is an essential part of a successful event. The City of Gold Coast has put its best foot forward in this regard, recently signing a Memorandum of Understanding with the Papua New Guinea{PNG} government that will see the two bodies foster a strong partnership in the years leading up to 2018. 

"We will provide mentoring opportunities to PNG sporting representatives and facilitate introductions to local sporting organisations and community groups to extend relationships within the city," said Gold Coast mayor Tom Tate in a 30 April statement about the signing of the memorandum. 

"With sporting teams and their support crew visiting the Gold Coast for extended periods of training, it means their dollars will be spent with accommodation providers, restaurateurs and other local businesses."

This is likely to provide a significant boost for the Gold Coast economy, and could be great for Main Beach real estate and homes in nearby areas. The partnership has already begun in earnest as well, with the PNG delegation visiting the Gold Coast over the weekend of 2 May. This was in support of a rugby league Pacific Test event, held at the Cbus Super Stadium in Robina. 

Construction well underway

Of course, putting together an event as large as the Commonwealth Games takes significant planning and preparation, including the creation of sites capable of handling the visitors, athletes and other delegation members that will descend upon the Gold Coast. The Queensland government recently made a statement concerning the construction of sports stadiums in the area, which shows growth is already full steam ahead.

In the 9 April statement, Minister for the Commonwealth Games Kate Jones  and state Premier Annastacia Palaszczuk noted that work had begun on the $101million Carrara Sports and Leisure Centre, which will play host to a number of Commonwealth Games events. 

"The centre is a major piece of infrastructure for the Gold Coast and will accommodate a wide range of court sports including basketball, netball, indoor soccer and badminton," said Ms Palaszczuk. 

"These projects aren't just about the Commonwealth Games. They're creating jobs and they're helping strengthen the regional economy."

Ms Jones noted that there is $320million of infrastructure in total coming to the Gold Coast, which is likely to benefit anyone in Surfers Paradise property greatly. Better transport links, public facilities and amenities will improve quality of life greatly, and could see strong capital gains growth in local real estate too. 

Even during the construction itself, approximately 1,000 jobs will be created. This sort of economic boost to the region is likely to have flow-on effects for a number of industries, and it showcases the strength of the Gold Coast as an employment and leisure powerhouse. 

Moving forward together

Clearly, the benefits of the Commonwealth Games are already being felt right across the Gold Coast. The lifestyle we lead here is second to none, in our opinion, making Surfers Paradise property an ideal choice for young and old. To find out more about real estate here and the benefits that could be on the way, contact us at Ray White Surfers Paradise.