If you are interested in buying a Gold Coast property, get ready for lots of activity as the Gold Coast property market goes into overdrive to capatilise on the Commonwealth Games activity.
Real estate agents are preparing to roll out new stock during the games to capitalise on the busy period, whilst new apartment towers such as Chevron One, ONE16, and Vue Broadbeach will continue to be marketed. This will increase the more than 3000 units which are currently listed for sale on the Gold Coast. Some are saying that this boost to the local market will be similar to a Christmas holiday season.
The reason for this boost comes down to the cornerstone of selling off-the-plan apartments: marketing. As Savills Gold Coast residential director Chris Jones said, “It’s all about eyeballs…it doesn’t matter if you’re selling a bag of chips or a $400m development, marketing is about how many people see your product and with the Commonwealth Games there will undoubtedly be more people looking at the Gold Coast … at what we’ve got for sale.”
Riskwise Property Research CEO Doron Peleg said there was no doubt a proportion of the one million people heading to the Games on the Gold Coast would want to buy into the region.
“The vast majority of those are unlikely to be very familiar with the Gold Coast market and they could take a risk they might regret,” Mr Peleg said. “It’s important not to be carried away with all the excitement and the marketing and to take a step back, do some research and then make an informed decision.”
CoreLogic data shows that the median apartment price on the Gold Coast sits around the $411,299 mark. With this figure in mind, buyers should be aware of ‘games price hikes’. As Herron Todd White Gold Coast director Luke Nichols said, “a Commonwealth Games isn’t a reason to pay 10 per cent more than you would’ve paid three months ago.”
Mr Nichols went on to add that he “[doesn’t] think buyers are that gullible.”
He said recent growth in sales had slowed but prices were generally firm, and underlying demand “quite good”.
“It’s hard to see that changing when the Commonwealth Games finishes,” Mr Nichols said.
If you are planning on buying an off-the-plan or new apartment on the Gold Coast during or after the 2018 Commonwealth Games, read our reviews on all the major developments to get in the know!