{"id":11265,"date":"2017-04-11T03:00:40","date_gmt":"2017-04-10T17:00:40","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=11265"},"modified":"2017-04-11T03:00:40","modified_gmt":"2017-04-10T17:00:40","slug":"gold-coast-booms-diaswati-mardiasmo","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/gold-coast-booms-diaswati-mardiasmo\/","title":{"rendered":"Gold Coast booms – Diaswati Mardiasmo"},"content":{"rendered":"

An event such as the Commonwealth Games, to be held on the Gold Coast in 2018, leaves a legacy.\u00a0\u00a0 Hear how much the Games will improve the market there and for how long.\u00a0 We discuss the report with its author \u2013 Dr Diaswati Mardiasmo<\/strong>.
\nTranscript:\u00a0<\/strong>
\nKevin:<\/b>\u00a0\u00a0\u00a0I mentioned at the start of the show, interesting to have a look at what\u2019s happening on the Gold Coast. The Gold Coast has been one of those markets we\u2019ve been watching, particularly with the Commonwealth Games coming up.
\nA new report from PRDnationwide has shown that there is a great legacy. New data predicts that the Gold Coast residential property market will grow at a higher rate than was experienced following the Melbourne Commonwealth Games.
\nTo get a bit of a feel for what the growth was like in those capital cities, I\u2019m joined now by the research manager for PRDnationwide, Diaswati Mardiasmo.
\nDiaswati:<\/b>\u00a0 Hi. Good morning.
\nKevin:<\/b>\u00a0 Tell me about the Gold Coast. Interesting that you\u2019ve done that comparison between the Gold Coast and what happened in Melbourne. What have you actually found out, and how long will that flow-on effect last?
\nDiaswati:<\/b>\u00a0 The reason why we did a comparison to not only the Melbourne Commonwealth Games but also the Sydney Olympics back in 2000 is because we really wanted to base our data on those case studies to see what actually happened in those places after they\u2019ve hosted an international sporting event. Back then, we made sure that when we looked at past case studies, we didn\u2019t just look at Melbourne or Sydney; we actually looked at the area in which those games were held.
\nFor the Melbourne Commonwealth Games, it was held around the Parkville area, so we looked at data from that particular area. We saw that in 2005, prior to the Games, the annual median price growth was 6.2%, but on the year of the Games and the year after, it increased by 11.4%, and then it continued to grow for the next 24 months, so that\u2019s almost doubled. Sales transactions actually increased by 33% between 2006 and 2007. That\u2019s a year after the Games.
\nKevin:<\/b>\u00a0 Have you been able to identify the suburbs that you believe will get the greatest growth, and is it because they are close to those new facilities that are being built?
\nDiaswati:<\/b>\u00a0 The effects of the Gold Coast Commonwealth Games will be seen all around the Gold Coast, but you are correct, there are certain suburbs that have been star performers, I would say, or the ones that have had that real flow-on, positive effect. You\u2019re looking at places like Ashmore, Carrara, Coomera, Oxenford, and Southport, because this is where most of the Commonwealth Games-related infrastructure or new buildings or new stadiums are being developed at the moment.
\nKevin:<\/b>\u00a0 Diaswati, what are you predicting in those areas in terms of what the growth could be compared to what it has been?
\nDiaswati:<\/b>\u00a0 We\u2019ve done this report for three consecutive years. The first one back in 2015, the median growth in places like Ashmore and Southport and Carrara, for example, were only around 3%, 4%, maybe 4.5%, and now, Ashmore is at 12.6% for houses, Carrara is at 11.3%, and also Southport is at 6.6%. So over the past couple of years, we\u2019re seeing these places grow from that 3% to 4% growth to almost double, and particularly so in Ashmore.
\nWe\u2019re really predicting \u2013 based on the case studies that we\u2019ve done in Melbourne and Sydney \u2013 that there will be more onset growth not only when the Games happen but also after the Games.
\nKevin:<\/b>\u00a0 That\u2019s an interesting point. We\u2019re building up to the Games now, and it\u2019s likely to go for a couple of years after that. Do you think that the increases that we\u2019re going to see on the Gold Coast will be greater than those we saw, say, in Melbourne?
\nDiaswati:<\/b>\u00a0 In a way, I would say so, and the reason for that is because we\u2019re in a place at the moment where the property prices and the property market is hotter than back then. We\u2019re talking about 2005, 2006, and 2007, whereas now at the moment, we all know that the property market is way hotter. We are getting more sales and interstate migration and also people buying from Sydney and Melbourne because the Gold Coast is more affordable than, say, Bondi or Brighton. We\u2019re also getting a lot of the tourists and the Chinese buyers playing in the market as well.
\nThe current market conditions are very, very supportive of the Gold Coast performing better after the Commonwealth Games than Melbourne and Sydney when they held their Games.
\nKevin:<\/b>\u00a0 Diaswati, thank you very much for your time.
\nDiaswati:<\/b>\u00a0 No worries. Thank you so much, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

An event such as the Commonwealth Games, to be held on the Gold Coast in 2018, leaves a legacy.\u00a0\u00a0 Hear how much the Games will improve the market there and for how long.\u00a0 We discuss the report with its author \u2013 Dr Diaswati Mardiasmo. Transcript:\u00a0…<\/p>\n","protected":false},"author":176692471,"featured_media":11303,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33,10,11,13,36,22,25],"tags":[101],"class_list":["post-11265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-studies-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-research-topic","category-sponsored-channels","tag-podcast"],"yoast_head":"\nGold Coast booms - Diaswati Mardiasmo - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/gold-coast-booms-diaswati-mardiasmo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold Coast booms - Diaswati Mardiasmo - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"An event such as the Commonwealth Games, to be held on the Gold Coast in 2018, leaves a legacy.\u00a0\u00a0 Hear how much the Games will improve the market there and for how long.\u00a0 We discuss the report with its author \u2013 Dr Diaswati Mardiasmo. 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