Commonwealth Games set to affect Gold Coast commercial property
The recent announcement of the Gold Coast's winning bid to host the Commonwealth Games in 2018 ...
The recent announcement of the Gold Coast's winning bid to host the Commonwealth Games in 2018 has met a mixed response from industry figures.
According to the federal treasurer Wayne Swan the games will be a real boost to the domestic markets.
Swan asserted: "It's going to bring jobs, it's going to showcase Australia to the world. It makes our economy stronger and more resilient over time."
This sentiment was echoed by property investment coach Rick Otton, who said that the events will generate jobs and cash flow for the region.
Otton stated: "The Commonwealth Games announcement will be a real shot in the arm for property investors in Queensland and bring new confidence to the Gold Coast tourism industry."
As part of the preparation for the games, infrastructure upgrades will be carried out by the Bligh government to a number of public facilities that could improve the prospects for commercial property investors.
However, research fellow with the Institute of Public Affairs Chris Berg disagrees with the previous statements - he says that empirical evidence of international sporting festivals boosting a local economy in the long term is "almost non-existent".
Berg asserted: "We have enough serious, scholarly, dispassionate studies of major events to be strident here.
"The games will discourage as much economic activity in the Gold Coast as they will boost."