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Melbourne set for Commonwealth gold

Being host city for the upcoming Commonwealth Games is guaranteed to boost property prices in Melbourne, Australia according to exhibitors at The Homebuyer Show.

When The Commonwealth Games come to Melbourne between the 15 and 26 March, it is not only the sportsmen who stand to take the gold.  Canny investors and buyers looking for their ideal home in the sun could also win by taking advantage of the strong capital growth across the city.

“Given the huge number of extra people traveling to Melbourne and with the international spotlight on the city, it can only have a positive effect on house prices” comments Jeremy Vile of Central Equity, one of Melbourne's largest property developers who will be exhibiting at The Homebuyer Show.  He continues: “Melbourne already has a stable property market, but the Commonwealth Games are expected to have an incredibly strong influence over property prices, similar to that seen in Manchester in 2002.”

Investment in Melbourne's infrastructure has been successful in attracting world class events, including the Australian Tennis Open, the Grand Prix, and now The Commonwealth Games.  With this increased investment, a stable economy, and low interest rates, property is continuing to perform above average.  According to the Real Estate Institute of Victoria, the average cost of a property in Australia is around $363,000 Australian Dollars (£153,000), with prices in Melbourne growing on average 8% p.a.  Properties in Melbourne are available through Central Equity from £129,000.

Manchester 2002

Previous cities have also benefited from hosting the games, including Manchester in 2002.  According to hometrack.co.uk, house prices across the city increased by over 70% in one year, whereas around the key areas of East Manchester the price of property rose by as much as 160%.  Tourism spending by games participants was estimated at £29million, 30 million people are expected to consider Manchester as a business or tourism destination as a result of the games and the entire transport and infrastructure network also received a great boost (source: www.gameslegacy.com).

However, it is not just Melbourne that offers great investment opportunities. Australia has gained an enviable reputation around the world and is already a favourite destination for visitors, with tourism increasing by over 18% between 2000 and 2004, according to the Office of National Statistics. 

Jenese Malone, Director of PR Australian Properties Ltd. comments: “With a fascinating history and diverse culture, it is not surprising that the demand for properties across Australia is high, keeping prices buoyant and the market active.  But the key thing to look out for when choosing a location is ongoing investment in development and infrastructure, as well as population growth.  This will help to ensure continued expansion, the economy remains strong and it is an attractive place for visitors and migrants, which will in turn keep property prices stable.”

Nick Clark, Managing Director of The Homebuyer Show comments: “Australia offers fantastic opportunities for homebuyers and investors.  Not only is there a great climate and fantastic lifestyle but the property market is stable, yielding high returns and strong capital growth.  Melbourne in particular has become a favourite city to buy in as host to the upcoming Commonwealth Games.  To ensure your dream home doesn't turn into a nightmare however, it is essential to attend exhibitions and speak to experts like Central Equity who can advise on all aspects of the process from start to finish.”

The Homebuyer Show will be held on Friday 17 March (10am to 6pm), Saturday 18 March (10am to 5pm) and Sunday 19 March (10am to 4pm) at the ExCeL Centre in London's Docklands, easily reachable by car or public transport. Entry to the Show will be free but with an additional admission charge for seminars and debates. For further information on the Show including advance booking for tickets and seminars, visit www.homebuyer.co.uk.

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