The Melbourne 2006 Commonwealth Games : what does it mean for the local property market?
Reed, Richard and Wu, Hao 2005, The Melbourne 2006 Commonwealth Games : what does it mean for the local property market?, in PRRES 2005 : Conference Proceedings of the Pacific Rim Real Estate Society, Pacific Rim Real Estate Society, Adelaide, S.Aust., pp. 1-12.
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PRRES 2005 : Conference Proceedings of the Pacific Rim Real Estate Society
Pacific Rim Real Estate Society
Place of publication
In 2006 Melbourne will host the 18th Commonwealth Games with Brisbane being the last Australian city to host this event over two decades ago in 1982. Melbourne has not held a major global sporting event since the 1956 Olympic Games, although the 2006 Commonwealth Games follows on from the successful 2000 Sydney Olympics. These sporting events have continued to grow from strength to strength, and have been assisted by Australia's close affiliation with sport and the widespread global media coverage. In a similar manner to other sporting events that Melbourne hosts, including the Australian Tennis Open, Formula One Grand Prix, Motorcycle Grand Prix, Melbourne Cup and Australian Football League, the city and its inhabitants are consumed by these events. The 2006 Commonwealth Games is certain to follow this trend. The task of hosting the Commonwealth Games is enormous, although actively pursued in a fierce bidding process by competing cities. The benefits are undisputed and include an influx of visitors to the host city, an opportunity to enhance or rebuild infrastructure such as transport, plus the worldwide focus on the host city before and during the event. A high level of planning is undertaken for years well in advance of the event, and this may have an effect on the surrounding property market. Through the media both buyers and sellers are constantly reminded of the upcoming Games, the venues and the increased demand that will occur. Accordingly, this research investigates the task of hosting a major global sporting event such as the Commonwealth Games, and importantly how affects infrastructure in a host city. Attention is placed on the 2006 Commonwealth Games and the Melbourne property market. Whilst every host city differs in characteristics such as size, location and timing of the event, the findings of this study will assist a future host city to plan for the highly irregular circumstances that accompany a high profile one-off major sporting event.
Field of Research
150403 Real Estate and Valuation Services
Socio Economic Objective
900299 Property, Business Support Services and Trade not elsewhere classified
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