Vivid Sydney 2013 | Chan & Naylor

Vivid Sydney 2017: Positive effects of tourism on real estate

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Vivid Sydney 2017 appears to have an animal theme. Last year, a huge tree was projected on the MLC Centre. This time, an Urban Tree 2.0 will have a frog crawling and searching for a worm. The Royal Botanical Gardens, on the other hand, will have ‘Birds of Lumos’ which will glow and pulse with colour. There are strange creatures projected on the Opera House as well. Taronga Zoo, on the other hand, will have the Lights for the Wild show, which features giant animal light sculptures such as bees and a shark called PJ. Barangaroo will have a path of installations, including an optical illusion called ‘Trapdoor.’

There are also creepy eyeballs, optical illusions and massive light displays which the crowd can control themselves. 2.3 million visitors attended Vivid Sydney last year and on May 26th to June 17th this year, light sculptures and illuminated buildings are expected to attract more eventgoers. Martin Place will be a space with food, drinks and giant light installations.

Vivid Sydney 2017 has also expanded its music lineup and announced that Boy George will perform another DJ set this year. On June 11th, he will replicate last year’s performance on the rooftop terrace of Cockle Bay Wharf’s Cafe del Mar.

But what do all these mean to our real estate?

Tourism and real estate may be completely different industries but they correlate with one another. Its correlation was recognised when developments in the 90s combined both elements. Integrated or mixed developments started to include theme parks and malls with residential components.

Where tourism is involved, infrastructure and facilities are upgraded including private roadways, hotel and luxury services and restaurants. It will then become a desirable location and increase demand. The consumption of tourists also means more choices and diverse furniture or architecture available for different nationalities. Tourists who convert into residents mean new properties are built and better attitude in interacting with different people is generally developed. It also contributes to the increase in capital and rental value of properties because expats often overspend for their home.

 

PS.
Sydney is an attractive city, not only for people interested in arts and culture but also for those who want a bustling lifestyle. Sydney is a fabulous city with a long list of features such as fantastic climate, national parks, extended summers, beaches and harbours.

 

 


Disclaimer: This article contains general information; before you make any financial or investment decision you should seek professional advice to take into account your individual objectives, financial situation and individual needs. Click for more detail regarding this disclaimer.

*Photo from flickr

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