Brisbane Property Market to Surge in Response to 2032 Olympic Bid Win
It was the news that could really put Brisbane on the map. With the announcement of the capital of the sunshine state announced as the winner of the 2032 Summer Olympics, we’re looking at a huge increase of buyers in the Brisbane market.
In fact, it has been predicted by economists that the Brisbane property market will see the median homes double by the time the 2032 Olympic Games role around. Will this will see Brisbane’s median property price sky rocket past $1.4 million.
Property data research expert, Tim Lawless of CoreLogic, has said of the impact that hosting the Olympic Games will have on the river city.
“Large projects also tend to leave a legacy of a permanent housing demand uplift, either through additional employment or via other benefits such as improved transport options and travel efficiencies related to transport infrastructure projects as well as additional amenity introduced to the area including social and retail outlets.” Said Lawless.
One of the big winners of the 2032 Olympics will be Woolloongabba. The home of Queensland cricket as well as the Brisbane Lions will be a centrepiece for the global stage.
“The area is already popular with investors, with around two thirds of the housing stock in and around Woolloongabba being rented,” Lawless said of the predicted boom for the area.
Currently, Woolloongabba units are some of the more affordable in inner-south regions. The median price for the suburb is $458,000, which comes in almost $100,000 cheaper than the nearby Kangaroo Point.
What does this mean for home buyers looking to make the move to Brisbane ahead of the Olympics?
Because of the forecast capital growth that cities previously have seen when hosting an event like the Olympics, it’s likely that it will be the years in the lead up to the Games themselves rather than when the event is taking place — bearing this in mind, it’s advisable to get in quickly to the market before it heats up.
Tracking the Olympics against another major global event that happened in Brisbane is the G20 sumit. In 2014 when the summit was held in the river city, dwelling prices surged a mammoth 113% over the 12 years from announcement to execution.
There’s no time like the present to become part of the market. But if you’re unsure of where to start, Balfour Homes is the ideal one-stop-shop. We’ve worked hard to make sure that you don’t have when purchasing a home. Equipped with experts who understand the fluctuating market, as well as financial brokers on board, you can have a piece of Queensland’s capital before the big push of the Games.