2032, the year when the summer Olympic games come to Brisbane, seems like a long way away. I mean we’ve still got Paris in 2024 and Los Angeles in 2028 to get through. That hasn’t stopped people getting excited about the biggest sporting event in the world coming to our fair city. And it seems this excitement is translating to positive things for the real estate market!
In fact, according to an article in realestate.com.au, one in every 10 dollars going into property purchases in Brisbane are driven by the Olympics. What does that mean? Well, 10 years before the event itself, people are already buying up property to enjoy the Olympics effect!
Pedros Pikos is the MD of Pikos Group who are responsible for the large Skye complex development in Kangaroo Point. He states that of the $200-million in sales they’ve made before construction has even begun, $20-million was due to the Olympics being held in Brisbane.
Why is Brisbane so Attractive?
If you live here you know the answer to this already. Brisbane is one of the most liveable cities in the world. It has amazing facilities and green spaces, plenty of public transport, an enviable climate and a location near to some of the most sought-after coastlines in Australia.
What’s not to love? Over the last couple of years everyone in Australia seems to have realised the allure of Brisbane. Southerners have moved up here in droves for the weather and the laid-back lifestyle, while investors have been taking advantage of the property pries being less than Melbourne and Sydney.
As Brisbane’s profile has grown it’s also attracted international migrants and returning expats. This was especially true during the lockdown years, when hordes of Australians returned home to escape lockdown in other countries, massively driving up property prices.
The long-term outlook is good for this city. Now throw a bit of Olympics action into that mix…
The Olympics Effect
We could be entering a golden era for Brisbane real estate according to the Sydney Morning Herald, “with industry experts predicting a gilded decade of property price growth that will push the median house price past the million-dollar mark and see key infrastructure suburbs soar.”
You can expect suburbs directly in the thick of the action, like Woolloongabba,to really boom. The Gabba stadium will serve as the centre for the Olympics and will undergo a $1-billion renovation to prepare it for this. In addition there will be more than 30 venues across Brisbane, the Sunshine Coast, the Gold Coast and Ipswich that are either built from scratch or completely overhauled. Remember that these are all projects creating thousands of jobs, in turn attracting more and more people to Brisbane. This is only going to be good for the demand for housing here.
The knock-on effects for the economy are huge, with a total benefit of $8.1-billion to Queensland and $17.61-billion to Australia. That’s what the Olympics does for a country, and that’s what we’re easing ourselves into over the next ten years.
Get in Touch with an Experienced Brisbane Real Estate Agent
There are a lot of powerful forces at work in the Brisbane real estate market at the moment. Having the Olympics on the horizon is certainly one of them. If you want to talk all things property with an experienced, knowledgeable Brisbane agent, get in touch with Henry today. He can answer your questions about Brisbane real estate, particularly on the south side of the city.