While the Brisbane property market is already in the midst of a boom, the recent announcement of Brisbane’s right to host the 35th Olympiad in 2032 is being projected to further heat up the market with dwelling prices expected to be pushed up significantly over the next decade.
Tyron Hyde, Director of Quantity Surveyor of Washington Brown comments that “the city was overdue for growth as it matured in recent years with billions of dollars in infrastructure projects in the pipeline that will be transformational for the city that has seen significant population growth.” Mr Hyde added that hosting the Olympics will further increase confidence in the city’s property market indicating that this is the opportune moment many property investors have been waiting for.
As for first home buyers, PRD Research Chief Economist Dr Diaswati Mardiasmo comments that now is the right time for those looking to enter the Brisbane property market; “Now is potentially the most affordable time for first home buyers to enter the market in comparison to if we fast forward the next three to five years.”
Tim Lawless, Asia-Pacific Research Director of CoreLogic explained that historically, large projects tend to positively influence housing prices and the Olympics are no exception with the extra requirement for workers creating additional demand for housing during the construction process.
Woolloongabba is set to be the epicentre of the 2032 Olympics and is expected to experience a significant increase in market interest in the coming years. Mr Lawless explains, “the area is already popular with investors, with around two-thirds of the housing stock in and around Woolloongabba being rented. The proximity of the Princess Alexandra Hospital and Mater Hospital provides a permanent level of localised housing demand, along with easy access to the Brisbane CBD, local universities and Southbank precincts.”
Off-the-plan apartments in the sought-after Woolloongabba are already witnessing increased enquiries with interest forecasted to rise further. The surrounding suburbs are also expected to perform well with some already catching the eye of purchasers; like the apartments at 443 Queen Street for its city-centre location, Bide and Yeerongpilly Green Riverside both less than 6km from Woolloongabba.
Reflecting on the last time Australia hosted the Olympic Games, Dr Mardiasmo comments “The year after Sydney Olympics 2000 the number of sales in Newington and its surrounding suburbs increased by 58% and median house prices increased by 13.4%.”
Between the Sydney Olympics being announced in September 1993 and when they were held in September 2000, Sydney dwelling values jumped by 60% - almost twice the growth recorded across the broader combined capital cities benchmark region. Similarly, forecasted trends indicate the Brisbane market is expected to experience significant growth with Dr Mardiasmo commenting that “we might see property demand frenzy the year prior and after the Olympics, giving us double-digit growth.”
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Header image courtesy of 443 Queen Street.
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