BRISBANE'S OLYMPIC GAME PROPERTY BOOM
The announcement of the Brisbane Olympics Games in 2032 has provided a boost to Brisbane’s already growing property market, which could see residential property prices pushed sky-high in the years leading up to the games.
Although Brisbane has been one of Australia’s highest performing markets before the announcement, the inclusion of the Olympics Games alongside the forecast economic growth, job creation and additional infrastructure spend, has caused Brisbane to be top of mind for many investors nationally.
Research conducted by KPMG predicts that hosting the 2032 Games will deliver $8.1 billion in benefits to Queensland including specifically a $4.6 billion economic boost to tourism and trade.
A key factor is the impact hosting the Olympics games has had on previous Australian cities in the lead-up. A great case study is the impact of the Sydney 2000 Olympics games on residential price growth.
PIPA chairman, Peter Koulizos, makes comment on the effect the 2032 Olympic Games may have on the Brisbane property market.
"An investigation on the impact of the Sydney Olympics on the residential property market found that the markets of host suburbs experienced substantially higher growth during the bidding and pre-Olympic periods, but not after the Olympics were held."
“PIPA has conducted research into Sydney’s residential property prices pre- and post-Olympics that shows that from the time the announcement was made in September 1993 to the Olympics being held, Sydney was one of the best performing capital cities.”
It is important to note that although Brisbane has been positively affected by the Olympics announcement, Brisbane has already been experiencing substantial price growth of 15.9% for the year, which is significant when compared to other major cities nationally.
Another aspect that has contributed to Brisbane’s price growth outside of the announcement of the Olympics has been interstate migration. This is generally people relocating from other major cities throughout the country, which has aided population growth in the Brisbane market to access better levels of affordability, or to enjoy a more relaxed lifestyle.
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