On July 21st, Brisbane was selected as the host for the 2032 Olympic games. Returning to Australia 32 years after it’s last appearance in Sydney in 2000, the Olympic and Paralympic games will be bringing a lot of people and revenue, sure to boost the economy. But what does this mean for the property market?
CoreLogic founder Tim Lawless says that the Olympics should work as a positive influence on Brisbane’s housing market, but we should see the effects sooner rather than later.
“The most significant positive influence on the housing market is likely to be seen in the years leading up to the Olympics, rather than during the four weeks of the games themselves,” he said.
Lawless commented that although the games are still 11 years away, the flow on effects are likely to be centred around infrastructure upgrades and the associated jobs and improvement in transport efficiency.
Large infrastructure projects tend to leave a legacy of a permanent housing demand rise, through either more employment opportunities, or via benefits such as more efficient transport and additional social and retail outlets.
The Gabba Stadium is set to be the epicentre of the Olympic games and is likely to increase the desirability for the surrounding suburbs. The Southeast Brisbane area is already hot for investors, with around two thirds of the housing stock being rented. Currently, unit prices in Woolloongabba have a median value of $458,000, and the attractive prices coupled with capital investment on infrastructure make a popular combination for investors and developers.
Other surrounding areas are also set to see the effects of the games.
“Other areas set to benefit would be the proposed sites for athlete villages, earmarked for Hamilton and Robina, along with areas set to benefit from transport infrastructure upgrades including the Gold Coast and Sunshine Coast via upgrades to the M1 Pacific Motorway and Bruce Highway,” Lawless explains.
What Does This Mean For You?
The 2032 Olympic Games are set to have huge effects on the property market. If you are thinking about investing, now might be a good time to get in front of the market. Get in touch today and we will help you with your investor journey!
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