How the Brisbane Olympics could cause a high jump for property prices

PHOTO: Brisbane 2032 Summer Olympics. Swimming World

The Brisbane 2032 Summer Olympics could fuel the biggest real estate renaissance in the city’s history, 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.

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Houses and units in a 10-kilometre radius of the CBD – including Hamilton (where the Olympic village will be built), Tennyson (which will house the tennis), Chandler (which will host the gymnastics) and Woolloongabba (home to The Gabba Stadium) have all been tipped to bring home the gold, with buyer appetite already rising.

Across that red-hot eastern corridor, property punters reported some anecdotal price hikes of up to 30 per cent in the second half of 2021 – with houses across the Brisbane east region collecting a 7.1 per cent quarterly median price hike to $706,709, according to the Domain September House Price Report.

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“The name power of the Olympics is enormous and there is real data (that shows that),” said Ray White Queensland CEO Jason Andrew.

“In worldwide real estate searches, Brisbane and the Gold Coast were recently rated among the top (cities), so we are already being seen as a worldwide city and we are just about to see the floodgates open (once international borders re-open).

“In 2020 we were a $52 million property market (across Queensland) and now (at the end of 2021) it’s an $88 million market … so we are already also seeing the astronomical increases in the Queensland market.”

While houses are predicted to bag the most gold for price growth, Mr Andrew said the city’s long-suffering unit market would likely boom, with apartments in the city centre tipped to top the tally.

“I actually believe one of the most under looked markets is Brisbane city itself and it’s a market that’s had an oversupply of vertical living … but with its proximity to universities and with the new bridge that joins Kangaroo Point and Woolloongabba that market will explode,” he said.