Australia is hosting the 2032 Olympics… So what does that mean for you?
The Tokyo 2020 Olympics officially ended on Sunday, 8 August 2021. We want to take a moment to congratulate our Aussie athletes for a job well done!
Australia left Tokyo with 46 medals, winning 17 gold medals, 7 silver, and 22 bronze.
Did you know that Australia is one of only five countries to have sent athletes to every Summer Olympics of the modern era, alongside Great Britain, France, Greece, and Switzerland?
Because the Olympics are an international affair, the housing market in the hosting city and surrounding area have statistically increased.
Brisbane is set to host the 2032 Olympics.
We know it’s 11 years away, but NOW is the time to act if you want to take advantage of the upcoming market rises
MEDIAN PRICES TO POTENTIALLY RISE TO MORE THAN 1.7 MILLION
When applying the same level of growth seen in the 11 years before (and on after) the 2014 G20 summit, PRD found Brisbane’s median house price would grow to $1.7 million by 2033.
Even Ipswich could be a $1 million city by then, thanks to the glut of infrastructure planned in support of the Olympic bid.
The 2032 Olympics is not the first time that Brisbane will host the world’s biggest events. Two other key events that were held in the city were the World Expo in 1988 and the G20 Summit in 2014.
“There is a potential that Brisbane’s median house price will not travel as far (as G20 growth). That said, even if we go at “half strength”, metaphorically speaking 56.0% (112.7% divided by 2), that still takes us to $1.2M by 2033,” said PRD Research chief economist Dr Diaswati Mardiasmo.
An analysis by PRD Research showed a surge in prices throughout the 11 years before and the first year after these two events.
For instance, the median price in Brisbane had increased by 278.8% during the period preceding Expo 88. South Bank property prices and its surrounding suburbs more than tripled at the same time.
In the year after Expo 88, house prices grew by a further 29.7% in Brisbane and 19.1% in South Bank and nearby suburbs.
The trend similarly repeated when the city hosted the G20 Brisbane Summit in 2014.
In the decade before the event, property prices surged by 112% in Brisbane and 116% in South Bank and nearby suburbs.
“It is clear from the above key findings that hosting both Expo 1988 and G20 Summit has served the Brisbane property market well,” said Dr Diaswati Mardiasmo.
11 YEARS AWAY
Dr Mardiasmo said local buyers still have an advantage today given the demand from international buyers is limited due to the pandemic.
“A key question is whether or not the Olympics 2032 will make Brisbane, from a purchasing power perspective, as unaffordable as Sydney,” she said. “But the Games are 11 years away – this gives time for the world to re-open, economies to recover – and already we are seeing record-breaking property sales.”
It will be interesting to see how the Athlete’s Village—which is set to rise in the Northshore Hamilton Priority Development Area—will be repurposed after the 2032 Olympics.
“It is predicted in total this new land supply will catalyse $500M in private investment and create 1600 construction jobs,” Dr. Mardiasmo said.
Regardless of what your investment journey may be, now is the time to develop a strategy, locate a property, and begin investing. Your investment now will give you massive returns later.
WE CAN HELP
Ready to put together the perfect investment strategy for your current goals? We can help! At OneCorp, we help you define a plan, find a property, and start reaping the rewards of property investment. We hold your hand through the whole process! Getting started on your investment property journey has never been easier:- We start by helping you set clear goals and objectives as to what you want to achieve through property investment.
- From there, we run the numbers through proprietary software to accurately assess exactly what you need out of a property portfolio to achieve those goals.
- Lastly, we find the perfect property to make those objectives a reality!
