How the Olympics Will Change the Brisbane Property Market

With the Olympics recently finishing in Japan and the huge announcement of Brisbane as the destination for the 2032 Olympics, everyone is talking about what impact this news will have on the property market in the region.

While over a decade away, Brisbane hosting the Olympics is already big news for property. Many are touting the announcement as a game-changer for the state, with some saying this could accelerate opportunities and skyrocket house prices that have already been rising thanks to the impact of the pandemic.

A look at previous major events

While previous Olympic events have seen property markets rise, this is often more noticeable in lesser developed locations where infrastructure was greatly improved prior to the Olympics and therefore the house price also increased organically. However, the 2000 Sydney Olympics did see the median house price increasing by 66.4% in the three years following the event.

Rather than comparing only to other Olympics, many experts are looking to previous Brisbane events, such as Expo 88 and the G20, to see how the Olympics could impact the state.

PRD Research analysed the events and found a surge in prices in the years prior and two years following both events. For World Expo 1988, the median house price in Brisbane increased by 278.8% prior to the event with house prices where the event was held more than tripled. Following Expo 88, house prices grew by a further 29.7% in Brisbane and 19.1% in South Bank and nearby suburbs.

The G20 Brisbane Summit in 2014 saw a similar trend, with a decade prior seeing property prices surge 112% in Brisbane and 116% in South Bank. Both events were in Southbank but saw the whole region benefit.

Insight into the future of Brisbane property

Experts suggest that plans for the Olympics must be iron clad to benefit locals and the property market, particularly when considering how the Commonwealth Games on the Gold Coast in 2018 performed. Unlocking land supply and creating crucial infrastructure will be key to housing affordability.

Taking previous major events into consideration, PRD Research have made predictions around what could happen in the years coming and following the 2032 Olympics. Their team has suggested median house prices could sit at $1.2 million by 2033. The current median house price for Brisbane sits at approximately $675,000.

With house prices already soaring, if you are looking to get into the property market, experts suggest getting something locked down as soon as possible. If you want to find an investment property in Brisbane or the surrounding region, our team have contacts and relationships in the industry who can help find the right place at the right price, so get in touch today.