There seems to be a common theme when I talk to sellers about their property or investment property: “We will hold onto the property and see what happens with the 2032 Olympic Games”.
This is a long time to be waiting.
Do the figures and data justify the wait?
Many people I suspect have just gone along with the assumption, almost fait accompli, that property prices will rise in Brisbane as a result of the 2032 Olympic & Paralympic Games.
Will they?
Some preliminary research indicates that 2032 Games are expected to have a significant impact on Brisbane’s property market.
This is because historically, hosting the Olympics has led to a boom in property prices in host cities. Here are some key points:
Property Surge: Property prices in Brisbane’s south-west are predicted to rise significantly, with some estimates suggesting the median house price could go to around $1.7m, currently around $1m now.
Suburb – Specific Growth: Areas near Olympic venues are expected to see the most substantial price increases. That’s why there’s a lot riding on whether a new stadium gets built or the Gabba being redeveloped. For example, suburbs like Hamilton, South Brisbane/Woolloongabba and Ipswich could see median house prices surpass $5 million, $2.8 million and $1.1m respectively. (Source: abc.net.au)
Long-Term Effects: The impact is likely to be long-term lasting, with increased demand for housing and infrastructure improvements continuing to drive prices up even after the Games.
Maybe a better question to property owners is – what is your property plan?
Because if it is to sell and buy property, when one sells and buys in the same market, there is no real “change-over” difference.
If prices go up, you will get more from the sale but you will have to pay more to buy what you want, so it kind of balances out.
In waiting, there is also the “opportunity cost”. Could you make more by selling and buying before the Olympic Games?
I am sure that between now and when the Olympic Games happen, there will be a lot more written about Brisbane property prices and the 2032 Games.
The upcoming Queensland State Elections will have a major impact on what new infrastructure gets built as the major political parties have differing views about what infrastructure is needed for the 2032 Olympic and Paralympic Games.
PROPERTY OWNERS – SHOULD YOU WAIT FOR 2032 OLYMPIC GAMES? by Jonzun Lee
Jonzun Lee is a trusted Brisbane real estate consultant and Licensed Real Estate Agent. Please contact Jonzun on 0418 885 708 for further information regarding your property needs.
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