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Property prices in South East Queensland are expected to boom as a result of the 2032 Olympic and Paralympic Games in Brisbane, a new report has claimed.
The special report from PRD, which claims to be Australia’s real estate leader, Olympics 2032: The Year after Announcement revealed Brisbane’s property market will likely benefit if previous history is any indication.
PRD chief economist Diaswati Mardiasmo claimed, that while the Olympics is still 10 years away, past Games could give a glimpse as to what could happen with the property market.
“The Olympics had long-term effects on previous host cities, with a strong tendency for housing supply and demand to increase, leading to healthy price growth,” Mardiasmo said.
“This is often due to Athletes’ Villages in main CBD (central business district) areas becoming vacant and serving as build-to-rent and market accommodation for a variety of owner-occupiers and investors.
“The issue with the Olympics and other international games is that a lack of planning and management can lead to an underutilisation of new supply, as seen in Rio [2016] and Athens [2004].”
The Queensland Government is planning to repurpose the Athletes’ Village in Northshore-Hamilton to include new residential, retail, and commercial opportunities.
It is predicted this new land supply will bring AUD500 million (£300 million/$325 million/ €335 million) in private investment and create 1,600 construction jobs.
The PRD research team examined the impact on the property market of major events such as the Sydney Olympics in 2000, Brisbane’s Expo 88, and the G20 Summit in 2014 to find out median house price growth.
According to the report, median house prices grew 14.3 per cent in the year after each individual event.
By applying this to 2022 median house prices, PRD compiled a list of the areas in Brisbane that will experience strong property price growth post-Olympics, with several becoming “million-dollar suburbs”.
PRD also examined house prices between 2003 and 2015, the decade surrounding the G20 Summit in Brisbane.
In particular, it looked at South Brisbane around the Brisbane Convention and Exhibition Centre where the world leaders met.
During this time, median house prices rose by 111.6 per cent, from AUD426,000 (£256,000/$278,000/€287,000) to AUD965,000 (£580 million/$630 million/€650 million).
If a similar event were to occur for the 2032 Olympics, suburbs such as Hamilton and Chandler would break the AUD4 million (£2.4 million/$2.6 million/€2.7 million) median price mark.
“It is evident that hosting either an international and/or sporting event plays a role in positively impacting property price growth,” PRD said.
“History tells us that Brisbane’s property market enjoyed price growth after it hosted international events.
“Despite the recent cash rate hikes, we are already seeing high price growth in key suburbs and areas related to the 2032 Olympics, which further confirms the resilience of property prices in these areas.”
It is estimated that Brisbane 2032 will bring AUD8 billion (£4.8 billion/$5.2 billion/€5.3 billion) of economic and social benefits to the sunshine state, including the creation of approximately 91,600 full-time jobs.
“Job creation is one of the main recipes to property price growth, as it increases people’s purchasing power and their ability to enter the market,” Mardiasmo said.
“Further, the Olympics attracts population growth into the region which increases demand for housing.
“Combined with the current lag in supply, such an imbalance can lead to further property price growth.”
To read the full report click here.
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For nearly 15 years now, insidethegames.biz has been at the forefront of reporting fearlessly on what happens in the Olympic Movement. As the first website not to be placed behind a paywall, we have made news about the International Olympic Committee, the Olympic and Paralympic Games, the Commonwealth Games and other major events more accessible than ever to everybody.
insidethegames.biz has established a global reputation for the excellence of its reporting and breadth of its coverage. For many of our readers from more than 200 countries and territories around the world the website is a vital part of their daily lives. The ping of our free daily email alert, sent every morning at 6.30am UK time 365 days a year, landing in their inbox, is as a familiar part of their day as their first cup of coffee.
Even during the worst times of the COVID-19 pandemic, insidethegames.biz maintained its high standard of reporting on all the news from around the globe on a daily basis. We were the first publication in the world to signal the threat that the Olympic Movement faced from the coronavirus and have provided unparalleled coverage of the pandemic since.
As the world begins to emerge from the COVID crisis, insidethegames.biz would like to invite you to help us on our journey by funding our independent journalism. Your vital support would mean we can continue to report so comprehensively on the Olympic Movement and the events that shape it. It would mean we can keep our website open for everyone. Last year, nearly 25 million people read insidethegames.biz, making us by far the biggest source of independent news on what is happening in world sport.
Every contribution, however big or small, will help maintain and improve our worldwide coverage in the year ahead. Our small and dedicated team were extremely busy last year covering the re-arranged Olympic and Paralympic Games in Tokyo, an unprecedented logistical challenge that stretched our tight resources to the limit.
The remainder of 2022 is not going to be any less busy, or less challenging. We had the Winter Olympic and Paralympic Games in Beijing, where we sent a team of four reporters, and coming up are the Commonwealth Games in Birmingham, the Summer World University and Asian Games in China, the World Games in Alabama and multiple World Championships. Plus, of course, there is the FIFA World Cup in Qatar.
Unlike many others, insidethegames.biz is available for everyone to read, regardless of what they can afford to pay. We do this because we believe that sport belongs to everybody, and everybody should be able to read information regardless of their financial situation. While others try to benefit financially from information, we are committed to sharing it with as many people as possible. The greater the number of people that can keep up to date with global events, and understand their impact, the more sport will be forced to be transparent.
Support insidethegames.biz for as little as £10 – it only takes a minute. If you can, please consider supporting us with a regular amount each month. Thank you.
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