Olympics win to launch ‘golden decade’ for Brisbane property
risbane’s 2032 Olympics win is likely to give the River City’s property market another boost, with experts saying it will likely sustain record-setting price growth for the next decade.
The International Olympic Committee announced Brisbane as the successful bidder for the 2032 Olympic and Paralympic games this week, with the win a culmination of a near-decade’s worth of planning by the Queensland state government and the City of Brisbane.
Brisbane’s property market is already booming, with CoreLogic data showing Brisbane’s median price for all dwellings rising by 13.2 per cent in the last 12 months and reaching an all-time high of $586,142 at the end of June.
And with the Olympics coming to town in 11 years, Ray White chief economist Nerida Conisbee said Brisbane was poised for a “golden decade of property prosperity”.
“Queensland is currently seeing the strongest population growth in Australia, with particularly high movement of people out of southern states to south east Queensland. This strong growth is expected to continue which will have widespread impacts across all price points,” Ms Conisbee said.
“Luxury property has been one of the strongest performers over the past 12 months in Australia. This has been driven by record low interest rates, high savings levels and most recently, a turbo charged economy.
“Business growth has also been particularly robust with many companies seeing their strongest conditions in many years.
“This has led to some particularly pronounced wealth effects across high income earning professionals and business owners, the main buyers of luxury property.”
Ms Conisbee said Brisbane’s momentum was massive, with the number of suburbs boasting at least a $1 million median price increasing by a third over the past 12 months.
Ray White Queensland chief executive Jason Andrew said the 2032 Olympics would likely put Brisbane firmly in the sights of global property investors.
“Our state has long been sought after for its world class beaches, sunny days and good climate but the lifestyle benefits will now be magnified. Now we can add into this mix infrastructure projects, population growth and the subsequent wage growth,” Mr Andrew said.
“It is clear that Queensland is the place to be.