Posted on July 7th, 2023

How big will the 2032 Brisbane Games be for the property market?

Hosting the 2032 Olympics places Brisbane firmly on the global map. Experts such as Westpac Business Bank Chief Economist, Besa Deda are predicting that the event could inject more than $17 billion into the city, resulting in a surge of infrastructure spending, job creation, and business opportunities. These developments could in turn fuel a boom in residential and commercial property values, as the city prepares to welcome hundreds of thousands of visitors.

How much will the 2032 Games impact the property market?

It’s been tipped that the median house price will exceed $1 million way before the opening ceremony. This is in line with previous trends, as Australia has seen double-digit growth in house prices in the two to three years after hosting international events such as the 2000 Sydney Olympics.

CoreLogic Research Director Tim Lawless has also pointed out that the Queensland capital could be experiencing a similar surge in dwelling values. In the lead-up to 2000, Sydney dwelling values skyrocketed by a staggering 60%, which is almost twice as much as the benchmark region of combined capital cities.

The introduction of new infrastructure, investment from tourism, and the increase in employment opportunities are all factors that could bolster the Brisbane property market in the years leading up to 2032. Considerable potential currently exists for investors to snap up properties prior to the Games in order to benefit from the potential price surge.

Why the 2032 Olympics will be good news for the Australian property market

Olympic Games are often an impetus for cities to upgrade their infrastructure and create attractive tourist destinations, which can lead to a boost in property values. Furthermore, the Olympics often attract foreign investment, with many investors keen to capitalise on the economic benefits created by such events.

The upcoming 2032 Games in Queensland are sure to bring about a tidal wave of economic benefits for the region. According to research by KPMG, the hosting of the event will bring in a staggering $8.1 billion in funding, including a $4.6 billion boost to tourism and trade, and an impressive $3.5 billion in social improvements. Not to mention the fact that the event is expected to generate around 91,600 full-time jobs in Queensland alone, and an astounding 122,900 on a national scale. These are all positive by products that will certainly have a ripple effect on the residential housing market.

When all these factors combine, the result is an upswing in demand for housing and property investments. This could potentially translate into higher house prices and improved rental yields, making it an ideal time for investors to enter the market.

The current state of the Brisbane property market

Brisbane is showing a number of positive market indicators with analysts tipping a steady growth in house prices as we head toward 2032.

The recent news that Brisbane property prices have risen for the second consecutive month is a promising indication that the city has turned a corner in the market downturn. According to CoreLogic, the value of homes in Brisbane rose by 0.3% in April, marking the second consecutive month of property price growth. The median value for a dwelling in Brisbane is now $705,016, which has increased by $6,945 compared to last month.

Low vacancy rates are leading to a fast-tracking in home buying across Brisbane for beginners and seasoned property investors alike. In a balanced market, a vacancy rate of around 3% is typical. With current vacancy rates well below 1%, Brisbane is in a landlord’s market. This has resulted in rising rental yield, particularly for inner-city apartments and student accommodation properties.

Population growth in the Greater Brisbane region, due to overseas migration and interstate relocations, has added to the demand for housing in the city and is placing upward pressure on prices.

Add into the mix the fact that Brisbane will play host to the 2032 Olympics and it’s easy to see why the city’s residential property market is something of a hot spot right now and is likely to remain so in the years leading up to 2032.

Final thoughts

Many investors are now wondering if now is the right time to invest in Brisbane’s property market. It is clear from the current market indicators that Brisbane is a promising growth market that smart investors should consider. Waiting until 2032 is upon us, may well be too late for investors to capitalise on the potential price surge in the Brisbane house prices created by the Olympics. Therefore, now is certainly a great time to get into the market and benefit from the current growth.

At Ironfish, we are on a mission to empower Australians to build wealth through smart property investments. We understand that many people are eager to invest in property but feel overwhelmed by the complexities of the market. We want to change that. Our team of dedicated property investment strategists is committed to providing ongoing mentorship and support to our Ironfish investors. So whether you’re a seasoned investor or just starting out, you can trust us to guide you on your investment journey. Don’t wait any longer to take the first step toward building a secure financial future. Book a free property investment strategy session with Ironfish today and let us show you how you can make the Brisbane property market can work for you.

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