Sydney & Brisbane: Olympics legacy a boon for investors

A message from our CEO & Founder, Joseph Chou

I joined the property industry in 1999, just a year before the Sydney 2000 Olympic games.

The funny thing is that sentiment at the time was very negative; Barcelona and Montreal were cited as key examples of how a property market crash would inevitably follow the Sydney Olympic Games.

I remember very clearly the front page of one the newspapers at the time, which stated:

“After the Sydney Olympics, property prices will drop 20% – no suburb excepted”

People were buying into the doom and gloom; and I experienced this first-hand. I knew a couple who owned a house in the Sydney suburb of Croydon. They were influenced by all the negative headlines and sentiment and sentiment and decided to sell their house before the Olympics.

But the markets proved them wrong.

In the previous Sydney market peak between 1987-89, median property values in Sydney doubled. In the several years to follow, prices went nowhere, but now the Sydney market was starting to move. In fact, between 1998 and 2003, the Sydney market more than doubled. And over the full cycle, from 1991- 2003, Sydney median property values skyrocketed, going from circa $178,000 to $520,000.

Today, the median house price is over $1.2 million, as we know.


North Bondi duplex bought for $1.41 million during Sydney Olympic games today listed with guide of $16 million | Source: REA


The Sydney Olympic Games were a true catalyst to putting the city on the world map. In the years leading up to the Olympics, there had been so much infrastructure investment into the city: including roads, transport, the new Olympic park, relevant suburbs and more.

When money is spent in a city, what usually follows is more jobs, more people, more housing demand, and property growth. And that’s what happened: the market went through the roof!

I invested heavily in Sydney property during those years and benefited from the boom. The equity I gained in those properties, helped me to continue investing in Sydney in the years ahead.

The benefits to Sydney continued post-games, of course. In the years following, many more international tourists came to Sydney; the city is now in many ways the ‘crown jewel’ city of the southern hemisphere.

And now, we are excited to see another major Australian capital city – Brisbane – follow in Sydney’s footsteps.

Ironfish customer success:

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