An analysis of Expo 88 and the G20 Summit in 2014 – both hosted in Brisbane – show property prices boomed in the decade or so leading up to the international events.
Based on this performance, PRD Research predicts the median house price in Brisbane could virtually triple to $1.7 million in 2033, reports Your Investment Property.
Whereas a “half-strength” scenario would see prices reach $1.2 million over the same period.
Whether prices put in a gold, silver or bronze performance is something only time will tell, but regardless, the Olympics are likely to boost both housing and unit markets says Domain chief of research and economics Nicola Powell.
“What’s interesting around hosting the Olympics is that the impact on housing values isn’t going to be during the Olympics of 2032; it’s going to be far more stretched than that because in the lead up it’s such a significant event for Australia and Brisbane so we’ll see significant investment,” Dr Powell said.
“It will grow the infrastructure and the associated job creation, and with that, it will bring economic prosperity … and what we could see is a bit of a turnaround in unit growth as well.
“I think this is something that sets Brisbane apart from our other capital cities because, until 2032, there’s a long period of time, which means there’s lots of time for purchases on big-ticket items in terms of infrastructure.”