And the winner is … Brisbane’s property market!
The year is 2031, and the countdown to the much-anticipated Brisbane 2032 Olympics has begun. The 2032 Olympics however, will be a bit different. The games will be held in a number of locations, including Brisbane, Redland, Moreton Bay, Scenic Rim, and Ipswich. Certain preliminary rounds will also take place in Cairns, Townsville, Toowoomba, Sydney, and Melbourne.
With the announcement of the 2032 Olympics, there will be more opportunities to develop Brisbane’s infrastructure, economy, and increase employment throughout the state. Historically, the host city of the Olympics has experienced positive trends in its property market. The Olympics are expected to generate $8 billion in economic and social benefits to Queensland, including an increase in tourism and the establishment of approximately 91,600 full-time equivalent employment.
How has The Olympics Previously Impacted Cities?
Once a city is selected as the host, the government will spend a substantial sum of money to prepare for the games, which will entail building roads, revamping airports, and building rail lines to handle the enormous influx of visitors. Not to mention the construction or renovation of stadiums, sports centers, and the vital Olympic Athletes Village.
The 2032 Olympic and Paralympic Games will be the third time an Australian city has hosted the event – after Melbourne in 1956 and Sydney in 2000.
According to Realestate.com.au, housing statistics from The 2000 Summer Olympics in Sydney indicated that home values climbed at a spectacular rate as soon as it was declared as the host city in September 1993, defeating Beijing by only two votes.
In the decade that followed Sydney being awarded The 2000 Summer Olympics, the median house price rose more than 140 percent, from $188,000 in 1993 to $454,250 in 2003.
Like athletes, preparation begins now
The Brisbane market has fared very well in the year to August 2021, with home values increasing by 15.9 percent. The city’s median house price is $709,136 as of September 2021.
If Brisbane’s housing market follows a similar trend like what it was during and after The 2000 Summer Olympics in Sydney, the median house price across Greater Brisbane would jump to more than $1.24 million by 2031.
Housing prices tend to increase with large infrastructure projects. These projects create an increased demand for workers, which in turn creates an increase in housing prices.
However, with the span of the games covering surrounding areas, it is predicted that property prices will rise in these areas also. Certain statistics are also hinting at some major investment growth on the Gold Coast and it is expected that by the time of the games, major infrastructure projects such as the Cross River Rail, Brisbane Metro, and Coomera Connector will be completed to allow smooth travel for spectators and account for the growing population of Brisbane.
Best to Buy
Woolloongabba is one of the main districts destined to be transformed by Brisbane’s latest infrastructure developments. Woolloongabba is expected to benefit from the Cross River Rail project, which is now ongoing, and the redevelopment of the Gabba area, which is set to commence within the next several years. The revamped Gabba Stadium will have a wide new plaza level, parklands, as well as a state-of-the-art “media halo”, the combination of digital projection and lighting that transforms the underside of the roof into one 360-degree screen. The Gabba will be the jewel in Brisbane’s Olympic crown, holding both the athletics and the opening and closing ceremonies. The stadium will be rebuilt for $1 billion, increasing its capacity to 50,000 people.
Homebuyers should also look into:
- Ipswich – Only 40 minutes west of Brisbane and a city in its own right, Ipswich is now home to a growing community of residents who either work locally or make the (now easier) commute to Brisbane. Boasting both affordability and proximity to job hubs, this area showed “particular uplift” at the beginning of this year.
- Logan – Situated within close proximity to both Brisbane and the Gold Coast, and benefitting from a multitude of various investments, Logan is “one of Queensland’s fastest-growing communities” and an “investment hotspot” in southeast Queensland. Logan City is one of the most affordable opportunities for the first homebuyer in Queensland when looking to live near the large amenities and services.
- Moreton Bay – Just a 40-minute drive from Brisbane’s city centre, the Brisbane Airport, and the Port of Brisbane, Moreton Bay is seeing major injections of infrastructure spending and has emerged as one of the 10 best places in the country to invest in property.
- Redland – this area is attracting people due to its beachside location as well as its urban renewal and is just half an hour from Brisbane CBD. The Redland Whitewater Centre is a planned location for the Canoeing event in the Brisbane 2032 Olympic Games (Slalom). It would remain open after the Olympics as a whitewater center, emergency services training facility, and adventure park.
What does The Olympics mean for First Home Buyers?
Brisbane has been growing steadily for several years. With billions of dollars in infrastructure projects in the pipeline, Brisbane will soon become one of Australia’s best cities to live in.
As for first home buyers, now is potentially the most affordable time for first home buyers to enter the market. The Queensland government offers a lot of incentives to help first home buyers purchase their own homes. The good news is that if you meet the requirements, you can combine these incentives and save a great deal of money on your mortgage.
- First Home Owner Grant – New homeowners receive $15,000 as a one-time payment, on homes valued at less than $750,000
- Family Home Guarantee 2021 – New Government scheme helps single parents to own homes for as little as a 2% deposit.
- New Home Guarantee 2021 – Government Loan helps families secure homes for just a 5% deposit, and saves them from paying Lenders Mortgage Insurance (LMI).
At Signature Dream Homes, we will help you with all the paperwork and applications so you can take full advantage of their offers, saving thousands of dollars towards your home. Through our trusted partners we have a wide selection of affordable House & Land packages with as low as a $1000 deposit., and we connect you with the best Australian builders. For more information, talk to our team today!