Across Queensland excitement is brewing for the 2032 Olympic Games, with Brisbane as the host city and given the spotlight on a world stage. While it is over a decade away, many are already reminiscing of the success of the last time Australia hosted the Olympics, the 2000 games in Sydney, an event that a few partial enthusiasts call “the best games ever.” Homegrown athletes became heroes, with the country winning 58 medals. However, the everlasting rewards for the city came in the form of an estimated boost of $6-7 billion for the national and local economy, over 100,000 jobs created, and an increase of 1.6 million tourists per year.
Will Brisbane reap the same rewards?
All signs point to ‘yes.’ Brisbane is poised to not only rival the success of the Sydney games, with a projected $8.1B injected into the economy, but to also surpass comparisons, being that 85% of the venues for the Brisbane Olympics are already built, which will keep tax spending to a minimum. The 2018 Commonwealth Games in Gold Coast were a preview that Queensland can showcase the best of Australia in hosting major sporting tournaments, and will again benefit from hosting the Olympics.
What does this mean for property values?
From 1995-2001 there was also an 88% increase in property value in Sydney. We can attribute a portion of this growth to the Olympics, with improved infrastructure and the ranking of Sydney as a world-class destination. But we cannot forget that this period was also during a very prosperous era across all of Australia, with major tax reform, larger-than-ever government grants and incentives for property buyers, free-flow credit and unprecedented economic development.
That being said, Queensland is already experiencing a boom in property values, thanks in part to historically low interest rates, interstate migration to the state, and government incentives for construction and first home ownership. In the 2020 Financial Year, the Brisbane housing market saw an annual growth of 13.5, the highest increase since 2004. Over the next 11 years, the region will ride this wave of growth, all the way up to the 2032 games.
With their eyes on 2032, property investors will be going for gold.
Property projections from PRD Research indicate the median price for Brisbane would reach $1.7 million by 2033 and would be “immensely” boosted on the Gold and Sunshine coasts.
The Olympics factor – what will the games contribute?
APFG is your winning coach for Queensland Property Investment
Just like athlete preparation, those who put in the time and dedication and early starts are the ones who experience the views from the podiums, relishing in their victories. For Brisbane and Queensland property investing, the same can be said, that those who get in early will reap the highest rewards over the next 11 years, and beyond the Games as well.
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Talk to our team today, to see how APFG can help you get into the Brisbane and Queensland property markets now, to revel in the excitement of the coming Olympic games.
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