Sell Now or Wait? Olympics Impact on Brisbane Property Prices
Sell Now or Wait? The Likely Olympics Impact on Brisbane Property Prices
With property prices already running hot in Australia over the last two years, you may be wondering about the likely Brisbane 2032 Olympics impact on property prices.
If you are hoping to earn the best return from your Brisbane property, you may be tempted to hold onto it in anticipation of the event, in anticipation of significant growth in property prices in the region.
Will this be the case?
Impact of the Sydney Olympics on property prices
To understand how the 2032 Summer Olympics may impact property prices in Brisbane, it can be helpful to look at what happened to property prices in Sydney in the years leading up to and following the Sydney Olympics.
Research has shown that while some property values increased as a result of the event, the effect was not uniform. Properties closest to the Athletes Village experienced the biggest jump in price, while those further away experienced little or no measurable increase above what would otherwise be expected.
In addition, the impact on property values diminished over time.
While hosting the Olympics usually leads to an improvement in city infrastructure, it does not typically trigger a property boom.
Overseas Olympic events and property values
It can be tempting to look abroad to try and predict what will happen here, but this may not yield the most accurate results.
For example, it is difficult to compare the impact of the Japanese Olympics (set within a global pandemic) with what we hope will be a more normal post-COVID world in 2032. Rio and China are also not helpful comparisons because of the unique characteristics of their property markets.
The likely impact of the Olympics on property values in Brisbane
Expect an increase in infrastructure investment in the years leading up to the Olympics, which will in turn drive growth in the main focal areas where the Olympics will be held.
However, even large events do not traditionally increase property values throughout a city. Therefore, it would be unwise to hold onto your Brisbane property in anticipation of a boom – with the exception of Woolloongabba and surroundings, which will see increased Olympic activity.
Property prices are at an all-time high now, with a strong seller’s market making this the perfect time to sell.
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