Properties value in Brisbane's main inner city are forecasted to doubled in the 10 years leading up to the 2032 Olympics. Economists are predicting a golden age for real estate in the Queensland capital.
Experts says the prosperous Inner East suburbs- including Woolloongabba and Dutton Park - as well as Hotspots such as Albion, Paddington, Hamilton and Kelvin Grove are expected to benefited from the development of infrastructure due to the Olympic Games. The property prices in the Greater Brisbane will soon to be exceeding the MEDIAN $1 million.
The latest figures from the PRD showed that by 2032, the median price for a landed property in Brisbane will be $1.2 million. In Hamilton, where the Olympic village is being built, the average house price will surge from 1.65 million to almost $4 million after the Olympic Games.
The median value of a landed house in Tennyson (currently < $1m), will have an increment of more than $2m. Furthermore, properties values at Woolloongabba, where many Olympic events will be held at Gabba, will rise up to more than $2 million from the current market value of 1,086 million.
Nerida Conisbee, Ray White's National Chief Economist, said that though the Olympics Games may add value to the real estate industry in Brisbane, the real estate industry is currently growing due to the impact of COVID-19.
She also added that as long as interstate migration continues and the number of cases in Queensland remains low, many inner cities will quickly break the $1 million median house price milestone in the coming months.
"Another good thing about Brisbane is that even though it's getting more expensive, it's still relatively cheap, so while we're starting to see some changes in terms of prices, Brisbane is still a cheaper option compared to other cities."
"Brisbane is now on the world stage due to the Olympic Games, so I think one of the factors to maintain the dynamic of properties market demand in Brisbane is to maintain a high level of immigration rates in Brisbane… But at this stage, I don't think it's going to ease up."
The properties value in some suburbs of Sydney's golden Inner Ring have risen by more than 30% in the past year, but Mr Conesby said even blue-chip locations such as New Farm are considered cheaper than similar places in Sydney. This, coupled with the lifestyle that Queensland offers, has resulted in record numbers of interstate migrants from NSW and Victoria.
Matthew Hackett, principal agent at Place Estate Agents Bulimba, said that while some Olympic events will be scattered around the city, even on the Sunshine and Gold Coasts, the eastern suburbs close to Gabba have seen incredible price rises, Demand continues to soar.
"While we don't know where the market is going and the potential from the Olympics is hard to predict, I think prices could rise 65% next year [key areas in the Inner East suburbs]," he said.
Mr Hackett also said that prices in Brisbane's South were set to increase, with places such as Mount Gravatt attract a high numbers of buyers.
(credit: ozhome.com.au)
