How the Brisbane Olympics could push real estate prices up

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“Kangaroo Point is another vertical living market, so I think investors and first-time homebuyers will see a possibility… so I bet that vertical market will be slammed (heading into the Olympics). “

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Place Estate Agents Queensland chief auctioneer Peter Burgin has said the Games will underpin the city’s maturity and bring more investment dollars than ever through its proverbial gates.

“People already understand that this is a good thing for the city and it underpins their thinking about investing in and around the city center (in particular),” said Mr Burgin.

“I think Games-related suburbs like Woolloongabba will accelerate… and they will reap greater benefits than anywhere else.

“It’s definitely going to give our city something to look forward to and it reminds us that we now have a 10 year plan and I think that gives people a lot more confidence.

“There are so many powerful forces working for the Brisbane market and the Olympics are just one, so we will naturally bridge the gap between us and the southern states and then with the addition of infrastructure. major cities – such as the Cross River Rail, Queens Wharf and the Eagle Street development, Brisbane’s quality of life has never been better.

Investments in infrastructure such as Queens Wharf are expected to fuel growth in house prices. Credit:Matt Dennien

“Anywhere in Brisbane within a five to 10 kilometer radius of the CBD will prove to be a good investment… and some are already at the start of their race, like Woolloongabba. He’s still undervalued to some extent… and he will only get better.

PRD chief economist Dr Diaswati Mardiasmo said that while Brisbane had long been Melbourne and Sydney’s little brother, COVID has slowly changed that dynamic, with the Olympics officially set to bury the long-held feeling that the Queensland’s capital was simply “a great country town”.

“COVID has really shone a light on Brisbane… and now everyone is excited about the Olympics… so I think what’s going to happen is the Brisbane market will continue to grow (at a faster rate) by compared to Sydney, Melbourne and Hobart, “said Dr. Mardiasmo.

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“The inner rings (will grow) because you have a lot of infrastructure coming up… and then places like Mount Gravatt, Wishart, and Indooroopilly (could see significant growth). Although they are not directly affected by the Olympics, everyone knows the best schools are out there and that is their appeal.

While Dr Mardiasmo believed Brisbane’s launch on the world stage would indeed mark a golden age for the real estate market, she said the city’s median still affordable home prices would fuel the growth fire.


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