Revealed: Brisbane Olympic suburbs racing for property gold – realestate.com.au

Revealed: Brisbane Olympic suburbs racing for property gold - realestate.com.au

The Story Bridge lit up inexperienced and gold as Brisbane is known as as host metropolis for the 2032 Olympics. Pic: Peter Wallis


Home costs in Brisbane’s costliest Oympic suburb are tipped to race previous $5 million within the 12 months after the Video games, a brand new report reveals.

One 12 months on from the host metropolis announcement, the report by PRD Actual Property crunched the numbers to foretell value development, primarily based on how the native market carried out within the wake of one other huge worldwide occasion, the G20 Brisbane Summit in 2014.

The gold medal went to Hamilton within the metropolis’s internal east — the location of the Athletes’ Village — the place home costs had been predicted to hit $5.3m. The suburb’s present home value is $2.2m.

Chandler and Alexandra Headland (Sunshine Coast) would each break the $4m median mark, whereas costs in Woolloongabba, South Brisbane, Herston, Spring Hill and Twin Waters (Sunshine Coast) would rise to about $3m.

QUEENSLAND OLYMPICS

Folks have a good time the announcement that Brisbane will host the 2032 Olympics Video games at Southbank in Brisbane.


Median costs would prime $1m in additional inexpensive areas together with Ipswich, Redland Bay and Coomera (Gold Coast).

PRD chief economist and report writer Diaswati Mardiasmo stated the figures had been reached by making use of the identical proportion of development skilled within the ten-year lead-up to the G20 Summit, in addition to the 12 months afterwards.

Median home costs in South Financial institution and surrounding suburbs grew by a mean of 111.6 per cent between 2003 and 2015.

“Whatever the financial elements of the time, whether or not it’s the money price or the monetary disaster or a recession, after we take a look at main occasions which have been hosted by Qld or Australia, whether or not that’s the G20 Brisbane Summit or the Brisbane Expo 1988 or the Sydney Olympics 2000, each time there was a sample of value development that follows,” Dr Mardiasmo stated.

The report additionally examined the state of infrastructure and housing improvement as a predictor of development — with greater than half the 14 key areas surveyed discovered to be missing future provide.

Hamilton is poised to take out Olympic property gold


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They had been: Hamilton, Tennyson, Chandler, Herston, Spring Hill, Beaudesert, Alexandra Headland, Twin Waters.

“Coomera, Broadbeach, Woolloongabba, South Brisbane, Redland Bay and Ipswich showcase plans for future provide,” Dr Mardiasmo stated.

“New dwellings are in brief provide, suggesting potential excessive value development within the close to future.”

Continued excessive ranges of migration and elevated employment alternatives generated by the Video games would solely add to housing demand.

The report discovered residential improvement between 2022 and 2026 was skewed in the direction of items, whereas the vast majority of new land tons had been situated on the Gold and Sunshine Coasts.

Woolloongabba has deliberate for future housing


“The Olympics had long-term results to earlier host cities, with a powerful tendency for housing provide and demand to extend, resulting in wholesome value development,” Dr Mardiasmo stated.

“That is typically on account of athletes’ villages in principal CBD areas turning into vacant and serving as build-to-rent lodging for a wide range of owner-occupiers and traders — key optimistic examples of this are Sydney, Tokyo and Beijing.

“The difficulty with the Olympics and different worldwide video games is {that a} lack of planning and administration can result in an under-utilisation of recent provide, as seen within the Rio and Athens Olympic video games,” she stated.

Home costs in inexpensive Coomera on the Gold Coast can even soar


>>>>> KEY OLYMPIC SUBURBS <<<<<

Suburb 2022 home value projected development (primarily based on G20 common)

Hamilton $2.2m $5.3m

Tennyson $850,000 $1.8m

Chandler $1.98m $4.19m

Woolloongabba $1.4m $2.94m

South Brisbane $1.34m $2.82m

Redland Bay $827,500 $1.75m

Ipswich $475,000 $1.15m

Herston $1.56m $3.29m

Spring Hill $1.38m $2.91m

Beaudesert $490,000 $1.04m

Coomera $710,000 $1.5m

Broadbeach $770,000(items) $1.63m

Alexandra H’land $2.25m $4.76m

Twin Waters $1.45m $3.07m

* supply: PRD Actual Property

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