Olympics to grow Brisbane median house price 2.5 times current levels, economist says
The 2032 Brisbane Olympics will not only deliver an economic boost to trade and tourism but is set to have a big impact on the local property market, according to one economist.
PRD Research chief economist, Dr Diaswati Mardiasmo, has predicted that Brisbane’s median house price could increase to $1.7 million by 2023, 2.5 times its current median of $674,738.
The forecast by PRD Research was reached using historical data of house prices following two global events hosted in Brisbane, the World Expo in 1988 and the G20 Summit in 2014.
In the 11 years prior to Expo 88, the Brisbane LGA median house price grew by 278.8 per cent and prices in South Bank and its surrounding suburbs grew by an average 335.3 per cent.
In the year following, house prices grew by a further 29.7 per cent in Brisbane and 19.1 per cent in South Bank and nearby suburbs.
A similar trend unfolded when the city hosted the 2014 G20 Brisbane Summit with property prices surging 112 per cent in Brisbane and 116 per cent in South Bank in the decade before the event.
“[H]osting both Expo 1988 and G20 Summit has served the Brisbane property market well,” Dr Mardiasmo said.
Applying the same level of growth seen in these events, PRD Research predicts Brisbane's median house price to rise to $1.7 million by 2033, a year after the Olympics.
Dr Mardiasmo noted there were differences in the pace of property growth in past events, but even going at “half-strength”, the median house price would reach $1.2 million by 2033.
"The prospect of a $1 million median house price for Brisbane is a real possibility."
Research by KPMG predicts that hosting the 2032 Games will deliver $8.1 billion in benefits to Queensland including a $4.6 billion economic boost to tourism and trade and $3.5 billion in social improvements such as health, volunteering and community benefits.
Urban takes a look at three residences you could secure in Brisbane to get ahead of the trends.
1. Bide, Newstead
Developer: Dibcorp Properties
Two-bedroom apartments from $635,000
Bide is a new residential offering nestled in the heart of Newstead, offering 89 residences.
Designed in collaboration between architects Twohill & James, Lat27 and Wiltshire Stevens Architecture, each apartment has rethought residential living.
“Bide embodies the belief that the spaces we inhabit are essential to a balanced life”, the project marketing reads.
Among its features include large spacious apartments, open-plan living and dining, balcony space and a study nook in some apartments for working from home.
2. Queens Wharf Residences, Brisbane
Developer: Far East Consortium
One-bedroom apartments from $565,000
Situated in Brisbane’s historical heart, Queens Wharf Residences’ atrium entrance on George Street directly connects the CBD through to the riverfront.
The precinct will feature iconic contemporary architecture alongside a collection of beautifully restored heritage buildings, including the Brisbane Printing Office.
The one, two and three-bedroom residences at Queen’s Wharf have been curated by Cottee Parker to deliver the most to its residents.
Each apartment features winter gardens with lift and tilt windows, as well as feature views of the city, Botanic Garden or city views.
3. The Coterie, Fortitude Valley
Developer: Vicland Property Group
Two-bedroom apartments from $536,080
The Coterie
Vicland Property Group’s two breathtaking apartment buildings at Fortitude Valley offers a modern-day sanctuary in an energised urban village.
A prestigious collaboration by Rothelowman and Promenade Parramatta delivers residents a range of versatile, open-plan designs and luxury lifestyle offerings.
“Designer touches are apparent in every space with the refined treatment of contemporary polished surfaces, textural finishes and confident, monochromatic highlights”, the project marketing reads.
The Coterie
With limited apartments remaining, and only 1.5-kilometres from Brisbane’s CBD, The Coterie is not one to miss.