Property
investors
are
eyeing
off
Brisbane
houses
and
apartments
with
most
experts
expecting
the
prospect
of
hosting
the
2032
Olympic
Games
will
have
a
positive
effect
on
residential
property
prices.
One,
PRD
chief
economist
Dr
Diaswati
Mardiasmo,
has
predicted
that
house
prices
could
more
than
double
by
2032
taking
median
house
values
above
$1.4
million.
Dr
Mardiasmo
said
this
growth
rate
would
be
consistent
with
the
market's
past
performance
during
the
G20
summit
in
2014
in
Brisbane,
when
dwelling
prices
surged
112.7
%
over
12
years
from
when
the
event
was
announced
in
2003
to
2015,
a
year
after
it
was
held.
Brisbane's
new
boom
Brisbane
is
already
starting
to
boom,
according
to
Tyron
Hyde,
director
of
quantity
surveyor
Washington
Brown.
Brisbane's
median
dwelling
price
was
$586,142
at
June
30,
with
prices
up
13.2%
in
the
past
year,
according
to
data
from
CoreLogic.
"The
city
was
overdue
for
growth
as
it's
matured
in
recent
years
with
billions
of
dollars
in
infrastructure
projects
in
the
pipeline
that
will
be
transformational
for
the
city
that
has
seen
significant
population
growth,"
Hyde
says.
Hosting
the
Olympics
will
just
increase
confidence
in
the
city's
property
market,
Hyde
adds.
CoreLogic
research
director
Tim
Lawless
said
if
the
Sydney
2000
Olympics
were
any
indication,
Brisbane
could
be
tracking
a
similarly
strong
performance.
Between
when
the
Olympics
were
announced
in
September
1993
and
when
they
were
held
in
September
2000,
Sydney
dwelling
values
jumped
by
60%,
almost
twice
the
growth
recorded
across
the
broader
combined
capital
cities
benchmark
region,
which
grew
by
34.6
%
CoreLogic
figures
show.
New
infrastructure
investment
The
prospect
of
billions
of
dollars
of
planned
infrastructure
now
being
brought
forward
because
of
the
Games
will
be
a
big
driver
of
house
prices.
Major
infrastructure
projects
tend
to
have
an
uplifting
effect
on
property
prices
as
the
projects
create
jobs,
strengthen
travel
links,
and
improve
amenities
such
as
retail
outlets
and
social
venues,
Lawless
says.
"The
obvious
candidate
for
an
uplift
in
demand
is
Woolloongabba
and
the
surrounding
suburbs,"
Lawless
says.
The
Gabba
ground,
located
in
Woolloongabba,
will
receive
a
billion-dollar
facelift
to
become
the
epicentre
of
the
2032
Olympics.
The
area
is
already
popular
with
investors,
with
around
two-thirds
of
the
housing
stock
in
and
around
Woolloongabba
being
rented,
according
to
Lawless.
Woolloongabba
units
are
currently
some
of
the
more
affordable
inner-south
regions,
with
median
unit
prices
sitting
at
$458,000,
almost
$100,000
lower
than
the
nearby
Kangaroo
Point,
and
$85,000
lower
than
West
End.
Transport
is
key
Transport
infrastructure
is
the
key,
says
Peter
Koulizos,
CEO
of
the
Property
Investment
Professionals
of
Australia
(PIPA).
"It'll
be
the
transport
infrastructure
that
is
built
that
currently
doesn't
exist
to
get
people
to
those
facilities,
in
particular,
the
transport
infrastructure
from
the
Sunshine
Coast
and
the
Gold
Coast
to
get
them
to
Brisbane."
If
the
Sunshine
Coast
does
get
an
upgraded
fixed
rail
you'll
see
some
exceptional
property
price
rises
in
that
area
Koulizos
says.
Other
areas
set
to
benefit
according
to
the
experts
would
be
the
proposed
sites
for
athlete
villages,
earmarked
for
Hamilton
and
Robina.
Newington,
the
site
of
the
Sydney
Olympic
village,
did
very
well
out
of
games.
"The
year
after
Sydney
Olympics
2000
the
number
of
sales
in
Newington
and
its
surrounding
suburbs
increased
by
58.0%,
and
median
house
price
increased
by
13.4%,"
said
Dr
Mardiasmo.
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