The 2032 Olympics Games has been announced with Brisbane taking out the winning spot. This is expected to launch an economic boom for Southeast Queensland (SEQ) over the next decade' but what does this mean for Brisbane house prices?
According to CQUniversity Senior Lecturer of Property Dr Steven Boyd the Olympics is likely to push property prices up in Brisbane and surrounding areas.
"There's no denying the buzz of an Olympic Games has positive ongoing effects for the host city. Investors are heading to the city' scoping buying opportunities in anticipation of a rise in house prices leading up to the games.
"We saw the impact the 2000 Sydney games had on New South Wales with a huge rise in real-estate prices and rental values of both residential and commercial property."
While Brisbane could end up seeing a surge' similarly to Sydney more than two decades ago' Dr Boyd said it was dependant on how well the games were executed.
"Property prices can go the opposite way if the games are not well planned.
"This must be one of the longest run-ups that any host nation has had to deliver the Olympic Games' so one would hope that the Olympics committee and our three levels of governments work together to efficiently deliver their project pipeline."
He believes delivering the right infrastructure will be a key component.
"Adding roads' enhancing airports' and constructing rail lines to accommodate the large influx of people- large infrastructure projects such as these tend to have a positive influence on livability and push up housing prices.
"In SEQ there have been groups pushing for more effective commuter rail between Brisbane and Sunshine Coast. This could be that stimulus."
For first homeowners and investors looking at making a purchase in the area' Dr Boyd stressed that the Olympic Games shouldn't be your only reason for buying in Queensland.
"The Queensland property markets have outperformed early pandemic expectations' with a shortage of stock driving down vacancy rates and pushing weekly rentals to all-time highs - but as we say with all investments' past performance is not an indicator of success'" he explained.
"In Queensland' we will need to see a rise in household incomes and a fall in other costs of living if we are to sustain growth in rentals and house prices. That is where we need the games to deliver.
"To be a true legacy the Brisbane Olympics will need to stimulate new activity in the economy."