Australia’s New World City

Brisbane is set to shine as an Olympic destination. Check out why our town is set to become a ‘New World City’ in the leadup to 2032 and beyond. 

Hosting the Olympics is an incredible honour and a game-changer for a city, particularly if it is not traditionally recognised as a global destination. 

Brisbane is heading for our own Olympic Games in 2032, the first to be held in Australia for more than three decades. This is such an exciting opportunity which will deliver new infrastructure and growth to our already amazing home.

The ‘Olympic Effect’

If you were in Sydney in the late 1990s, you may remember there were actually a lot of naysayers in the leadup to the Olympics. There were even t-shirts which said ‘F*ck the Olympics’!

Those naysayers had it so very, very wrong. In the year 2000, Sydney came alive and put itself on the map as a global destination. From the Olympic Village to the world class sporting venues, through to the fantastic events, concerts and parties held in the city almost every night for two weeks, it was a time to remember.

And take a look at house prices. In 1990, as shared by Propertyology, a Sydney home cost around $150,000. The price boom which happened around the time of the Olympics pushed averages close to $500,000. Of course, there were other factors at play but the Olympics still contributed to Sydney gaining a lot of attention from buyers at home and around the world. 

Other international cities which have fared well from the Olympics include Barcelona, Seoul, Los Angeles, Athens and Atlanta. In the five years prior to the Games, Barcelona saw a huge increase of 130% in property prices. This was partially due to outstanding investment in infrastructure, which drew more interest from buyers. 

Even London, already a global destination, saw an increase in property prices of 26% in the five years following the announcement that it hosted the Olympic Games in 2012.

The ‘Olympic Effect’ takes place for another reason. The first is the appeal of the event itself. Then there is the surrounding infrastructure which improves a city and makes it more liveable. The economy surges due to increased jobs and there is a good old fashioned sense of pride and appeal in being able to ‘host the world. 

What about Brisbane?

It’s not only the Olympics which contribute to price jumps in a city. 

As shared by the ABC, during the decade surrounding the G20 Summit in Brisbane, house prices in the city rose by 111%. There was also the World Expo in 1988; the median price in Brisbane increased by 278.8% during the period prior. As shared by Your Investment Property, the year after Expo 1988, house prices grew by a further 29.7% in Brisbane and 19.1% in South Bank and nearby suburbs.

If the same type of effect takes place right now, Brisbane’s average house price may go as high as $1.7 million (the current average is closer to the $800,000 mark). 

The ABC recommends buying near venues, sharing the following:

“The athlete’s village for the Sydney 2000 Olympics was reconfigured to offer 900 townhouses and 700 apartments. Suburbs surrounding the Sydney Olympic Park saw sales activity rise by 58 per cent in the year after those Games, 2001. The median house price also grew by 13.4 per cent in the same period, 38.5 per cent two years later, in 2002, and 66.4 per cent by 2003.”

It’s exciting to think of the incredible potential Brisbane has for growth and positive change over the next decade. If you own property, it’s a great time to think about renovating and capitalising on demand. If you’re thinking it’s actually time to sell, there is interest from buyers, particularly in the inner suburbs. If you’d like some advice, reach out to our team today.

I hope you enjoy the read.

Matt Lancashire