The eyes of the world are firmly on Brisbane now that the river city has won the rights to host the Olympics in 2032.
Ray White Chief Economist Nerida Conisbee said Brisbane was entering a “Golden Decade” of property prosperity and the Olympics will be a huge drawcard.
“Queensland is currently seeing the strongest population growth in Australia, with particularly high movement of people out of southern states to south east Queensland. This strong growth is expected to continue which will have widespread impacts across all price points,” Ms Conisbee said.
She said the pandemic era had been a huge positive for Brisbane and south-east Queensland in general with many southern buyers chasing the sun and moving north.
“Luxury property has been one of the strongest performers over the past 12 months in Australia. This has been driven by record low interest rates, high savings levels and most recently, a turbo charged economy. Business growth has also been particularly robust with many companies seeing their strongest conditions in many years.
“This has led to some particularly pronounced wealth effects across high income earning professionals and business owners, the main buyers of luxury property.”
In Brisbane, the number of $1 million plus suburbs has increased by a third over the past 12 months.
Ray White Queensland CEO Jason Andrew said the 2032 Olympics were a real coup that could truly put Queensland on the global map.
“Our state has long been sought after for its world class beaches, sunny days and good climate but the lifestyle benefits will now be magnified. Now we can add into this mix infrastructure projects, population growth and the subsequent wage growth," Mr Andrew said.
“It is clear that Queensland is the place to be. The data has shown an uplift in pricing of 15% during 2021, and we have no doubts that property we continue to climb off the back of this incredible news."
According to a KPMG preliminary report into the economic, social and environmental benefits of the bid, an estimated $17.61 billion worth of potential quantified benefits Australia-wide could be delivered by hosting the Olympics.
