Property investors who really want to take advantage of the Brisbane Olympics need to be "granular" and consider areas just outside of Brisbane in which to invest.
BuyersBuyers co-founder Pete Wargent said lessons can be learned from previous Olympic Games held in Sydney in 2000.
"Everyone is talking about the boom in Sydney when house prices almost doubled in half a decade until 2001, for example, and the Olympics may have played a role in this story, with prices surging ahead of the event," says Mr. Wargent.
"What is not mentioned so often is that after the peak of the Sydney cycle – when interest rates were raised twice in a "double hit 'on the brakes' at the end of 2003 – the Sydney market then underperformed all other capitals for six or seven years.”
This is similar to what happened at the 2012 London Olympics – prices in the city saw a solid run up before the sporting event and a few years after, increasing by 37% on five years from 2009.
However, the London market has been relatively underperforming since 2017.
"The take-home message from London was the massive regeneration that took place in areas like Stratford and Newham, or the other London boroughs to host the Olympics," Mr Wargent said.
"Not only have all host boroughs experienced sustained house price outperformance over a decade, but regeneration programs have in many cases resulted in lasting transformation."
Where investors will benefit the most
Mr. Wargent said property investors need to take a granular approach to “really” benefit from the upcoming Olympics.
The suburb of Woolloongabba is a place to watch, especially with the development of Gabba Stadium and Cross River Rail Station.
"Dutton Park – and possibly Albion – are two other places where housing prices have traditionally been a bit more affordable than some of the surrounding suburbs, but can now benefit from investment and infrastructure favorable,” Mr. Wargent said.
Mr Wargent said a detailed view should be considered when looking at some suburbs as some areas could be affected by the risk of flooding.
Another excellent location for rising housing demand will be the desirable streets of Yeronga and Yeerongpilly, as tennis comes to town in Tennyson and urban regeneration continues rapidly, and the Cross River Rail connects the side South Brisbane. to the Gabba and the city,” he said.
Hamilton Northshore would also be a great option and water view units will continue to be a top consideration for many buyers.
“The arrival of the Olympics in Brisbane is undoubtedly good news and it will put the city on the international map, and the associated investment in infrastructure will be welcome,” he said.
"But remember, this is just one of many factors impacting the housing market, and if your goal is specifically to enjoy the Olympics, then you will need to conduct research more detailed."
Photo by @aliceduffield on Unsplash
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