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Brisbane Olympics to Push Property Market’s Limits

Brisbane property prices are expected to reach πŸ’²1 million before the 2032 Olympics, with districts surrounding stadiums expected to reach πŸ’²3.9 million.πŸ‘‡

According to PRD Research, the median price will reach πŸ’²1.7 million by 2033 and will be β€œimmensely” boosted on the Gold and Sunshine coasts.πŸ‘‡

Additionally, after the 2000 Sydney Olympics, the median house prices in Newington (the site of athletes’ villages) and the surrounding suburbs grew by 13.4%.πŸ‘‡

“The increase in the median house price was not limited to the year following the Olympics. There was an increase of 38.5% in the second year, and 66.4% in the third.πŸ‘‡

South Bank and its surrounding suburbs grew by an average of 19.1% the year after World Expo 88, and by 10.3% after the G20 Summit in 2014.πŸ‘‡

Whatever the calculation method used, the conclusion points towards Brisbane becoming a city with a πŸ’²1 million median house price sooner rather than later.πŸ‘‡

This year’s median house price in Brisbane was πŸ’²678,236, up 13 percent from last year.πŸ‘‡

Price increases of 18.2 per cent on the Gold Coast and 23.1 percent on the Sunshine Coast were recorded.πŸ‘‡

Low listing numbers and interstate migration, according to Domain chief of research Nicola Powell, are driving the price hike at the moment.πŸ‘‡

There’s also evidence that interstate and expat buyers moving from more expensive cities are driving up house prices as well, Powell said.πŸ‘‡

In the July results, Melbourne and Canberra officially joined Sydney in the πŸ’²1 million home club.
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