First and foremost, a HUGE congratulations from the team here at Choice Homes. What an incredible achievement being awarded the Olympics in our own backyard, and being the only country in the world to host the Games in three seperate cities (Melbourne, Sydney, and now Brisbane).
There's no denying the buzz an Olympic Games brings to the host city, and the 88 per cent increase in median house price enjoyed by Sydney over the 5-years ending 2001.
The decentralised nature of the 2032 Games will see events, and accommodation shared amongst the South East Queensland corridor, including Ipswich, Sunshine Coast and the Gold Coast.
Due to the recent legacy gifted from the 2018 Commonwealth Games a significantly smaller investment to host will be well received by the Australian Tax payer, and the promotion of a wider geographic landscape will engage audiences from near and afar!
What will a Home & Land package at Park Ridge sold today at $500k be worth at the peak of the Games?
PRD Research chief economist, Dr Diaswati Mardiasmo, said the Olympics were likely to push property prices up in Brisbane, making it more difficult for people to buy their first home.
"At present, first home buyers are in the best position to enter the market, based on home loan mortgage rates and high government intervention in assisting with home ownership," Dr Mardiasmo told Savings.com.au.
"However first home buyers at present are somewhat 'sheltered' from international investors market, as other countries are still dealing with COVID-19 situations and ensuring their own economic recoveries.
"So, in a way now is potentially the most ideal and affordable time for first home buyers to enter the market, in comparison to if we fast forward the next three to five years, when other economies have recovered and enter Australia again." Source: Savings.com.au
*The above is not intended as legal, financial or investment advice and should not be construed or relied on as such. Before making any commitment of a legal or financial nature you should seek advice from a qualified and registered legal practitioner or financial or investment adviser.