Massive 50pc price rise predicted ahead of 2032 Olympics
Experts have predicted a 50 per cent rise in home prices ahead of the 2032 Olympics as over $75m was spent on Sunday alone in a special 112-home mass auction - one of Brisbane’s biggest ever.
Experts have predicted a 50 per cent rise in home prices ahead of the 2032 Olympics as over $75m was spent on Sunday alone in a special 112-home mass auction - one of the biggest Brisbane has seen.
The Ray White Brisbane 100, celebrating the group’s century of operation in the Queensland capital, saw $75.25m spent across a six-hour auction marathon with 402 registered bidders. It followed an expert panel that flagged significant gains ahead for Brisbane.
The biggest sale of the day was $9.8m for an enormous 872ha farm an hour from Brisbane owned by richlist cattleman Charlie Mort of Mort & Co whose feedlot operations employ more than 300 people across seven locations and seven businesses.
REA Group CEO Owen Wilson predicted a 50 per cent price rise ahead of the 2032 Olympics as tracking continued to show major demand heading into SEQ.
“It’s just pure supply-demand economics – if you’ve got more people wanting to move into an area and wanting to purchase property that is absolutely going to underpin prices,” he said.
“I think we will see the highest population growth in Australia in this area up to the Olympics and probably beyond, and therefore we will see, I think, fantastic price appreciation.”
“We’ve done 45 per cent in the last three years, I think my prediction is minimum 50 (per cent rise) and then who knows if it might double”.
MORE: Shock suburb where prices quadrupled in a year
‘Scratch my head’: Mortgagee lists seized house at $99,000
Revealed: Greater Brisbane’s top 20 most undervalued suburbs
Ray White managing director Dan White agreed saying “it’s almost done that without the Olympics in the last five years”.
He expected to see the Olympic effect continue to lift prices for years across SEQ after 2032 similar to what Sydney where “growth continued over years and years afterwards”.
Consolidated Properties head Don O’Rorke said with increased remote working, barriers to employment were removed that previously prevented more southern residents from moving to Queensland.
SEE THE LATEST PROPTRACK HOME PRICE INDEX
The preliminary clearance rate was 70 per cent for the 112 homes that went to auction at the Brisbane 100. At the halfway mark of the Brisbane 100, more than $45m had been spent on houses kicking off with the $910,000 sale of San Gabriel Cres, Upper Coomera, and other Gold Coast sales including 15 Boab Street, Elanora for $1.238m and $1.472m for 4 Cangella Court, Tugun.
The more affordable end of the market was popular with bids sealed including $446,000 for 7/6 Baldarch Street, Slacks Creek, $565,000 for 8 Orchid Street, Woodridge and $740,000 for 32 Bayford Street, Oxley.
Originally published as Massive 50pc price rise predicted ahead of 2032 Olympics