The 2032 Olympics might still be 8 years away, but property experts are already saying that the Games could increase by another 50 per cent in the lead up. 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 (percent rise) and then who knows if it might double.”
On the property management side of the business, the number of vacant properties increased slightly last month due to an uptick in investor activity, offering faint hope to the huge majority of Queensland tenants experiencing extreme rental pain.
PropTrack’s latest Market Insight Report shows renters were granted some relief in June, with the vacancy rate up 1.7% - the highest vacancy rate recorded on the Gold Coast since August 2020.
PropTrack senior economist and report author Anne Flaherty said the jump in listings was “good news for renters”, but noted a “chronic undersupply of rental properties” was likely to continue over the next few years.
This was despite the nation’s vacancy rate easing for four consecutive months, from a record low of 1.09 per cent in February to 1.42 per cent in June.
“Supporting higher vacancy rates has been an increase in investor activity, which is contributing to an increase in the number of available rental properties,” Ms Flaherty said.
“Despite the recent easing in vacancy rates, the chronic undersupply of rental properties is likely to continue.
“Development activity is lagging population growth, with the shortfall in new housing worst in WA, Queensland, and NSW,” she said.
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