- Careful planning needed for success
- Brisbane to benefit in lead up
- Sydney did not see post-Olympic growth
The two-word answer to the benefits of the Brisbane Olympics is: it depends.
Back in February when news broke that the Olympics were “very likely” to come to Brisbane, The Property Tribune reported that it is unlikely there will be long-term benefits from international exposure.
That doesn’t go to say there wouldn’t be any benefit at all, but the expert commentary then had an air of caution: the essence was plan well, plan now.
Property Investment Professionals of Australia (PIPA) chairman Peter Koulizos has echoed the planning message:
“A study on six host cities, from Los Angeles in 1984 to Sydney in 2000, suggests that the impact on the economy and residential property prices is not even. It depends on the planning and the scale of the Olympic investment.”
Peter Koulizos, chairman PIPA
Mr Koulizos said that generally, residential property prices perform better as a result of Olympic Games, and that “Research on the London Olympics showed that areas close to Olympic facilities increased in value by two per cent to five per cent higher than other areas.”
Closer to home, host suburbs of the Sydney Olympics experienced substantially higher growth during the bidding and pre-Olympic periods, but Mr Koulizos noted that that wasn’t the case after the Olympics were held.
“PIPA has conducted research into Sydney’s residential property prices pre- and post-Olympics that shows that from the time the announcement was made in September 1993 to the Olympics being held, Sydney was one of the best performing capital cities. However, post-Olympics, the rate of growth decreased significantly,” said Mr Koulizos.