Do you remember what happened 24 years ago in Sydney?
Well, it’s probably safe to say that a whole lot of things happened back in 2000.
But without a doubt the biggest piece of news to come out of Sydney in 2000 was the Olympics – you know Cathy Freeman winning Gold in the 400m, and the famous “The Winner is… Sydney!”.
At this point, you might be wondering whether you’ve accidentally clicked on a sports article – where’s the property investment? Where’s the talk about SEQ?
Don’t stress, that’s exactly the direction we’re heading.
As much as looking back into the past doesn’t necessarily forecast the future, by looking at Sydney’s 2000 Olympics, and the vast impact it had on the region’s economy, property market and population, it provides us with some great insight into South East Queensland, as the region moves into its very own spell of prime growth.
We’re pretty excited about Bribane’s 2032 Olympics, and it’s not just because we live on the Goldy and love watching live sport – there are big things coming from all angles.
And if you’ve been anywhere in the region over the past couple of years, you’d already see that this period of growth is already underway. From Ipswich to Main Beach, construction is manic, houses, apartments, you name it, it’s going up.
According to announcements by Queensland’s Government, the Games will bring economic growth to the tune of $8.1 Billion, as well as directly generating almost $20 Billion in tourism expenditure between now and the Games.
So, back to 2000. In the period leading up to the Games in Sydney, the city looked incredibly different. In fact, it was this period that really helped Sydney cement itself as an international city, drawing the eyes of billions around the world. The funny thing is, in the eyes of so many Australians, Brisbane is still seen as just a big country town, rather than a bursting international city. Give it 10 years, and it’s safe to say that sentiment will be long gone!
Looking at the Sydney’s property market throughout that period, there are a few things that stick out:
1.The market DOUBLED in 5 years between 1998 and 2003, reaching a median price of $520,000 – the median price is now more than $1.2 Million!
2.Prices continued to rise after the Games – the boom didn’t cause a major burst in the market, due to lack of demand.
3.Planning was done not to just create a great environment for the games, but also to improve the city for the future. Green planning and Ecologically Sustainable Design (ESD) principles were strongly promoted throughout, ensuring long lasting infrastructural improvements.
Brissy, and the whole SEQ region are on the right track when it comes to this too. It’s been made clear that the priority for councils, planning boards and the Government as a whole is to ensure that the region receives improvements and infrastructure that will help in the long run. From extra runways at Brisbane Airport, to improved public transport and stadiums, growth will be present no matter where you look.
The parallels continue even further with places like Parramatta, in Sydney’s West, and Ipswich, in Brissy’s West. As we already know, there’s been no shortage of growth across that part of Sydney, and as populations continue to grow, Ipswich will receive a very similar dose of growth.
For savvy Australians, the opportunity to invest is well and truly ripe. With a market of low supply, paired with huge rental demand, now could be your time (For more on this, check out the full BLOG).
At the end of the day, at Propell, we’re here to provide you with the support and expertise you need to take that next step into the market.
Want to chat more about setting up your tailored property investment plan? We’ve got your back – give us a call on 1300 776 735!
