Though the 2032 Olympics are still eight years away, property experts are already predicting a significant impact on the market, with potential property value increases of up to 50% leading up to the event. REA Group CEO Owen Wilson forecasts this rise, citing the continued strong demand in Southeast Queensland.
“It’s simply a matter of supply and demand. With more people wanting to move into the area and buy property, prices are bound to rise,” Wilson explained. “I believe we’ll see the highest population growth in Australia in this region up to and likely beyond the Olympics, driving substantial price appreciation.”
“In the past three years, property values have risen by 45%. I predict at least a 50% increase, and it’s possible they could even double.”
On the property management front, the number of vacant properties increased slightly last month due to a rise in investor activity, providing some relief for Queensland tenants facing extreme rental pressures. PropTrack’s latest Market Insight Report reveals that renters experienced some respite in June, with the vacancy rate reaching 1.7%—the highest on the Gold Coast since August 2020.
PropTrack senior economist and report author Anne Flaherty said the increase in listings is “good news for renters,” but warned that a “chronic undersupply of rental properties” will likely persist for several years. Despite a national easing in vacancy rates for four consecutive months—from a record low of 1.09% in February to 1.42% in June—the rental market remains tight.
“Increased investor activity is helping to boost the number of available rental properties, supporting higher vacancy rates,” Ms. Flaherty noted. “However, the chronic undersupply of rental properties is expected to continue. Development activity is lagging behind population growth, with the shortfall in new housing most pronounced in WA, Queensland, and NSW.”
