Expo 88 | Looking Back To Predict The Future
And the winner is... The Brisbane's property market.
That's the educated prediction of economists who have tipped the median house price to exceed the $1 million mark well before Brisbane's opening ceremony in 2032.
They have examined Australia's resume of hosting major, international events and noticed a clear trend of accelerated growth over an 11-year period.
Real estate economist Diaswati Mardiasmo closely examined the impact on the market of major events such as the Sydney Olympics in 2000, Brisbane's Expo 88 and the G20 Summit in 2014.
"Every single time it has happened, in the year after or the two, three years after we've hosted, prices have always gone up by double digits," Ms Mardiasmo said.
Expo 88 key points for the Brisbane & South East Queensland property market:
✅ Brisbane's Expo 88 saw house prices rise by 238 per cent in the 11-year lead-up to the event
✅ It is expected homes near planned venues will benefit the most from the booming prices
✅ Olympic venues are planned across south-east Queensland, with major hubs on the Gold and Sunshine coasts
Expo 88 was opened by Queen Elizabeth II on 30 April 1988. As this was an International Specialised Expo, rather than a World Expo, the event focused on one particular aspect of human endeavour – “Leisure in the Age of Technology”. There were 52 government pavilions but also 32 corporate pavilions; highlighting the private sector oriented philosophy of the Queensland regime that organised the event. The Expo was open for 6 months and attracted 18 million visitors – averaging 100,000 per day. Target ticket sales were achieved 11 weeks before the event even opened – ensuring the financial stability that had eluded the Expo held in Louisiana in 1984. Source:
BIE
Together we'll show the world! Take a trip down memory lane and watch the World Expo 88 video below:
Get ready for the next property cycle upswing!
We have registered & near registered packages and apartments now selling in and around the 2032 Olympic Games hot spots of South East Queensland.
Brisbane housing market forecasts
“The rental market remains firmly in favour of landlords across every capital city, with a shortage in rental supply driving up asking rents and further escalating competition between tenants.
“With the vacancy rate dipping to a record low, it’s not an overnight fix.” Nicola Powell, Chief of Economics and Research, Domain.
Lender insights
- ANZ has tipped house prices to jump by 9 per cent this year in Brisbane before falling by -4 per cent in 2023 as the post-pandemic boom cools.
- CBA now expects Brisbane house prices to increase by 9 per cent this year before plunging by -8 per cent in 2023 when the Reserve Bank ramps up interest rates.
- NAB is forecasting Brisbane house prices to rise by 5 per cent during 2022 as impact of low rates and strong income support begin to fade.
- Westpac updated its property forecasts, with Brisbane real estate prices tipped to surge 10 per cent in 2022 before dialling back -1 per cent in 2023.
