Experts have predicted house prices will rise by 50 per cent ahead of the 2032 Olympics as more than $75 million was spent on Sunday alone at a private group auction of 112 homes – one of Brisbane’s biggest ever.
National home prices hit a new peak in June, marking 18 straight months of increases despite slowing growth.
The Ray White Brisbane 100, which celebrates the group’s centenary in the Queensland capital, saw $75.25 million spent in a six-hour auction marathon with 402 registered bidders, after a panel of experts pointed to big gains for Brisbane.
The biggest sale of the day was $9.8 million for a massive 872-hectare farm an hour outside Brisbane owned by wealthy cattle rancher Charlie Mort of Mort & Co. Its feedlot operations employ more than 300 people across seven sites and seven companies.
Ray White Managing Director Dan White, REA Group CEO Owen Wilson, REIQ CEO Antonia Mercorella and Don O’Rourke of Consolidated Properties at the Queensland Property Voice seminar ahead of Ray White’s Brisbane 100 event. Photo: Supplied/Ray White
REA Group CEO Owen Wilson expects prices to rise by 50 per cent ahead of the 2032 Olympics as tracking continues to show strong demand heading to south-east Queensland.
“It’s just an economic theory of supply and demand – if there are more people who want to move to an area and want to buy property, that will certainly support 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 so we will see, I think, a fantastic rise in prices.”
“We’ve done 45 percent in the last three years, and I think my expectation is at least 50 percent (rise) and who knows maybe double that.”
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Hundreds of buyers flocked to Rivershed on Sunday for the Brisbane 100 where 114 homes were auctioned. Photo: Courtesy of Ray White
“It’s been done almost without the Olympics in the last five years,” agreed Ray White managing director Dan White.
He predicted the impact of the Olympics would continue to drive up prices across south-east Queensland for years after 2032, similar to what happened in Sydney where “growth continued for years and years after that”.
Consolidated Properties chief executive Don O’Rourke said with the increase in remote working, barriers to employment that previously prevented more southern residents from moving to Queensland were being removed.
Queensland State Auctioneers Managing Director and Chief Auctioneer Ray White Jason Andrew with Chief Auctioneer Gavin Croft at the Brisbane 100 auction event. Photo: Courtesy of Ray White
The auctions were hotly contested throughout the day. Photo: Courtesy of Ray White
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Initial approvals were 70 per cent for the 112 homes that went under the hammer in the Brisbane 100. Halfway through the Brisbane 100, more than $45 million was spent on homes starting with the $910,000 sale of San Gabriel Cres, Upper Coomera, and other Gold Coast sales including 15 Boab Street, Elanora for $1.238 million and $1.472 million for 4 Cangella Court, Tugun.
The cheaper end of the market was popular with closing bids including $446,000 for 7/6 Baldarch Street, Slacks Creek, $565,000 for 8 Orchid Street, Woodridge and $740,000 for 32 Bayford Street, Oxley.
