PHOTO: Brisbane

An expert has issued a warning to first home buyers in Brisbane, stating now may be the time to buy, should the Queensland capital host the Olympics in 2032.

Brisbane looks all but confirmed to host the Games, after the International Olympic Committee (IOC) endorsed its unopposed bid on Friday, with a formal vote occurring on 21 July.

PRD Research chief economist, Dr Diaswati Mardiasmo, said the Olympics were likely to push property prices up in Brisbane, making it more difficult for people to buy their first home.

“At present, first home buyers are in the best position to enter the market, based on home loan mortgage rates and high government intervention in assisting with home ownership,” Dr Mardiasmo told

“However first home buyers at present are somewhat ‘sheltered’ from international investors market, as other countries are still dealing with COVID-19 situations and ensuring their own economic recoveries.

“So, in a way now is potentially the most ideal and affordable time for first home buyers to enter the market, in comparison to if we fast forward the next three to five years, when other economies have recovered and enter Australia again.”

Dr Mardiasmo noted the Games were 11 years away and a lot could happen in that time, but pointed to the last time Australia hosted.

“The year after Sydney Olympics 2000 the number of sales in Newington and its surrounding suburbs increased by 58.0%, and median house price increased by 13.4%,” she said.

“There is anecdotal evidence from real estate agents that serve the areas around where Sydney Olympics were held, saying that the increase in prices impacted not only Newington but also all metropolitan areas.”

Brisbane could see “double digit growth”