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Demand for Brisbane apartments has ramped up ahead of the Olympic Games, with competition on the rise as house prices soar.
K&S Property Group’s KC Yeung has revealed demand for Brisbane’s apartment has soared, creating a highly competitive environment ahead of the 2032 Olympic Games.
According to recent data, demand for apartments has overtaken listings in several inner-city suburbs, as houses become out of reach for first home buyers due to rising costs.
Yeung said the market is undergoing a significant shift, much of which can be attributed to the Olympics.
“Earlier in my career, apartments weren’t the hot-ticket item. Buyers wanted houses. Now, they’re going under contract within a day,” he said.
He said the spike in demand is due to a combination of factors, including soaring living costs, a wave of first home buyers, and long-term investment strategies aligned with the Olympics.
“Cost-of-living pressures and the rising price of practically everything have pushed many properties out of reach for first-time buyers,” he said.
“Apartments remain one of the few attainable options, which is why most of the action is happening in that space.”
Yeung said that, with many first home buyers being professionals in their 20s and 30s, apartments near the CBD are a particularly attractive choice.
He also said that the anticipated short-term rental demand for the apartment market during the Olympics currently presents a golden opportunity for investors.
“Savvy investors are moving now because they recognise that short-term accommodation will be in high demand during the Olympics,” he said.
“Buying today means securing value before the inevitable price climb. It’s a race to either upgrade, relocate, or capitalise on the market’s momentum,” he concluded.
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