Before we dig into my main topic, I wanted to detail an apartment sale that occurs just last weekend which gives an insight into Brisbane’s property market as stands right now in April 2023.

We attended the auction of 11/1 Macquarie Street, Teneriffe. This is an ultra-prestige ground-floor apartment in one of the city’s most desirable residential buildings in a plumb, blue-chip location.

The apartment is 329 square metres of internal area which rises to 560 square metres when garages, outdoor and sundry areas are added in.

The auction was very well attended with enquiries from across Australia and the globe. In the end, there were five registered bidders, with the successful buyer paying $6.55 million. The apartment did need some updating, so that’s a pretty good price all things considered.

This sale confirms what I’ve been saying for a while now. There is limited available stock for certain property types being offered to market. In fact, ground floor apartments of this calibre only come up once or twice a year at most.

While the pool of buyers at this price point is reasonably thin, they are deep pocketed. Most are downsizers and retirees who aren’t worried about interest rates and have adequate funds to buy based on limited or no borrowings. Despite what else is going on with the economy, they remain active.

All in all, a healthy sign for Brisbane prestige property – a sector that looks likely to keep strengthening. This also bodes well for other price points, as prestige property can be a lead indicator of an improving market in general.

Olympic boost

Onto my main subject.

Unless you’ve been living under a rock in a cave below a coal mine in the middle of a distant planet, you’d be aware Brisbane has won the right to host the 2032 Olympic Games. It’s going to be a sensational event when the world’s eyes will focus on our neck of the woods while we host the most significant celebration of sport on earth.

Bringing the games to southeast Queensland provides an incredible prospect to boost all facets of the economy, but none more so than real estate.

Brisbane property owners sit in a rare moment of opportunity at present.

Over the past few years, property owners have made excellent capital gains. Despite market retraction in 2022, the boom run of 2020 into 2021 has delivered substantial equity to owners’ bottom lines.

According to CoreLogic analysis, the median dwelling value in Brisbane has increased from $506,553 at the onset of COVID-19 in March 2020, to $707,658 by the end of 2022. That’s a 40 per cent increase over the period.

So , if you own property in Brisbane, it’s time to ask yourself what you can do with that windfall to help shore up your financial future.

Right now, there’s the chance to draw on that equity and use it as a deposit on a Brisbane investment property. With a vacancy rate below one per cent and rents continuing to increase, many investments will likely see their value improve further during the year.

I’m currently working with clients who have found themselves with $500,000+ in equity in their homes. Through strategic acquisition, they should be able to purchase an investment property every two years up to the Olympic year. If the calculations hold true, I suspect they’ll outlay around $3 million in total (including borrowings), but it should create a portfolio worth around $6 million by 2032. That’s exactly when they plan to consolidate their assets and retire.

So, my hot tip for you. If you’ve been thinking about investing, it’s time to act. We’re on hand to talk through the options and work with your professional advisors to help create a property portfolio that will see you achieve your goals.

Brisbane is just getting started – don’t hesitate and live in regret about what could have been.