Homes built for the 2000 Sydney Olympics have turned to $2m property gold.
The suburb of Newington, where a community of housing was created to accommodate athletes and Olympic officials close to Sydney Olympic Park, has become a sought-after hot spot for young Sydney families.
PropTrack data showed Newington’s house price median has surged 14 per cent to $1.825m over the past year – making it one of the fastest growing suburbs across Sydney.
Some of the houses that were once part of the Olympic village have been selling for well over the $2m mark.
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Gold medal homes of our Olympic champions
Flags fly outside athletes accommodation at Sydney 2000 Olympic Games Village. Picture: Jeff Darmanin.
Sold off by the Olympic Co-Ordination Authority in 2001 for $475,000, 54 Newington Blvd sold in June this year for $2.3m, according to property records.
Another Olympic home at 23 Lewis Way sold in March for $2.305m, previously worth $480,000 when the Olympic authority sold it off in 2001.
Local agent, Jacob Saleh from Horwood Nolan said the recent surge can be attributed to the suburbs tightly held community, with very little houses hitting the market.
“A lot of the houses I’m selling (in Newington) are from families that have been there over 10 years,” he said.
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Transformed into a family-friendly hub, the Olympic lifestyle endures as Mr Saleh described it as a “village type way of life,” with schools, cafes, parks and restaurants all within reach.
23 Lewis Way, Newington sold for $2.305m in June 2024. Sold by the Olympic Co-ordination Authority in 2001 for $480,000.
Inside 23 Lewis Way, Newington one of the Mirvac built homes previously owned by the Olympic Co-Ordination Authority.
“More and more people are finding out you can get a free standing Torrens title house at a reasonable price compared to prices in neighbouring suburbs,” he said.
“There’s everything in Newington, you don’t need to leave if you don’t want to.”
Experts expect that the Olympic effect will continue to lift prices for years across south east Queensland after 2032, similar to what Sydney has experienced.
The suburb is made up of houses built by Mirvac, which Mr Saleh said was one of the biggest draw cards for buyers.
“People know Mirvac and trust that it’s going to be a solid build.”
The Olympic Village accommodation during the 2000 Sydney Olympics.
Interior of Australian Olympic team accommodation at Olympic Games athletes village in August 2000.
In 1997, the Sydney Olympic Park Authority signed a $590m contract with a consortium of banks and developers, including Mirvac, to build housing for 15,300 competitors and team officials.
Mirvac general manager for residential Toby Long, who was involved in the construction of the village, told The Daily Telegraph that “it was well ahead of its time.”
“There were a bunch of key sustainability principles established and it set a benchmark for how you design masterplanned communities,” he said.
54 Newington Boulevard, Newington, NSW 2127 sold for $2.3m in June 2024 – after being sold by Olympics Co-Ordination Authority in 2001 for $475,000.
Kitchen inside 54 Blvd Newington, previously owned by the Olympic Authority and used in the Olympic Village.
Mr Long said it was one of the rare instances around the world of an Olympic project not becoming a “white elephant”.
In the year 2000, the median house price in Newington was $410,000, according to PropTrack.
“It’s transitioned well from an Olympics site to a neighbourhood,” he said. “The growth has been quite phenomenal and people have developed an affinity for the location.”
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