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A longitudinal study of the impact of the Sydney Olympics on real estate markets

Qiang (Steven) Lu (Business School, The University of Sydney, Darlington, Australia)
Yupin Yang (Beedie School of Business, Simon Fraser University, Burnaby, Canada)

International Journal of Event and Festival Management

ISSN: 1758-2954

Article publication date: 16 March 2015

Abstract

Purpose

The purpose of this paper is to examine the impact of the Sydney 2000 Olympic Games on the residential real estate markets of the host city during the bidding, pre-Olympic and post-Olympic periods.

Design/methodology/approach

This study uses a difference-in-differences model to analyze the transaction prices for all properties in New South Wales, Australia for the period from 1980 to 2007.

Findings

The paper finds that the impact on real estate markets varies across different suburbs in the host city and over time. The real estate markets of host suburbs experience substantially higher growth during the bidding and pre-Olympic periods but not during the post-Olympic period. However, the property prices in non-host suburbs in the host city increase at a higher rate during the pre- and post-Olympic periods but not during the bidding period.

Originality/value

This study offers insights into the long-term impact of the Olympic Games on host suburbs and non-host suburbs in the host city during different periods by analyzing a large longitudinal data set over a period of 27 years.

Keywords

Citation

Lu, Q.(S). and Yang, Y. (2015), "A longitudinal study of the impact of the Sydney Olympics on real estate markets", International Journal of Event and Festival Management, Vol. 6 No. 1, pp. 4-17. https://doi.org/10.1108/IJEFM-02-2014-0007

Publisher

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Emerald Group Publishing Limited

Copyright © 2015, Emerald Group Publishing Limited