The Sydney Opera House's price grew by over a third to $6.2 billion in just five years, despite the cooling property market in New South Wales’ capital.
According to a report by Bloomberg, the value was Deloitte Access Economics' new estimate of "the building's so-called social value, which seeks to quantify a range of benefits from economic return to cultural and iconic status."
Deloitte, in its ‘Revaluing Our Icon' report, stated that the Opera House is the country's premier cultural institution and tourism destination. Further, it was described on the UNESCO World Heritage List as a masterpiece of human creative genius and a world-class performing arts centre.
What makes the Opera House different from other real estate in the capital?
The Sydney Opera House significantly contributed to the growth of the tourism industry. It spurred close to $1 billion in tourism expenditure in fiscal 2017 and supports more than 8,000 full-time-equivalent jobs. On top of this, almost nine out of 10 international visitors said the Opera House played a part in their decision to visit Sydney.
The Opera House has been Australia's number-one tourist destination for decades. It drew in 10.9 million visitors -- including 2.9 million from overseas -- in fiscal 2017, marking an increase of 46% since 2013.
The building also boasts an exceptional design, which was chosen in 1957 after a worldwide competition.
Designed by Danish architect Joern Utzon, the 1.82-hectare (4.5-acre) structure is positioned on a platform podium and was inspired by Mayan architecture. The building houses five halls with about 5,500 combined seats.
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