It’s hot off the press – Brisbane is set to host the 2032 Olympic Games. Over the next 11 years, Brisbane will undergo a large renewal to prepare for the momentous occasion with plenty of flow on effects. It is being described as a game changer for Queensland, with many political figureheads and industry bodies forecasting 20 years of accelerated opportunity for the state. So, what does this mean for the Brisbane Property Market?
Wednesday nights confirmation of Brisbane's right to host the 2032 Olympic Games is set to launch a deluge of billion-dollar infrastructure projects, supported by both the Queensland and Federal governments. In turn, the city and the people will see multiple benefits that could consolidate the transition of Brisbane and greater South-East Queensland into a well-known global city.
A report by Colliers International released in July 2021 says that on a broad level, the games present the chance to enhance the overall liveability of the region, support a healthier and more integrated community and create financial and economic prosperity for Queenslanders.
Tim Lawless, CoreLogic’s Head of Research, spoke the morning after the announcement, also in support of this, saying that it should work as a positive influence on Brisbane housing market conditions.
The blueprint for Brisbane 2032 Olympic Games. Source: The Urban Developer
“The Olympics should work as a positive influence on Brisbane housing market conditions, however, with the games still some eleven years away, the flow on effects are likely to be gradual and centred around significant infrastructure upgrades and the associated medium-term uplift in jobs and longer term improvements in transport efficiency.”
“The most significant positive influence on the housing market is likely to be seen in the years leading up to the Olympics rather than during the four weeks of the Olympic and Paralympic games themselves.”
CoreLogic research indicates that benefits include urban renewal, acceleration of infrastructure projects, job creation, and an enhanced global profile, all of which directly effect the demand levels in the property market and consequently how well it performs.
With the existing information, it’s hard to get an understanding of exactly which suburbs will reap the most benefit, however, this should become for evident as more detail comes to light. The obvious candidate for an uplift in demand is Woolloongabba and the surrounding suburbs, with the existing Gabba stadium set to undergo an extensive renewal in order to act as the epicentre of Olympics. This is on top of the existing benefits that will come from projects like cross-river rail, which is set to be complete in 2024.
An artist's impression of the proposed Olympic swimming and water polo venue Brisbane Arena at Roma Street.
Other areas set to benefit, would be the proposed sites for athlete villages, earmarked for Hamilton and Robina, along with areas set to benefit from transport infrastructure upgrades including the Gold Coast and Sunshine Coast via upgrades to the M1 Pacific Motorway and Bruce Highway which could be accelerated.
Overall, it’s safe to include that the next 11 years are going to be exciting for the river city. If Sydney in the years surrounding the 2000 Olympics are anything to go by then we should see significant growth in areas across the board.
So, what does this announcement mean for the property market? It means that, with what we know right now, people should not expect the market to crash anytime soon. Brisbane home prices have been growing exponentially, with the fasted growth rate ever seen before in the last 6 months. Though we expect this growth to continue, it should continue at a more sustainable rate.
Place Estate Agents was established in 2002 with a clear vision: to be Brisbane’s best residential real estate agency. Today, Place Estate Agents dominate the Brisbane market with our focus solely dedicated to this city. We look forward to watching the continuous evolution of this city and growing alongside it.
Though the direct benefits remain slightly uncertain now, one thing for sure is that we look forward to following the journey and seeing the positive impact. If you would like to stay up to date with what is happening in the Brisbane property market, then be sure to subscribe to our newsletter below.