By Rich Harvey, CEO & Founder, propertybuyer.com.au
As we join the world in turning our attention to Paris for the Olympics, Australians should also cast their minds to the 2032 Games in Brisbane.
In just eight years, the Sunshine State will play host to the most iconic sporting event in human history, and as well as providing a lot of fun and excitement for locals, there will be some lucrative benefits realised.
Research by the consulting firm KPMG estimated the 2032 Olympics will deliver more than $8.1 billion in direct economic benefits to the state’s economy, while creating some 91,000 jobs between now and 2032.
But what about the impact on property markets? Are there opportunities on the way for savvy investors?
The best is yet to come
Brisbane is already in the midst of a property boom, with significant price growth over the past few years.
The Queensland capital became extremely alluring during Covid when southerners fled tough restrictions and lockdowns to venture north in search of a better way of life.
But the best is likely yet to come for investors in the market now or those considering parking their cash in Brisbane.
The Olympics in 2032 will require a whole host of new infrastructure projects to be delivered, making the city an easier and more pleasant place to live.
Whether it’s the Cross River Rail project, a pedestrian bridge across the Brisbane River linking the CBD and Kangaroo Point or upgrades to sporting facilities, there will be many benefits realised in the years to come.
That’s what will drive long-term growth, in my view – suburbs becoming more accessible and more liveable thanks to significant investment and development.
Where to look
Hosting the Games can definitely deliver a boost to property markets, but it’s not guaranteed, and it’s not quite as simple as it seems.
For example, in Sydney in 2000, the extent to which the Olympics affected property prices, which boomed in the lead up to and after the event, is unclear.
Instead, economists believe it was largely other macro and micro factors that really drove growth in the years post-Olympics, such as lower interest rates, an economic upswing and wages growth.
We might see a similar impact in Brisbane.
However, there’s no doubt that new and refurbished infrastructure across the areas of sports, community, lifestyle and transport will benefits certain suburbs.
Hamilton is worth keeping an eye on. It’s where you’ll find the Athlete’s Village during the Games, and a sprawling new community with world-class amenities after that.
The Northshore Hamilton Priority Development Area, in the city’s north on the banks of the Brisbane River, will see a flurry of development in the lead-up to the Games.
The Queensland Government is working to ensure that what’s built there for the Olympics becomes a hub of long-term residential, commercial and retail facilities.
The suburb of Tennyson will play host to all the tennis action at its existing facilities, but there are some expedited upgrades to streetscapes.
Also adding to the excitement is the proposal to activate passenger travel on the old Southside rail line from Corinda to Tennyson.
Chandler will host swimming events in the Brisbane Aquatic Centre, which is set to undergo a major refurbishment that will make it a community asset for decades to come.
The suburb is also getting a new multipart indoor high-performance facility with 10 courts and a massive gymnastics facility.
Brisbane’s main Olympic stadium will be at the refurbishing Queensland Sport and Athletics Centre, or QSAC, in Mount Gravatt. Much of the improvements will be temporary, removed after the event is over, but some will remain a permanent feature.
Among them, the hundreds of millions of dollars in upgrades to public transport facilities that will be required, making the entire area much more accessible.
Events will be held at Suncorp Stadium in Milton, which is already a burgeoning suburb thanks to several years of redevelopment and urban. renewal. Organisers are exploring upgrades to existing stadium facilities.
And while the mega Cross River Rail project was in the pipeline before the Olympics bid was won, it will play a central role in spectators getting around to see the best Brisbane has to offer.
There are some exciting investment opportunities in inner-city suburbs that will be more accessible and increasingly gentrified, including Dutton Park and Bowen Hills.
During and after the Games
When spectators, athletes, sponsors and media from across the globe descend on Brisbane, they’ll find a city that’s spick and span and looking its best. Organisers will want to make a great impression, so public spaces, parks, streetscapes and more will undergo updates and upgrades.
Demand for accommodation will see some residents cash in via the short-stay accommodation market and they could spruce up their homes to ensure they get the most bang for buck.
Peak demand for rentals will be in the weeks just before the Olympics, as visitors get into town early to make the most of their trip, until just after.
When the event is over the fanfare dies down, the effects of the Games could be felt for a long while.
On the Sunshine Coast and Gold Coast, which will each host several events, there are plans to construct new hotels and apartment towers in Mooloolaba and Broadbeach.
Transport upgrades, both in terms of buses and trains as well as road links, will make it easier to get around and boost accessibility in many suburbs too.
Where and when to buy?
Those hoping to win property gold have some interesting opportunities to explore, but winning won’t be guaranteed.
Like athletes, investors will need to be on their game to ensure they have the best chance at success. Knowing where to buy - and when - in order to make the most of the benefits flowing from the Games will require knowledge and expertise.
An experienced Brisbane-based buyer’s agent can help you to identify the suburbs that will see new and improved infrastructure, aesthetic improvements and gentrification, transport investments, development and more. They can also help you time your move so you’re not missing the boat - or worse, setting sail just as things dry up.
So don’t go it alone. The best decisions are made with a coach helping drive you toward success. Take on a buyers’ agent to steer your investment path, and you might just find you have a podium finish in the real estate stakes.
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