Infrastructure investment expected to drive long-term growth across key areas
Several Brisbane suburbs are expected to experience significant property price increases following confirmation of billions of dollars in Olympic infrastructure spending, with experts predicting a ripple effect across the region.
Early forecasts from Place Advisory suggested that property prices in suburbs earmarked for Olympic projects could nearly double before the Brisbane 2032 Olympics. Analysts anticipate these increases could surpass the 79% price surge seen in Sydney’s Strathfield in the decade leading up to the 2000 Olympics, particularly given the added pressure of the recent pandemic-induced property boom.
Place Estate Agents chief executive Damian Hackett noted that the suburbs identified in the Olympic plans are on track for strong growth over the next decade.
“Billions of dollars are being invested into key Brisbane areas, which is predicted to increase property values and attract long-term growth,” Hackett said.
Data from PropTrack shows that the 64-hectare Victoria Park site, set to host a new Olympic stadium, spans the suburbs of Herston, Kelvin Grove, and Spring Hill. Property prices in these areas have already climbed as much as 116.6% since the pandemic, led by unit price growth in Spring Hill.
Other suburbs expected to benefit include Bowen Hills, Fortitude Valley, Woolloongabba, East Brisbane, and Kangaroo Point, along with Tennyson, Boondall, Chandler, Belmont, and parts of the Redlands. Regional centres such as the Gold Coast, Cairns, Townsville, Mackay, Maroochydore, the Whitsundays, Rockhampton, and Maryborough are also likely to see property value increases driven by improved infrastructure and amenities.
Urbis director Paul Riga highlighted the correlation between large-scale investment and long-term property growth.
“We know from other host cities that long-term growth in property values can be linked to the lasting infrastructure improvements made for the games,” Riga said.
He pointed to Sydney’s property performance in the lead-up to the 2000 Olympics, where median apartment prices increased by 8% per year, and median house prices rose by 7.7% annually. In the five years following the event, median apartment prices climbed a further 7.6% annually, while house prices grew by 12.8% annually.
“The Brisbane 2032 Games will see lasting improvements that will positively impact the local property market for years to come,” Hackett said.
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