Nine suburbs have already had an uplift off Brisbane being named an Olympic host city, with at least 26 sitting on a gold mine where prices could almost double before 2032.
Research by Place Advisory has found an uplift already underway and prices across suburbs with Olympic links to almost double across the state – potentially beating the 79 per cent hike seen in Strathfield over the decade leading to the Sydney games, let alone its 54 per cent spike after the games.
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Illuminated Olympic rings on the Sydney Harbour Bridge for Sydney 2000 Olympic Games. Brisbane 2032 could see a whole host of suburbs share massive growth.
Inner Brisbane is already seeing massive growth with a two bedder at 252/30 Macrossan Street selling for $1,007,000 last week, $65,000 more than it sold for six months ago.
Across Greater Brisbane, that uplift is already underway in sales activity and prices for suburbs linked to Olympic infrastructure such as units in South Brisbane 14.9 per cent, Hamilton 14.3pc and Woolloongabba 12.3pc. Houses in Tennyson were up a massive 55.8pc and Herston 21.1pc in the past year alone, while in the outer ring Manly houses jumped 45.2pc, Birkdale 11.6pc. Petrie 11.1pc, and Boondall 10.1pc.
“This uplift is not surprising, as smart private investment has always attempted to anticipate extensive public infrastructure investment,” the Place Advisory report said. “As Brisbane approaches the 2032 Olympics, certain suburbs / locations will be better positioned to emulate the strong residential value growth experienced by the Strathfield LGA, both prior, and post, the year 2000 Sydney Olympics.”
Place Estate Agents managing director Damien Hackett. Picture: Mark Cranitch.
This three bedroom apartment at 151 George Street, Brisbane City, doubled in price since its last sale, fetching $2,660,000 in August.
Place managing director Damien Hackett expects much more growth to come off more suburbs “once (it’s) confirmed where infrastructure will go” but 26 are already shoo-ins for rises.
Across outer Brisbane, those suburbs are Chandler, Petrie, Birkdale, Boondall, Manly and Belmont; in middle Brisbane, it’s Herston, Tennyson and Nathan; and in inner Brisbane – Brisbane City, South Bank, Eagle Farm, South Brisbane, Milton and Woolloongabba.
Regional centres won’t be left out either, with Townsville, Cairns, Kawana, Alexandra Headland, Robina, Broadbeach, Coomera, Southport, Ipswich, Logan and Wyaralong set to strong growth now.
Mr Hackett said “the big benefit of an Olympics isn’t the two weeks of the games” but the activity, investment and recognition leading up to it and the glow afterwards.
“Following the announcement to when the Olympics actually happened in 2000 that part of Sydney grew at a higher rate than the balance of Sydney. I think it’s just all that infrastructure spending, the road network, the rail network and all the associated facilities that were put in, just made it an easier place to live.”
A two bed apartment at 222 Margaret Street, Brisbane City, sold for $1,200,000 in August, jumping from $815,000 during the pandemic.
The apartment is in the heart of the CBD area.
“So I think that’s the opportunity (for us). The only difference is now no one’s going to actually commit until after the state election. It’s kind of in limbo at the moment.”
Mr Hackett said “the areas that benefit from infrastructure spending, once they become clear, will have the capacity to grow a faster rate than those who don’t benefit”.
“We’re now sitting here eight years away, which is clearly enough time, but there’s no doubt that we’ve got to get on with things”.
“We’ve been calling it our golden decade between 2022 and 2032, everything just seems to be aligning for Brisbane and South East Queensland in particular.”
“Once we get through the state election and people make final decisions, I think then we’ll see more clearer direction on growth.”
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