Renders for the Brisbane Athlete Village, which is triggering a property boom in surrounding areas.
The 2032 Olympic Games are still six years away, but a multi-billion-dollar infrastructure spend has already sparked a real estate gold rush across southeast Queensland.
An exclusive new report by iBuyNew and Hotspotting reveals 27 key suburbs across Greater Brisbane, the Gold Coast, and the Sunshine Coast are riding an estimated $53b economic wave.
N1512/36 King St, Bowen Hills sold for $640,000.
Eager buyers were already paying well above asking prices to get into these markets, with unit prices in the host regions skyrocketing by up to 78 per cent since the 2021 Games announcement, the report found.
In the inner-Brisbane suburbs of Dutton Park and Herston, 100 per cent of units sold over the past year for a premium.
East Brisbane was close behind, with 83 per cent of apartments sold above asking price, followed by Bowen Hills at 80 per cent, and Woolloongabba at 72 per cent.
That demand has translated into big wealth gains.
4/24 McLay St, Coorparoo sold for $975,000.
Woolloongabba houses recorded a 30 per cent median price jump in the past 12 months, surging by roughly $354,800 to hit $1.537m.
In Newstead, where houses are snapped up in an average of just 13 days, unit values leaped 25 per cent to $870,000.
iBuyNew CEO Daniel Peterson said the transition of mega-projects into the construction phase was pushing prices to new heights.
“There is a high number of properties in these key suburbs which are selling for above asking price, which means that demand is driving buyers to pay top dollar,” Mr Peterson said. “Transaction levels are particularly strong and days on market… are low, with the vast majority [86 per cent] of properties selling in less than 40 days”.
An aerial view of Victoria Park, the intended site for the new Olympics stadium. Picture: Dan Peled / NewsWire
He noted unit markets were performing exceptionally well due to relative affordability and scarcity, with apartment prices across the host regions up between 67 per cent and 78 per cent since 2021.
Median house prices in all three regions have now surged past the $1m mark.
Other inner-city hotspots pinpointed by the report to ride the infrastructure wave include Spring Hill, Kelvin Grove, Fortitude Valley, Stones Corner, Coorparoo, and Kangaroo Point.
On the Gold Coast, 73 per cent of Arundel apartments and 62 per cent of Ashmore apartments recently sold above their asking price.
1/47 Carter Rd, Nambour sold for $720,000.
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Key areas tipped for further boosts from projects like the Gold Coast Arena included Southport, Labrador, Benowa, and Molendinar.
Up north, the Sunshine Coast’s rental market remained tight, with Kuluin recording a zero per cent vacancy rate alongside a 17 per cent, or $155,300, jump in median house values.
Unit markets also fired, with 66 per cent of apartments in Nambour and Mountain Creek selling at a premium.
Other coastal hotspots included Maroochydore, Alexandra Headland, Bokarina, Warana, Wurtulla, and Yandina.
1109/372 Marine Pde, Labrador sold for $760,000.
Despite the frenzy, Mr Peterson warned investors that buying blindly near a stadium would not guarantee a windfall.
“Proximity to an Olympic venue on its own rarely sustains value. Accessibility, long-term utility and supply discipline do,” he said.
Hotspotting managing director Tim Graham said savvy property investors were looking well past the 2032 closing ceremony.
“It is about how infrastructure sequencing intersects with migration, employment growth and housing scarcity over the next decade,” Mr Graham said.
“The Games will run for weeks. The infrastructure and demographic shifts surrounding them will play out over the next decade.”
The proposed Gold Coast Arena at Carey Park in Southport.
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