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The Brisbane Olympics are fast approaching and infrastructure plans are in motion to prepare the city for the international event.
The expected construction of sporting and training facilities has been announced, but other considerations are set to boost the city’s appeal to residents.
A “better connected and more accessible transport network” has been announced by the Queensland government. This will include new rail lines and stations, as well as bus corridors and road upgrades.
Further, there will be a Brisbane athletic village constructed for Olympic athletes. The area will be converted into permanent dwellings post-Olympics to help address housing demand in the city. The village is set to host over 15,000 Olympic and Paralympic athletes.
The Gold Coast, Sunshine Coast, and Rockhampton are also seeing the development of athletic villages, adding more housing to areas outside the city.
Off the back of the Sydney Olympics in 2000, property prices grew by 79 per cent in the suburb of Strathfield.
According to Mortgage Choice, Brisbane is positioned to be even more drastic, with suburbs located near the new Olympic stadium increasing by as much as 116.6 per cent since the pandemic.
If the Sydney Olympics are anything to go by, the seven years prior saw property prices increase by 8 per cent per annum across median apartment prices and 7.7 per cent per annum across median house prices.
Meanwhile, the five years after the Sydney Olympics saw the median apartment price grow 7.6 per cent per annum and the median house price climb 12.8 per cent per annum.
With this in mind, Brisbane and the wider state of Queensland are poised for significant growth in the wake of the infrastructure developments, said Place Estate Agents CEO Damian Hackett.
“Billions of dollars are being invested into key Brisbane areas, which is predicted to increase property values and attract long-term growth. These infrastructure developments will enhance connectivity across Brisbane, creating prime residential opportunities that will transform the city’s real estate landscape,” Hackett said.
“Historically, such large-scale projects drive interest and activity in surrounding areas.”
The suburbs to look out for
According to Hackett, there are a few key suburbs that are likely to see the biggest boost through this development:
- Herston
- Kelvin Grove
- Spring Hill
- Bowen Hills
- Fortitude Valley
- Woolloongabba
- East Brisbane
- Kangaroo Point
“It’s clear that Queensland is committed to creating a lasting Olympic and economic legacy, by bringing forward critical infrastructure which will benefit our city and state long after the games,” REIQ CEO Antonia Mercorella said.
“These transformative projects will not only support the games but also significantly enhance the liveability and connectivity of Brisbane and are likely to create long-term lifts in real estate values, especially in inner-city suburbs.
“The announcement of this plan marks a turning point, sparking renewed optimism and excitement in Queensland and Brisbane as an Olympic host city, and we expect this momentum will be reflected in growing interest in our local real estate market.”
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