With the Olympic win Brisbane has stepped into the spotlight!
Brisbane winning the rights to host the 2032 Olympic Games is an incredible result. The benefits will be immediate, with fast tracked infrastructure and significant investment into the city and state.
Brisbane City has announced itself as a player on the global stage, and this is only a good thing for real estate prices!
But how will the 2032 Olympics will impact the South East Queensland property market?
Infrastructure – Brisbane is already benefiting from a raft of major infrastructure projects, including the Cross River Rail. By securing the rights to host the games, this and more transport infrastructure will be fast-tracked. New transport infrastructure will be undertaken, enhancing the transport network.
Jobs – Investment in infrastructure and major projects will lead to a once in a generation jobs boom, with new roads, tunnels and railways needing to be built and then maintained. People will be moving to Brisbane to get involved in getting the city ready for the Olympics.
Tourism – Brisbane will be actively promoted to a global market, and with its new reputation as an Olympic destination, tourism will be bolstered (post-pandemic, of course). More global cities and destinations will learn about Brisbane and what the Sunshine State has to offer.
Higher economic growth – The city will benefit from higher economic growth as a result of higher investment (both private and public).
Global exposure – Brisbane, as a city, will receive huge levels of exposure, with over a decade’s worth of tourism advocacy and free advertising.
Migration - All of this exposure and economic activity is forecast to make South East Queensland an even more desirable place to live, resulting in more interstate and global migration, population growth, which should further accelerate economic activity not only in the lead up to the games but far into the future.
PRD chief economist Diaswati Mardiasmo said this growth rate would be consistent with the market’s past performance during the G20 summit in 2014 in Brisbane, when dwelling prices surged 112.7 per cent over 12 years from when the event was announced in 2003 to 2015, a year after it was held.
Brisbane house prices could more than double by the time the 2032 Olympic Games roll around, taking median home values above $1.4 million, an economist predicts.
“Brisbane is remarkably more affordable than the larger capitals and is already attracting the highest rate of intestate migration since late 2003, which are other factors that should help to boost Brisbane’s performance.”