An Olympic-sized property boom is coming to the Sunshine State. With Brisbane and South-east Queensland set to host the 2032 Games, economists predict growth in rent and property prices of 20% a year in the region over the next decade.
In a few suburbs, the median house price is expected to jump as high as $4 million. The surge is owing to planned upgrades in transport and infrastructure to accommodate athletes and visitors.
Development for the Games is further strengthening a market that was already hot. Prices in Brisbane have surged 30% over the past year, with relative affordability near the CBD and record low interest rates attracting interstate migrants from New South Wales and Victoria.
If you’re a property investor looking to capitalise on all this expected growth, deciding where to buy can be a challenge. With more than 30 venues throughout the region set to host Olympic events, multiple areas will get a boost from the Games.
List Of Brisbane’s Best Suburbs For Investment
1. Woolloongabba
The Games will have a big impact on Woolloongabba, with median property prices forecast to jump from 1.09 million this year to more than $2 million by the time of the Games.
The suburb is home to the Gabba, one of Australia’s most famous stadiums, which will receive a $1 billion facelift to accommodate 50,000 spectators for the Games. The stadium will host the Opening and Closing ceremonies.
Suburbs close to Woolloongabba and the Gabba, like Annerley, Dutton Park and Coorparoo, are also expected to experience growth in prices.
2. Hamilton
One of the biggest Olympic-related median price increases is forecast to take place in Hamilton – from the current $1.65 million to a whopping $4 million after the Games. This will help improve the collective median price of Brisbane houses to $1.2 million by 2032, forecasts show.
The biggest driver of Hamilton’s massive increase in property values will be the Athlete’s Village, which plans show will be built on waterfront real estate within the suburb. The homes constructed to accommodate athletes will be sold to the public after the Games. Also forecast to add to the boom is the planned development of Brisbane International Cruise Terminal in Hamilton, to facilitate the world’s largest mega-cruise ships.
3. Tennyson
The Olympic tennis tournament will take place in Tennyson, and experts say real-estate prices there will almost double – from the current $0.97 million to $2 million. An ongoing bid to re-open the southside passenger rail line from Corinda to Tennyson will also lift prices, if successful.
4. Albion
The construction of a new village in the inner-north suburb of Albion has been labelled Queensland’s largest waterfront urban renewal project. The conversion of the Albion Park Paceway into an Olympic indoor stadium is expected to increase property prices here.
5. Paddington and Kelvin Grove
The development of Brisbane Live Arena at Roma Street is expected to help elevate property prices in Paddington and Kelvin Grove, which are both less than 3 km from the site of the arena. The new world-class venue, to be built right at the heart of the CBD, will be the entertainment hub for the 2032 Games and will seat up to 17,000 visitors.
Apart from infrastructure and transport line development specifically for the 2032 Olympics , major projects like the Cross River Rail, Brisbane Metro System and the Coomera Connector are set to be completed before the commencement of the Games.
This spree of projects all but guarantees that property prices in Brisbane will experience a sharp rise in the decade to come.
The properties in Brisbane are getting sold out at record rates due to the predictions of increase in value over the next decade.
If you would like to find your best option for purchasing a property in Brisbane, call our expert mortgage brokers at 1300 889 743 or fill out our free enquiry form.