Multiple suburbs are on a fast track that could see as much as a doubling in home prices off billions being spent on Olympic infrastructure.
Early analyst projections have pegged prices to almost double by 2032 for suburbs at the heart of significant Olympic infrastructure spending, potentially beating the 79 per cent hike seen in Sydney’s Strathfield during the decade ahead of the 2000 Olympics.
PropTrack Home Price Index data shows Brisbane prices are already under major pressure, having jumped 80.0 per cent in the five years since the pandemic, with regional Queensland up even further (81.4 per cent).
The 64-hectare Victoria Park – venue of the new Olympic Stadium – spans three suburbs, Herston, Kelvin Grove and Spring Hill, where prices have already jumped as much as 116.6 per cent since 2020 alone – a result notched by units in Spring Hill.
Queensland Premier David Crisafulli announced the Olympic venues’ blueprint on Tuesday, with an array of suburbs now in the spotlight.
Among areas to now watch for prices spikes are Bowen Hills, Fortitude Valley, Woolloongabba, East Brisbane and Kangaroo Point across Brisbane’s inner city – with others including Tennyson, Boondall, Chandler, Belmont and parts of the Redlands.
Several regional areas are also in line to see prices lift off increased amenities and infrastructure boosts including parts of the Gold Coast, Cairns, Townsville, Mackay, lower Sunshine Coast like Maroochydore, the Whitsundays, Rockhampton and Maryborough – though no figures have been bandied about around what those price rises might look like outside the Queensland capital’s inner-city.
Paul Riga of Urbis says billions invested into Qld infrastructure will impact suburb prices.
Analysts can see an uplift ahead thanks to the sheer volume of Olympic level infrastructure investment.
Advisory firm Urbis director Paul Riga said the level of investment and ‘lifestyle uplift’ alone of living near world-class sporting and entertainment precincts often correlated with increased property values.
“We know from other host cities that long-term growth in property values can be linked to the lasting infrastructure improvements made for the Games.”
“Property values in Sydney lifted significantly in the seven years prior to the 2000 Olympic Games, increasing 8 per cent per annum across median apartment prices and 7.7 per cent per annum across median house prices,” he said.
“The five years following the Sydney Olympics saw the median apartment price grow a further 7.6 per cent per annum, while the median house price grew 12.8 per cent per annum.”
Renders of Oria, one of the first developments that will hit the market soon after the area is confirmed for Olympic glory.
Place Estate Agents head Damian Hackett said the Brisbane 2032 Games would see “lasting improvements that will positively impact the local property market for years to come”.
“Historically, such large-scale projects drive interest and activity in surrounding areas.”
He favoured eight inner city suburbs – named on Tuesday among Olympic host areas – to see “strong growth over the next seven to 10 years”. including Herston, Kelvin Grove, Spring Hill, Bowen Hills, Fortitude Valley, Woolloongabba, East Brisbane and Kangaroo Point.
High profile property developer Louis Cheung – managing director of Keylin which is set to release its art-deco inspired Oria development opposite Victoria Park next month – said his future residents were in for “front row seats” to the Games now.
Mr Cheung said he’d seen the impact of the Olympics on property values first-hand.
“The hype is one thing, but the benefits are real and lucrative. Sydney’s experience was mirrored in London and Beijing, and it will be the same case for Brisbane.”
Oria is being delivered by Brisbane-based builder CoStruct opposite the future Olympic Park.
“We’ve always known Spring Hill was an incredible location, and I’ve had a personal connection with this area dating back to my school years,” Mr Cheung said.
