The Olympics and the property market: how 2032 may affect property prices

McGrath Aspley
10/11/2024 | 3 MIN READ

What will the 2032 Olympics mean for Brisbane’s property market? Many good things! Let’s take a look. 

Brisbane’s trajectory

Brisbane already has strong growth momentum thanks to its: 

  • Growing population: From 2020-2023, Queensland’s population grew by nearly 300,000, including 120,000 interstate migrants lured north by the Sunshine State’s lifestyle and affordability.  
  • Surging property market: Since the pandemic, Brisbane’s median property values have increased 59.8%, more than 5 times the pace of Melbourne’s comparatively meagre 11.2% growth, according to the Australian Financial Review. 
  • Infrastructure upgrades: Considerable infrastructure improvements are already underway in Brisbane including: 
  • The Cross River Rail ($6.3 billion)
  • Brisbane Metro ($1.7 billion)
  • Brisbane Airport upgrades ($5 billion). 

Thanks to these factors, Brisbane has overtaken Melbourne as Australia’s second-most expensive city.

Then there’s the Olympics…

Brisbane real estate and the Olympics

Back in 1993, it was announced that Sydney would host the 2000 Olympic Games. This news triggered a flurry of activity and new developments for Sydney. Between 1993 and 2000, Sydney home prices surged by around 60%. That impressive growth was double that of Australia’s combined capital cities, according to Core Logic. 

Sydney was already recognised as a world city, thanks to its stunning waterways, Harbour Bridge and Opera House. London, Tokyo and Paris were also iconic global cities before the Olympics. Brisbane is not quite in the same league (yet!) so we may have even more to gain from becoming an Olympic city. 

Olympic preparations will add momentum to a city that is already on the rise. KPMG estimates that, over the next 20 years, the Games will deliver:

  • $8.1bn in total benefits for Queensland
  • 91,600 jobs.

Then there’s the need for new or upgraded sports facilities and air, rail and bus infrastructure. Such work generates jobs creating demand for homes. Perhaps that’s why: 

  • 70% of Brisbane suburbs recorded good quarterly growth in their median prices
  • 90% of Brisbane suburbs achieved more than 10% rental growth in the last 12 months
  • Vacancy rates remain extremely tight at just 1.1% in the Brisbane City Council LGA, reflecting a shortage of rental homes. 

As we get closer to 2032, the pace of work is likely to increase, bringing more workers and their families to Brisbane. 

Preparing for the Olympics

Planned work includes: 

  • The $2bn Brisbane Arena (Brisbane Live), a new 18,000 seat entertainment arena complex within the Roma Street Parkland, to be serviced by underground rail and busway infrastructure.
  • Athletes villages, including one at Northshore Hamilton
  • Upgrades to the Brisbane Aquatic Centre at Chandler
  • The new Brisbane Indoor Sports Centre – locations are being scoped at Zillmere and Boondall
  • Upgrades to Brisbane Stadium (Lang Park)
  • An International Broadcast Centre in South Brisbane.
  • A massive overhaul of South Bank
  • The transformation of Victoria Park.

Then there’s Queen’s Wharf. Though unrelated to the Olympics, the opening of the $3.6bn , resort, entertainment and casino complex, connected to South Bank by the new Neville Bonner Bridge, will draw both Brisbanites and visitors. 

Riding the wave

Now is the time to buy in Brisbane. The city already demonstrates strong performance,  poised to accelerate as we get closer to 2032. 

For sustained growth and rental demand, look for suburbs likely to experience long-term benefits from infrastructure upgrades to public transport or local services. 

If you’d like local insight from an experienced team, please call us at McGrath Aspley. We’d love to help make your property dream come true.