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Brisbane’s Olympic Games win is great news for property markets

brisbane olympics effect on property market
It was recently announced that Brisbane’s bid to host the 2032 Olympic Games has been approved by the International Olympic Committee!

The Committee met in Tokyo in late July to make their official choice for the host of the 2032 Summer Olympic Games, and Brisbane was chosen as the winner. Sports fans are already celebrating the Games’ return to Australia. The good news doesn’t stop there though, because there can be a few huge benefits to becoming an Olympic host city, especially for local housing markets.

Although 2032 is over 10 years away, anyone looking to buy a home in Brisbane should be thinking about how the city will change to accommodate the Games. We’re going to take a quick look at some of the major changes Brisbane will make and how that’ll affect local housing markets.

Brisbane at a glance

Compared to Sydney or Melbourne, Brisbane can sometimes be dismissed as the small town it used to be. But the figures show Brisbane is Australia’s 3rd largest and fastest growing capital city, with 3.8 million people living in South East Queensland.

Brisbane’s property market is shaped by the city’s large footprint and its sheer number of commuter regions. The inner suburbs are as pricey as you’d expect, but look a little further out and millions of people are finding affordable homes in the outer areas.

Ipswich, Logan and Moreton Bay are the fastest growing parts of Brisbane, and they’re all expected to get a boost from the 2032 Olympic Games. Plans from the International Olympic Committee (IOC) want to make use of Brisbane’s large area, meaning more suburbs will benefit from the games.

 

brisbane olympics infrastructure development and housing market effects
Image source: The Conversation

The Olympics like you’ve never seen before

In the past the IOC has asked host cities to build sporting arenas and athlete accommodations in a central area. But the world has changed and the IOC has new ideas for 2032.

COVID-19 is a major problem for events like the Tokyo 2020 Olympics, and Tokyo isn’t the only Olympic city to have spent billions of dollars it won’t be able to recover. The IOC has a new vision for future Olympic Games that is more cost-effective, health-conscious and ensures they have better long-term effects for the host cities.

Early plans for Brisbane 2032 show that events will be spread out across the wider region and make use of infrastructure projects already in the pipeline. That’s great for COVID-19 health and safety reasons, and it means money that’s spent on preparing the Games will be spread out between more suburbs. Brisbane’s housing markets will shift as road, rail, sports and entertainment projects are brought forward, and it could lead to big growth in those affordable outer regions.

Major infrastructure upgrades

The 2012 London Olympics saw 180,000 spectators attending an event every single day, making for a total of 20,000,000 trips back and forth over the 16 days.

Brisbane’s road, rail, water, sewer and communications infrastructure will all need upgrades before they can accommodate so many visitors. The IOC’s new vision for the Games reduces the cost by working with infrastructure upgrades that are already in the pipeline for Brisbane over the next 5-10 years, some of which will have a huge impact on property markets.

Here’s just some of the big projects Brisbane might consider moving up to be ready in time for the 2032 Olympics:

  • SEQ Fast Rail Project
  • Cross River Rail Project
  • Coomera Connector
  • Centenary Bridge Duplication
  • Australian NBN Upgrades
  • Water Infrastructure Upgrades
  • Roads and Footpaths Funding

Sporting venues to be constructed or updated

Hosting the Olympic Games means getting dozens of sports venues and stadiums ready for use. In the past, the host city would spend billions constructing new facilities just for the Games, but Brisbane will use existing locations for 85% of the planned events.

To keep costs down Brisbane will build just a handful of new complexes, investing the rest of its money in upgrading existing locations. Australia is a sporting nation and having modern entertainment precincts nearby can be a huge draw for home buyers in a particular suburb.

The list of venues includes a handful of new projects, as well as upgrades or redevelopment for some of SEQ’s largest sports venues, including:

  • A new Olympic Stadium at Albion Park
  • A new Brisbane Indoor Sports Centre
  • A new Chandler Indoor Sports Centre
  • A new Whitewater Centre at Redlands
  • A new Flatwater Centre at Larapinta
  • Upgrades to Ipswich Stadium
  • Upgrades to Brisbane Aquatic Centre
  • Upgrades to Brisbane Entertainment Centre
  • Upgrades to Queensland Sport and Athletics Centre
  • Redevelopment for the Sunshine Coast Stadium

Athlete’s village to be sold as apartments

To help spread the Games across the region, Brisbane wants to use two separate Olympic villages. A large village will be built in Brisbane with room for 14,000 people, and the rest of the athletes will be housed in hotels on the Gold Coast.

Brisbane is especially interested in designing its main Olympic village to be useful once the event is over. The 14,000-bed facility will be designed so it can become apartments for buyers and renters. Such a large chunk of apartments becoming available at once could even cause a temporary slowdown in property prices for Brisbane’s most expensive inner suburbs.

Tourism and jobs will see a boost

Queensland’s tourism industry will be a big winner during the Games, with The University of Queensland predicting a $4.6 billion revenue during the 16-day event. The media coverage and increased interest in Brisbane will also have a long-term effect on tourism that could create as many as 91,600 jobs between 2022 and 2042.

All those jobs, as well as the ones created by the construction and infrastructure projects that will support the Games, could mean big population shifts. Outer suburbs that are affordable now could see even more growth as buyers flock to areas where those jobs are being created.

The long-term effects of the Olympic Games

Trying to predict which suburbs will benefit from the 2032 Olympic Games is a guessing game. Brisbane’s bid is convincing and well planned, but it’s still too early to tell which projects will go ahead and where they’ll take place. The only sure thing is that Brisbane will receive major infrastructure upgrades, and new jobs created in construction and tourism could lead to property booms in some of the city’s more regional areas.

So, if you’re thinking about buying a home in Brisbane, keep an eye on the city’s Olympic preparations. It could make a big difference to the value of your home, and a smart buy now could become a huge win thanks to the 2032 Olympic Games.

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