With 2032 fast approaching, the buzz around the Brisbane Olympics is building. As major developments and infrastructure projects take shape across the city, questions are emerging about what the Games will mean for Brisbane’s housing and development sectors. Brisbane is one of the fastest-growing cities in Australia, with a population exceeding 2.5 million and a strong growth rate of 2.7% over the past year. This is generating excitement among developers, with new opportunities on the horizon, though it’s tempered by concerns about whether the city can keep pace with a growing population.
What do the upcoming Olympics mean for Brisbane’s housing market?
Generally speaking, the Olympics are set to stimulate the economy whilst increasing house prices, as demand rises. The games are expected to generate $8 billion in economic and social benefits, creating 91,600 new full-time jobs in Queensland. This is set to increase residents’ purchasing power and ability to enter the market, which historically drives property price growth.
Looking back at major events like World Expo 88 and the 2014 G20 Summit, Brisbane’s property market saw growth of over 14% in the two years that followed. Additionally, the 2000 Sydney Olympics saw property prices rise a staggering 60% between 1997 to 2003.
What are the expected development trends leading up to the 2032 Olympics?
1. New development hubs emerging
With over $7 billion predicted to be spent on the 2032 games, infrastructure projects are set to create development hubs in the suburbs closest to Olympic venues such as Woolloongabba, Albion and Hamilton. Some of the key infrastructure projects include the following:
Cross River Rail: Linking Woolloongabba to the CBD, to be completed in 2026
Brisbane Metro: Linking South Bank, the CBD and Herston, to be completed in 2027
Gabba Stadium Redevelopment: In Wooloongabba, to be completed in 2030
Athletes Village: Based in Northshore Hamilton, to be completed before the games
Brisbane Arena: Based in the Roma Street Precinct, to be completed before the games
2. Rise in sustainable development
The 2032 Brisbane Olympics are set to be the first “climate-positive” games, which is a huge feat and point of intrigue. This is indicative of a shift in Brisbane’s development industry, with buyers and the local government placing mounting pressure on developers to undertake greener practices. This is exemplified by the Queensland Government’s mandate that all new government buildings must achieve a Green Star rating of 4.5 or higher.
3. Increase in built-to-rent projects
The games are accelerating a national shift toward built-to-rent developments. This trend is indicative of the booming population growth many capital cities, including Brisbane, are seeing and is backed up by Queensland Government incentives. What can we expect as the Olympics draw closer? It’s predicted that we’ll see more high-rise developments within 5km of the CBD, with these developments putting a focus on lifestyle amenities and co-living spaces that create vertical communities for renters.
4. Fringe suburbs are set to see the biggest growth
Developers are encouraged to keep their eyes on suburbs within three to five kilometres of the CBD, known as fringe suburbs. The suburbs predicted to see the most growth are:
Woolloongabba: Property prices have already grown by 18.6% over the past 12 months
Bowen Hills: Property prices have already grown by 15.7% over the past 12 months
Dutton Park: Property prices have already grown by 11.5% over the past 12 months
East Brisbane: Property prices have already grown by 13% over the past 12 months
5. Brisbane to gain international investor interest
As expected, Brisbane will gain notoriety as a global city ahead of the games, as a predicted 5 billion people watch along in 2032. This amount of publicity will bolster Brisbane’s status on the global stage. Pairing this with foreign real estate investment hitting a five-year high in 2024 means the state’s capital is predicted to attract interest from international investors.
Disclaimer: This guide is intended for informational purposes only and should not be construed as professional advice. For specific advice, consult with a legal professional.
