04.05.2023

The Brisbane suburbs poised to boom

History has shown that host city property prices rise in the years leading up to the Olympic Games, and Brisbane's current turnaround may be the start of a more sustained real estate uptick.

Faith in the 2032 Olympics’ ability to push Brisbane property values ever higher is backed by past host- city data which, in Sydney’s case, shows property values leapt 60 per cent from its 1993 bid win announcement up to the Games’ start in 2000.

On the same trajectory, Brisbane is nine years out from lighting the Olympic torch and already in the throes of new investment in infrastructure, roads and public transport networks.

On hearing about Brisbane’s win, Besa Deda, Chief Economist, Westpac Business Bank, said there could be $17 billion of economic and social benefits for Australia, with around $8 billion of that flowing into Queensland.

“Most people think the Olympics will attract more international migration to Brisbane because we’ve always had a lot of interstate migration from Melbourne and Sydney coming up, but not many people come directly from overseas, so the hope is that international immigration will increase property prices,” Scott Thomas, Head of Operations, Belle Property Brisbane, told Australian Property Investor Magazine.

“The government is redeveloping the Gabba, which will be the main Olympic stadium, but they’re also creating a new sports precinct to the north in Albion, and an underground cross river rail system that goes from Woolloongabba to the city.”

The Brisbane Council in late 2022 announced the Breakfast Creek Sports Precinct would cover a 29-hectare area adjacent to a new state government indoor sports centre, in preparation for the Olympics at Albion.

Mr Thomas said Woolloongabba, which is home to the iconic Gabba, is a suburb to watch, along with Camp Hill and Coorparoo, because of new developments and the rail system connecting the east Brisbane suburbs to Brisbane city.

“In all of those areas the rents have jumped up a fair bit because there’s lots of warehouses that have been rebuilt there, either as new builds or renovations, plus the lifestyle in those areas is good and they’re prestigious locations,” Mr Thomas said.

Original article published on Australian Property Investor 3rd May, 2023

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