20.04.2023

Woolloongabba’s Win As Brisbane Secures Global Sporting Event

Future residents of Murcia can anticipate having an exclusive birds-eye view of the action in 2032, after it was announced that Brisbane would be hosting the Olympic Games.

A World-Class Upgrade

Over the next decade, a rush of global infrastructure investment will transform Brisbane into a new world city, with The Gabba the jewel in the city’s crown.

The stadium will undergo a $1 billion rebuild, increasing capacity to 50,000 spectators. “The changes that we’re going to see throughout this precinct will be a total transformation, something wonderful for all residents to enjoy,” says Lachlan Furnell, Chief Executive Officer of the Queensland Cricketers’ Club.

Come 2032, major projects like Woolloongabba’s new $5.4bn Cross River Rail station, $944m Brisbane Metro and $3bn Queen’s Wharf will already be complete. Around The Gabba, a new pedestrian plaza will link the stadium to the new transport stations.

For local sports, the promise of new and revitalised venues is a game changer, encouraging families and junior athletes into sporting endeavours and creating potential future champions competing at home.

This landmark sporting and cultural hub will write a new chapter in Woolloongabba’s rich story – andMurcia residents will have a grandstand seat to it all.

The major news is predicted to see growth surge both in the local property market and in the Queensland economy overall.

Queensland Government estimated in its value proposition statement that the economic benefits of the Games would come in at about $7.4 billion for the state, with an approximate 130,000 direct jobs expected to be created and the “social and community benefits” possibly lasting for up to two decades.

Brisbane’s property market is already seeing strong growth, with data from CoreLogic reporting prices up 13.2% over the last year, with Brisbane’s median dwelling price sitting at $586,142 on June 30. REA Insights also supports this, revealing Queensland has seen the strongest year-onyear growth in buyer searches compared to the other states, up 28% since August 2020, with buyer searches up 4.5% the week the win was announced.

When looking at Sydney 2000 as a benchmark, CoreLogic research director Tim Lawless said the Brisbane market could experience a similarly strong performance. Sydney’s dwelling values leapt by 60% between the 1993 announcement and the 2000 Games, almost double the growth in other capital cities according to CoreLogic figures.

Along with the potential capital growth, investors will be interested to learn about the already strong demand for rental product within Woolloongabba.

According to Urbis’ Market Outlook for Woolloongabba, published in July, one-bedroom lodgements have increased 26.8% per annum in the five years to March 21, while two-bedroom lodgements increased 25.8% per annum.

What’s more, new and near-new apartments are outperforming existing stock. On-the-market rental data shows new and near-new one-bedroom apartments within the catchment reach a median weekly rent of $420, 16.6% more than existing apartments, revealing the scope in investment opportunity for Woolloongabba.

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