If you’re looking to purchase property in Southeast Queensland, this could be the time to strike gold, with experts predicting housing prices will reach more than double in the next 11 years leading up to the 2032 Olympic Games.
Since the pandemic, Gold Coast has seen an influx of interstate migrations as inner-city Sydney and Melbourne residents have begun relocating for more space, lifestyle changes, and a better work-life balance.
According to CoreLogic’s monthly home value index, the Gold Coast is in the middle of the fastest market growth seen for 32 years, and it doesn’t look to be slowing down.
The 2032 Olympic Games will be held predominantly in Brisbane, with some events on the Gold Coast and Sunshine Coast. As a result, we will see a positive flow-on effect from the states capital, right throughout the south-east.
KPMG Research commissioned by the Queensland Government stated that it predicted $1.8 billion in economic benefits would be delivered from the Games.
With the world focusing on Brisbane in 2032, infrastructure and town planning adjustments will need to be made to support the Olympics’ capacity. With 21 venues in Brisbane, seven on the Gold Coast, and five on the Sunshine Coast to be built or updated in preparation for the Games, jobs are already rising. KPMG modelling predicted that there would be 91,600 new full-time jobs directly created by the Olympics, causing a spike in rental demands as well as a flow-on effect for people being able to afford upgrades in housing.
Sporting venues will not be the only construction needed, with a demand for new hotels to host the increase of guests. Transportation will also be a massive focus, with CoreLogic predicting that the most significant impact of these Olympic Games would be improved transport efficiency. Some changes are already underway, such as Stage 3 of the Gold Coast Light Rail, the Cross River Rail in Brisbane City, and major M1 and Bruce Highway upgrades.
In celebrating securing the spot, Mayor Tom Tate spoke about the future of infrastructure on the Gold Coast regarding hosting the games.
“I have long said that the Olympics and Paralympics is about two outcomes: great sporting rivalry and the acceleration of major city-building infrastructure for our incredible Gold Coast,” said Mr Tate.
The Games will exceed any previous event brought to Queensland in the past, including the 1982 and 2018 Commonwealth Games and Expo 88. With the predicted future growth, these facilities will be used to help sustain the future population size of Southeast Queensland.
Three Olympic villages have been proposed to be built in Hamilton, Brisbane, Maroochydore on the Sunshine Coast and Robina on the Gold Coast.
The Robina Olympic and Paralympic Village will be built on eight hectares of government-owned land adjacent to Robina Town Centre and will house over 2,600 athletes and officials. This facility will most likely be repurposed after the games as a mix of private and public housing, similar to the Athletes Village in Southport built for the 2018 Commonwealth Games.
With the promise of an increase in jobs over the next 11 years and the building of infrastructure to house the 2032 Brisbane Olympics, experts are predicting a run-on benefit to the whole community as they support the growing population. All real estate sectors, including commercial, residential and rentals, will benefit from this growth as rental demands increase, commercial property booms and job security allows more people to buy or upgrade properties.
While expert predictions are suggesting property prices will likely increase before the reach of the 2032 Olympics, now is the perfect time to take this golden opportunity to invest in the real estate climb.