As the flaming Olympic cauldron lights up the “magnifique” Paris skyline, the Brisbane property market is already blazing with excitement for the 2032 Olympics. Experts predict a massive 50% increase in property prices ahead of the global event, capturing the attention of investors and homeowners alike.

According to recent data from PropTrack[i], Brisbane’s property prices are already on a remarkable trajectory, growing at an annual rate of 14.14%. This impressive growth places Brisbane third on the national podium, behind Perth, which leads with a gold medal-winning 22.52% yearly increase, and Adelaide, which follows at 14.61%.

Market activity on the rise

The Queensland market is buzzing with activity as appraisals have surged by almost 14% since April, according to the latest data from Raine & Horne. This uptick indicates a strong interest from property owners looking to capitalise on the current favourable conditions. “Simultaneously, the number of buyers has increased by 15% over the same period, underscoring the heightened demand in the Brisbane market,” said Angus Raine, Executive Chairman, Raine & Horne. 

This surge in market activity can be attributed to several factors, according to Angus. “The 2032 Olympics have undoubtedly fuelled optimism, as major infrastructure projects and global attention are expected to boost Brisbane’s economy and attractiveness.”

Angus adds that with perpetual attention focused on the southern capitals of Sydney and Melbourne, it is now time for Brisbane to shine in the run-up to the 2032 Olympics. "Moreover, now is the time to act if you're a homebuyer or investor because Brisbane is very affordable compared to the southern capitals. For example, a two-bedroom, two-bathroom apartment in Pyrmont within a javelin throw of the Sydney CBD will sell for around $900,000. A similar two-bedroom, two-bathroom apartment in Brisbane would cost between $520,000 and $550,000.

Infrastructure developments and economic impact

The Olympics are expected to bring substantial infrastructure developments to Brisbane, including transportation upgrades, new sporting facilities, and improved public amenities. Critical venue infrastructure, for example, is being funded by the Australian and Queensland Governments under the Brisbane 2032 Olympic and Paralympic Games Intergovernmental Agreement. This $7.1 billion venue infrastructure program will transform some of Queensland’s most significant venues and precincts[ii]. 

Gary Hassett, Queensland State Manager, Raine & Horne said, “These enhancements are not only geared toward the Olympic Games but are also aimed at long-term urban development.”

A prime example is the Olympic Park precinct, the most notable landmark to emerge post-Sydney 2000 Games, which sprung from a recast industrial wasteland. Despite facing challenges after the Games, the Park precinct, about 13 kilometres west of Sydney, has become renowned for its vibrant collection of world-class sports, entertainment, and business facilities. Hosting 230 businesses, Olympic Park accommodates a daily community of approximately 21,600 people and attracts over 14 million visitors annually. The 2030 master plan that aims to revitalise the Park’s legacy aims for zero carbon emissions and is anticipated to create more than 30,000 jobs[iii].

Gary adds, “Infrastructure projects linked to the Games are likely to enhance Brisbane’s liveability and appeal, making it an even more attractive destination for both domestic and international buyers and drive up demand for residential real estate.”

Increased tourism, job creation, and international exposure are among the other benefits that can drive sustained growth in the property market. “Brisbane is poised to leverage these advantages, with the property sector already showing signs of benefiting from the 2032 Games,” Gary concluded. 

For a free and no-obligation appraisal of your property, reach out to your local Raine & Horne agent today to discover the true value of your property.

 
[i] https://www.proptrack.com.au/home-price-index/
[ii] https://www.statedevelopment.qld.gov.au/industry/brisbane-2032
[iii] https://olympics.com/ioc/news/sydney-2000-20-years-on-sydney-s-olympic-legacy-brings-comfort-and-hope-in-turbulent-times