Housing prices set to double in 2032 Olympics’ suburbs
Suburbs where Victoria Park is located are set to boom, with new developments like Oria set to see strong interest given their prime location opposite the venue.
Multiple suburbs are now on a fast track to double in price after confirmation billions will be spent on Olympic venues there, as experts predict those effects will spread.
Early projections by Place Advisory had pegged prices to almost double ahead of the event itself for suburbs that have designated Olympic infrastructure spending.
The Brisbane 2032 suburb price rises were expected to beat the 79 per cent hike seen in Sydney’s Strathfield in the decade ahead of the 2000 Olympics – especially given prices are already under major strain thanks to the pandemic boom.
MORE: Price of crumbling home hits $1.5m-plus in Brisbane
How NRL stars are banking an off-field fortune
Place Estate Agents CEO Damian Hackett is picking multiple suburbs to boom across Olympic zones now.
Scroll to end for Brisbane boom suburbs breakdown
Place Estate Agents CEO Damian Hackett said key suburbs named in Tuesday’s Olympic announcement were now on a strong growth trajectory for at least a decade.
“Billions of dollars are being invested into key Brisbane areas, which is predicted to increase property values and attract long-term growth.”
PropTrack records show the 64-hectare Victoria Park, which is set to be the venue of a brand new Olympic Stadium, spans three suburbs – Herston, Kelvin Grove and Spring Hill in Brisbane – where prices having jumped as much as 116.6 per cent since the pandemic, a result notched by units in Spring Hill.
Also set to surge are Bowen Hills, Fortitude Valley, Woolloongabba, East Brisbane and Kangaroo Point across Brisbane’s inner city – with others including Tennyson, Boondall, Chandler, Belmont and parts of the Redlands.
Several regional areas are also in line to see prices lift off increased amenities and infrastructure boosts including parts of the Gold Coast, Cairns, Townsville, Mackay, lower Sunshine Coast like Maroochydore, the Whitsundays, Rockhampton and Maryborough.
MORE: Worst suburbs for mortgage arrears revealed
$5m profit in five years: CEO’s insane offer for off-market Brisbane home
Paul Riga of Urbis says billions invested into Qld infrastructure will impact suburb prices.
Advisory firm Urbis director Paul Riga said the level of investment and ‘lifestyle uplift’ alone of living near world-class sporting and entertainment precincts often correlated with increased property values.
“We know from other host cities that long-term growth in property values can be linked to the lasting infrastructure improvements made for the Games.”
“Property values in Sydney lifted significantly in the seven years prior to the 2000 Olympic Games, increasing 8 per cent per annum across median apartment prices and 7.7 per cent per annum across median house prices,” he said.
“The five years following the Sydney Olympics saw the median apartment price grow a further 7.6 per cent per annum, while the median house price grew 12.8 per cent per annum.”
MORE: Aussie buyers’ slim chance of govt help laid bare
Tiny budget detail will have huge impact on home prices
Renders of Oria, one of the first developments that will hit the market soon after the area is confirmed for Olympic glory.
High profile property developer and Keylin head Louis Cheung went to school in the Spring Hill area and is currently developing Oria.
High profile property developer Louis Cheung – managing director of Keylin which is set to release its art-deco inspired Oria development opposite Victoria Park next month – said his future residents were in for “front row seats” to the Games now.
Mr Cheung said he’d seen the impact of the Olympics on property values first-hand.
“The hype is one thing, but the benefits are real and lucrative. Sydney’s experience was mirrored in London and Beijing, and it will be the same case for Brisbane.”
“We’ve always known Spring Hill was an incredible location, and I’ve had a personal connection with this area dating back to my school years,” Mr Cheung said.
“This will be felt not only in terms of the green spaces and world-class sports infrastructure at Victoria Park and the Centenary Aquatic Centre, but also the RNA Showgrounds and future Athletes Village, which are an easy two minute walk (away). It will be an extraordinary backyard for the future residents of Oria.”
Oria is being delivered by Brisbane-based builder CoStruct opposite the future Olympic Park.
Brisbane-based builder CoStruct has already begun the basement and podium levels for Oria, with the project designed by MAS Architecture set to be formally launched to market in April for 132 residences, and an insane rooftop with amenities perfect to now catch the Olympics fireworks/aerial display – for a price yet to be revealed.
Mr Hackett said the Brisbane 2032 Games would see “lasting improvements that will positively impact the local property market for years to come”.
“Historically, such large-scale projects drive interest and activity in surrounding areas.”
…………………….
BRISBANE OLYMPIC BOOM SUBURBS:
(Set for Strong Growth Over the Next 7-10 Years, Driven by Olympic Infrastructure):
Herston/Kelvin Grove
New Infrastructure: The new Olympic stadium at Victoria Park
Property Impact: “Significant increase in demand for property in Herston and Kelvin Grove. These two suburbs are likely to see a surge in residential investment and interest, with people seeking proximity to the state-of-the-art venue. We would anticipate improvements in transport infrastructure further enhancing the appeal of Herston and surrounds” – Place CEO Damian Hackett.
Spring Hill
New Infrastructure: Olympic Stadium & National Aquatic Centre
Property Impact: “Spring Hill will benefit from the development of the National Aquatic Centre and enhanced transport options. Property demand will likely rise as more people look to live near Olympic facilities and enjoy the improved amenities” – Place CEO Damian Hackett.
Bowen Hills
New Infrastructure: The Athletes’ Village located at the RNA Showgrounds – over 400 new apartments and substantial upgrades to local infrastructure, transport links to Olympic venues.
Property Impact: “The introduction of new residential complexes, alongside transport and infrastructure upgrades, will position Bowen Hills as one of Brisbane’s most sought-after investment hotspots. Post-Olympics, the area will feature build-to-rent (BTR) accommodation, providing a much-needed boost to the rental market and further enhancing the suburb’s appeal” – Place CEO Damian Hackett.
Fortitude Valley
New Infrastructure: The Athletes’ Village located at the RNA Showgrounds
Property Impact: “Fortitude Valley, being so close to Bowen Hills, will see increasing demand for housing as the infrastructure improvements make the area more accessible. The suburb’s cultural and commercial vibrancy, combined with better transport access, will make it attractive to investors and residents alike” – Damian Hackett.
Woolloongabba / East Brisbane / Kangaroo Point
New Infrastructure: “The GoPrint site is set to be redeveloped into Brisbane Live, a major private sector project – an indoor arena that will replace the original Roma Street proposal. Post-Games, the Gabba will undergo a transformation as part of an urban renewal project, evolving into a vibrant apartment precinct”.
Impact: “The transformation of the Gabba site will create a legacy, driving demand for apartment and investment options in Woolloongabba” – Place CEO Damian Hackett.
The post Housing prices set to double in 2032 Olympics’ suburbs appeared first on realestate.com.au.
