Without a doubt, Brisbane securing the 2032 Olympic Games should be considered a watershed moment for our beautiful city. We have finally evolved into the global city we’ve always aspired to be.
Sure, it is over a decade away, but do not let that fool you – securing the rights to host the world’s most prestigious sporting event will be a boon for our economy – think infrastructure, construction, tourism… think jobs – starting now!
However, I’m not here to talk about just how great this is going to be for the local economy, I’m here to talk about the property market, and how this win will impact it in the short, mid, and long-term.
The major benefactors of this decision are property owners residing within 10km of Brisbane CBD.
So, let us get into why this stunning victory will change the face of the Brisbane property market.
- Infrastructure –Brisbane is already benefiting from a raft of major infrastructure projects, including the Cross River Rail. By securing the rights to host the games, this and more transport infrastructure will be fast-tracked. New transport infrastructure will be undertaken, enhancing our transport network.
- Jobs –Investment in infrastructure and major projects will lead to a once in a generation jobs boom, with new roads, tunnels and railways needing to be built and then maintained. People will be moving to Brisbane to get involved in getting our city ready for the Olympics.
- Tourism –Brisbane will be actively promoted to a global market, and with our new reputation as an Olympic destination, tourism will be bolstered (post-pandemic, of course). More global cities and destinations will learn about Brisbane and what the Sunshine State has to offer.
- Higher economic growth –The city will benefit from higher economic growth as a result of higher investment (both private and public).
- Global exposure – Brisbane, as a city, will receive huge levels of exposure, with over a decade’s worth of tourism advocacy and free advertising. This will make South East Queensland an even desirable place to live, resulting in more interstate and global migration, population growth, and accelerated economy activity.
What does this all mean for property owners and buyers in Brisbane?
More and more people will want to live in Brisbane and enjoy the lifestyle it has to offer. When you tie in this lifestyle, with the economic multipliers generated by our Olympic win, demand will only go up for Brisbane property – especially property within the inner-city ring.
The announcement will have an immediate impact on our market. Investors and owner-occupiers (local, interstate, and globally) will only become more frenzied in their desire to secure property in the Brisbane market.
Tie this in with the current competitive Brisbane market caused major supply issues, and we are in for a period of incredible growth. I foresee our city hitting new pricing levels that we’ve not yet seen, so strap yourself in for the ride.
Should you purchase in Brisbane now?
Only time will tell on how much the Olympic win will impact our local pricing, and I think we will start to see the impact sooner rather than later as interstate/global investors look to snap up a property before pricing runs off too much.
If you consider purchasing in Brisbane or have not had much luck with your current efforts, it might be time to look to an alternate strategy. Buyer’s Agents can assist you in undertaking market research as well as accessing valuable off-market opportunities.
Navigating the property market before this announcement was difficult; however, it may become even more difficult – the time might be right to engage a buyer’s agent to help you achieve your goals – be it a development site, investment property, upsize, or even your first home.