There is no doubt that Brisbane’s winning bid to host the 2032 Olympic and Paralympic Games will have a significant impact on the city. Infrastructure and development in the lead up to the big event will change the city landscape and leave an Olympic legacy in the years following.
With all these big changes in the pipeline, many Brisbane residents may be wondering what impact the Games will have on their home, and the broader property market. While we can’t predict the future, we can begin by looking at the experiences of past host cities to see what might be in store for Brisbane.
Past indicators show that the city’s housing market is likely to see rising property prices in the lead up to 2032. This isn’t the impact of the games themselves or of increased international attention, but the result of significant infrastructure projects.
Enhanced infrastructure generally has a positive influence on housing prices, providing upgraded public amenities and better transport options which are draw cards for those looking to buy. Further, we can likely expect a boom in construction to accommodate workers flocking to Brisbane and the surrounding areas to work on these large-scale projects.
This is great news for investors looking to get into the sunshine state’s property market, and those who are already homeowners can expect to see an increase in their property’s value. However, increased demand and rising property prices are likely to make it more difficult for first-home owners to break into the market.
While the pandemic has already seen Brisbane’s property market boom, with Smart Property Investment noting the number of $1 million plus suburbs increasing by over a third this past year, the 2032 Games could take this to a new level.1
However, it is important to remember that these changes are not set in stone, and any impact will be felt gradually over the next 11 years as these projects and developments come to fruition.
This blog post is for general information purposes only and is not intended as financial or professional advice. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product or other professional advice. You should seek your own independent financial, legal and taxation advice before making any decision about any action in relation to the material in this article. Railways Credit Union Limited trading as MOVE Bank ABN 91 087 651 090. AFSL/ Australian Credit License number 234 536 | ABN 91 087 651.