Adam Empringham,
Director of Sales at Image Property.
Brisbane 2032 Olympics: What Southeast QLD suburbs will boom?
[lwptoc]Anticipation is building in South East QLD as Brisbane prepares to host the 2032 Olympic Games. Homeowners, particularly investors and those looking to buy or sell, opportunities are gearing up for a potential bonanza in key pockets of Brisbane.
The Gold Mine in Brisbane’s Backyard
Key suburbs in Brisbane, the Gold Coast, and the Sunshine Coast, earmarked for the construction of the 2032 Games, are proving to be a future gold mine for residents and real estate enthusiasts alike. Research conducted post the city’s successful bid for the global event reveals the potential for substantial long-term growth in housing in these areas.
A Housing Boost for Brisbane
Brisbane is set to receive a significant boost. The city will see the construction of 433 new apartments to accommodate athletes and officials, forming a part of the 10,000-bed athletes’ village.
Hamilton: A Construction Hub
Northshore Hamilton, slated to become the primary village for Olympic and Paralympic athletes, is undergoing a substantial transformation. The revamped area will not only house athletes but also feature new residential, retail, and commercial ventures. Domain’s predictions suggest that the median house prices in Hamilton could experience a significant jump from $1.65 million in 2023 to a median house price of $4 million by 2032.
Chandler’s Rise
Chandler, home to the Brisbane Aquatic Centre and the host for swimming events, is another suburb expected to benefit from the Games’ magic. According to Domain, the median house prices in Chandler are projected to surge to $4 million by 2032, a considerable increase from current median of $1.98 million (2023).
Surpassing the Million-Dollar Mark
Domain reports that several suburbs, currently considered more affordable, are anticipated to break the $1 million (median) mark by 2032, including Tennyson, Redland Bay, Ipswich, and Beaudesert.
Construction Boom Across Brisbane
As part of the Games preparation, Brisbane will experience the development of two hotel towers with 181 apartments at Woolloongabba, the main Olympic stadium site. Additional projects include a 182-room hotel at Mooloolaba, a 196-room hotel tower at Broadbeach on the Gold Coast, another 252 apartments in Broadbeach, and the massive 10,000-bed athletes’ village in Hamilton.
In perspective, the Sydney Olympics in 2000, saw 815 units, 900 townhouses, and 300 houses built for athletes and officials ahead of the Games. Brisbane’s current developments signal a promising era of growth and opportunity for the city’s real estate market.
As Brisbane prepares to host the Olympic Games, residents and investors alike are keeping a close eye on the unfolding real estate landscape, ready to seize the potential unleashed by the 2032 Olympics.
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