Source:https://www.news.com.au, Sophie Foster, First Published on March 26th, 2024

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.

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 set 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.

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.”

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.”

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.

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 set 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.

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.”

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.”

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.”