In a historic move, the International Olympic Committee announced in 2021 that Brisbane’s bid to host the 2032 Olympic and Paralympic Games has progressed to a full vote, bringing a wave of anticipation to the region.
The spotlight is now on Redlands Coast, designated to host canoe slalom events, as the city shapes up for the monumental event.
City-shaping projects, such as the Birkdale Community Precinct and the revitalisation of Capalaba Town Centre, are already in motion, poised to play a crucial role in preparing Redlands Coast for the global spectacle.
As the landscape transforms, the question of how these developments will influence property values looms large, and experts are drawing parallels to past Olympic Games to provide insights into the potential impact on the real estate market.
As reported by ABC, historical data from Brisbane’s Expo 88 reveals a staggering 238 per cent surge in house prices over the 11-year lead-up to the event, hinting at the transformative power major international events can have on a city’s property market.
Proximity to planned venues is expected to be a key factor, with homes near these sites standing to benefit the most from the anticipated boom.
The scope of Olympic venues, spanning across south-east Queensland with major hubs on the Gold and Sunshine Coasts, as well as Redlands, adds a layer of complexity to the unfolding narrative.
PRD Chief Economist Dr Diaswati Mardiasmo has weighed in on the potential market dynamics, drawing parallels with previous host cities.
“The Olympics had long-term effects on previous host cities, with a strong tendency for housing supply and demand to increase, leading to healthy price growth,” Dr Mardiasmo notes.
Citing examples from Sydney, Tokyo and Beijing, she underscores the importance of strategic planning to avoid the underutilisation of new housing supply.
Rebekah Mikronis of Harcourts Victoria Point said: “The property prices in the Redlands may be influenced by several factors leading up to the 2032 Olympics.”
Gemma Coady from LJ Hooker in Cleveland said: “The current resilience of the Brisbane property market suggests a dual advantage for investors, offering both immediate and long-term gains, given the Olympics’ tendency to leave a lasting impact on housing demand.
“Despite recent cash rate hikes, high price growth is already evident in key suburbs and areas related to the 2032 Olympics, further confirming the resilience of property prices in these regions.”