200 Percent Growth? Queensland’s Property Market Slated for Olympic Lift-Off

Prospective home owners will need to act fast if the findings of one property research firm come true.

According to Propertyology, Queensland house values could rise by a whopping 200 percent by the time the Brisbane Olympics arrive in 2032 if current trends continue.

The 2023 iteration of the Olympic Games will be spread widely throughout the Australian state with the main focus in its capital Brisbane.

“Subsequent to first being announced as host of the single biggest event in the world, Queensland real estate values have already increased by between 40 and 80 percent,” said Propertyology Head of Research Simon Pressley, in a statement.

“If that rate of capital growth from the last four years were to continue, the extrapolated result for the 11 years to 2032 would end up in the vicinity of 200 percent.

“Whilst 200 percent is an extraordinary rate of growth, that’s precisely what was produced during the 11 years ending 2010 without an Olympics.”

Pressley said he was more confident about the impact of the global event compared to four years ago, pointing to the new LNP government.

“Instead of wasting $0.9 billion on a renovation of the small and seriously outdated Gabba, Queensland will be investing close to $5 billion into developing an exciting entertainment precinct at a grossly underutilised piece of inner-city land at Victoria Point,” he said.

Queensland Premier David Crisafulli and his deputy Jarrod Bleijie pledged to develop “generational infrastructure” for the Olympics that could be later converted into either housing or remain in use for residents.

Pressley said infrastructure improvements, such as connecting passenger rail services from Brisbane to the Sunshine Coast, was a “game changer” for Queensland.

“The benefits to come from months of global marketing will be enormous for attracting future investment capital, supercharging visitor economies and increased internal migration,” he said.

South East Queensland has absorbed much of Australia’s domestic migration since the pandemic with many Sydneysiders opting for the region for the comparatively cheaper real estate prices.

According to the Real Estate Institute of Queensland (REIQ) CEO Antonia Mercorella, the past five years have seen growth for the state.

Mercorella pointed to the regional sugar cane city of Bundaberg, which has seen a 100 percent uptick in property values in just five years.

“Brisbane’s annual median house price has risen 72.86 percent in five years, now sitting at $1.21 million—and surprisingly, that rate doesn’t even make the podium finish for growth,” she said.