And The Winner Is… Brisbane! 

WHILE the Olympic Games are seven years away, investors and developers are lining up work out what it means for the state’s property market.

The Olympic Games plan, particularly the focus on the Victoria Park precinct, is seeing optimistic projections for property prices in nearby suburbs. 

“New infrastructure and consumer confidence brought by the Olympics, as well as our growing reputation as a lifestyle destination as we step into the spotlight should put Queensland’s property market on the winner’s podium,” says chief executive of the Real Estate Institute of Queensland, Antonia Mercorella. 

She says suburbs near Olympic venues which could benefit include Herston, Kelvin Grove and Spring Hill. 

The Bowen Hills area could be expected to benefit from the upgraded RNA Showgrounds precinct including the main athletes’ village which will be converted to permanent housing post-Games. 

The Woolloongabba area is expected to benefit from the upgraded Gabba stadium, the Cross River Rail project, and proposals for a privately funded Brisbane Live Arena on the vacant GoPrint site. 

“People will see the Olympics as a great marketing opportunity,” Mercorella says. 

“We are already seeing real estate agents featuring if a property is within future Olympic infrastructure hotspots in their sales campaigns.” 

She believes investors will start flocking to some of the inner city areas affected, but she also sees opportunities for first home buyers. 

Brisbane real estate agent, Murray Pegg, of Aurora Property, also sees the Olympics as a major driver of the Brisbane property market. 

“We’re already seeing increased buyer and investor interest in areas set to benefit from the new infrastructure and transport upgrades,” he says. 

“Suburbs in proximity to the Games will benefit the most, including Kelvin Grove, Paddington, Herston, Woolloongabba, and New Market.” 

Pegg argues that all areas of inner city Brisbane will benefit directly from Olympic venue upgrades and improved transport infrastructure such as the Cross River Rail. 

“These locations are highly desirable due to their proximity to the CBD and upcoming investment.” 

“We expect gentrification to accelerate, especially in those areas that have been underdeveloped or overlooked in the past.” 

According to Colliers Queensland CEO Simon Beirne, Herston, Spring Hill, Bowen Hills, Fortitude Valley and Roma Street, have been nicknamed the ‘golden rings’. 

The once overlooked suburbs are predicted to boom and become vibrant, high-density urban areas, with investors and developers who move fast set to gain the most from it.

It’s due to their strategic position connecting the new 63,000-seat Victoria Park Stadium in Herston, the Athletes’ Village in Bowen Hills, and the National Aquatic Centre in Spring Hill.

“The Victoria Park precinct and surrounding suburbs are likely to see similar trends as investors position themselves ahead of major infrastructure rollouts,” Beirne said.

“Rising demand for housing, retail and office space will drive above-average capital growth, making these precincts key hotspots for developers, investors and businesses.”