Brisbane’s inner-city property market set for Olympic-driven surge
Brisbane property market is set to boom following infrastructure development across key precincts for the 2032 Olympics Games, unlocking “golden rings” of opportunity for investors.
Despite being seven years away, the Brisbane 2032 Olympic and Paralympic Games are forecast to bring growth across the city’s residential, commercial, retail and industrial sectors.
A new report by Colliers showed that residential and commercial investment around Victoria Park in the inner city suburbs would benefit the most from the Games, as space has become scarce in the Brisbane CBD.
According to Colliers, the five areas of Herston, Spring Hill, Bowen Hills, Fortitude Valley and Roma Street, once overlooked, 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.
Colliers Queensland chief executive, Simon Beirne, said the five suburbs were nicknamed “golden rings” 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.
Bernie said the five golden ring suburbs would become the city’s new hotspots, following a surge in investment and development opportunities similar to what had been observed in previous Olympic cities.
“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.”
“The 2032 Olympics are set to be more than just a sporting spectacle; they’ll reshape Brisbane’s
inner city with world-class infrastructure, better public transport and an increase in investment,” he said.
Key developments for each area include upgrading Exhibition Station, which will draw foot traffic to Fortitude Valley and Bowen Hills, which hasn’t had much development despite having been declared a Priority Development Area in 2008.
Similarly, the Fortitude Valley Station will be upgraded and a new pedestrian will connect the suburb to Victoria Park.
New retail corridors are set to emerge along Anderson Street, St Paul's Terrace, Warry Street and Gregory Terrace.
Spring Hill will also be revitalised, with Boundary Street becoming its heart and Astor Terrace eyed as a future dining hub, with new boutiques, cafes and restaurants already emerging.
Similarly, connectivity will be improved on Roma Street, with upgrades set to boost office and retail demand.
Despite character homes limiting development scale, Herston’s improved transport links will drive growth in higher-density residential, short-term accommodation and medical-commercial use.
“There will be a significant amount of focus from the government and Brisbane City Council on connecting the precincts and linking Victoria Park to Suncorp Stadium and South Bank, providing many further commercial opportunities,” Bernie said.
Additionally, Beirne said that all suburbs in fringe areas have been forecast for industrial expansion, especially in logistics, warehousing and last-mile distribution.
“The Games will leave a lasting mark, making Brisbane a more connected, liveable city with revitalised precincts and a more competitive property market for years to come,” he said.
Colliers Queensland associate director of capital markets, Sam Arkell, said that the 2032 Games will have a long-lasting growth impact on the Brisbane economy and property market, similar to the London 2012 Games, where the growth is still felt 10 years later.
Previous research by Mortgage Choice had shown that following the Sydney Olympics in 2000, Strathfield property prices surged 79 per cent, with median house prices rising by 7.7 per annum in the seven years prior, and continuing to grow 12.8 per cent annually over the next five years.
The research had forecast Brisbane for even greater growth, as suburbs near the new Olympic stadium have jumped to 116.6 per cent in value since the pandemic.
Arkell said the Stratford precinct, which includes a 226-hectare park with world-class sports facilities, already draws 6 million visitors annually, and is set to house over 55,000 people by 2031 across 10,000-plus homes and new neighbourhoods.
“We can expect that astute developers will be looking for site opportunities within Brisbane Olympic precincts as early as possible in the lead-up timeline to capitalise on the potential value that can be unlocked from these sites prior to the Games,” Arkell said.
“The Cross River Rail and Brisbane Metro expansions will improve transport links to Victoria Park, improving accessibility and making the area even more appealing to businesses and investors.”
“Major sporting events offer unparalleled opportunities to put places on the map, accelerate their
development and transform the value of commercial real estate assets,” Arkell concluded.