The selection of Brisbane as the host city for the 2032 Olympic Games marks a pivotal milestone in the city’s evolution. Beyond the excitement of being in the spotlight for two weeks of global sporting events, this opportunity heralds a transformative era for Brisbane’s commercial real estate landscape. While this will be the third time Australia hosts the Olympic Games, the 2032 Games carry a distinct, forward-looking ambition with greater focus on sustainability, integration with the existing landscape and enhancing long-term city planning to leave a lasting legacy for generations. We dive deep into what the 2032 Olympic Games really means for the Brisbane property market in the years to come.
Better infrastructure
The Queensland Government’s commitment to the Olympics is evident in its substantial investment in infrastructure. A record $4 billion has been allocated for the construction of new venues, including a multi-purpose stadium at Victoria Park, an aquatic centre in Spring Hill and another stadium in Bowen Hills at the RNA Showgrounds. These developments are about more than sports – they are catalysts for urban renewal. Areas like Herston, Spring Hill, Bowen Hills, Fortitude Valley and Roma Street are set to experience significant growth thanks to improved infrastructure and increased investment in the Brisbane commercial real estate market.
Bigger value
The ripple effect of the 2032 Olympics on property values is already becoming evident. According to analysts, it’s projected that property prices in Brisbane suburbs near infrastructure developments could almost double by 2032. Suburbs in the inner north and inner south of Brisbane are experiencing the sharpest increases. There’s already been noteworthy price jumps of up to 116.6% in suburbs near the new Olympic Stadium at Victoria Park, such as Kelvin Grove, Herston and Spring Hill. Similarly, Woolloongabba and East Brisbane are seeing significant appreciation in real estate prices thanks to the redevelopment of The Gabba. Securing assets in key precincts now before prices peak is on track to deliver substantial returns over the next decade.
Greater opportunities
The influx of infrastructure investment will invigorate the Brisbane commercial property market in a range of ways:
• Retail – Increases in foot traffic and consumer spending around Olympic venues will boost demand for retail spaces like department and speciality stores, supermarkets and convenience stores, and pop-up shops.
• Hospitality – With a surge in tourists and international visitors, the hospitality sector is set to thrive and drive demand for hotels, restaurants and event spaces.
• Office spaces – With the development of new commercial precincts, businesses will be attracted to moving to modern, well-located office spaces.
Navigate Brisbane’s evolving commercial landscape with Kelly & Co Property
When it comes to navigating the landscape of the Brisbane property market in the lead-up to the 2032 Olympics and beyond, there is plenty that investors and businesses can do to capitalise. Our top tips for those looking to invest in a new Brisbane commercial property, or enhance their existing investment portfolio:
• Location is key: Focussing on properties within the designated Olympic precincts and areas with improved infrastructure can yield substantial returns.
• Long-term perspective: While short-term gains are possible, the full impact of the 2032 Olympics on Brisbane commercial property values and future demand will unfold over the coming years.
• Diversify: Consider a mix of retail, office and hospitality investments to hedge against market fluctuations and capitalise on different growth drivers.
At Kelly & Co Property we specialise in strategic investment sales and asset management, with a strong focus on long-term value creation. Our strategic insights are built on decades of local experience, paired with an acute awareness of emerging trends, infrastructure developments and shifting economic conditions. Enquire now to learn how we can make the Brisbane commercial real estate market work for you.