Will Queensland’s Property Prices Win Gold After the 2032 Olympics?

As the Paris 2024 Olympics draw to a close, the spotlight is already turning to future host cities, with Brisbane set to host the 2032 Games.

But let’s not get too carried away with the hype just yet…

The reality is that Brisbane’s construction costs have hit new highs, making it the second-most expensive city in Australia for building projects.

A recent report by Turner & Townsend’s International Construction Market Survey 2024 highlights a 6.5% increase in construction costs last year, bringing Brisbane’s average cost to approximately $4,259 per square meter, just behind Sydney’s $4,723.

The pressure is on as the countdown to the Games accelerates.

So, what does this mean for Queensland’s property market? The opportunity is clear: major infrastructure upgrades linked to the Olympics could drive property values higher over time.

The $7-billion investment promises to enhance transport, services, and amenities, potentially boosting local real estate.

But here’s the catch—past Olympics have shown that while property prices can rise, it’s not a sure thing.

Sydney’s 2000 Games saw an 88% increase in house prices, but that was amid broader economic prosperity.

Brisbane’s unique situation, with venues spread across the Gold Coast, Sunshine Coast, and other regional areas, could mean a more balanced economic benefit across Southeast Queensland.

The proposed Olympic athletes’ villages and potential new stadium are set to spread the benefits beyond Brisbane itself.

The Games could generate 130,000 direct jobs and bring in an estimated $7.4 billion in economic benefits. Still, the ultimate impact on property prices will hinge on broader economic conditions and market dynamics.

So, as Brisbane gears up for the 2032 Olympics, the focus should be on managing construction costs and ensuring timely, budget-friendly infrastructure delivery.

For homeowners and investors, it’s crucial to see the Olympics as a catalyst for change rather than a guaranteed property boom.

Enjoy the Games for their excitement and national pride but keep an eye on the broader economic landscape.

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Ready to make the most of the upcoming opportunities?

Reach out to Julie on 0417 619 414 to discuss how we can support your next big project in this exciting era for Queensland.