Australians are pumped for the Brisbane Olympic Games, and so should be the homeowners in pockets of the Queensland capital where the action will be.
Residents in key suburbs in Brisbane, the Gold Coast and the Sunshine Coast, where 2032 Games’ infrastructure will be built, are sitting on a future gold mine, according to new research released a year after the city secured the global event.
Hosting an Olympics and a Paralympics can add long-term housing to a major city, the PRD real estate agency research paper found.
Brisbane, which could do with more housing to meet the demand caused by interstate migration during the pandemic, will score 433 new apartments to house athletes and officials and a 10,000-bed athletes’ village.
“Now is a golden opportunity to harness the potential of creating a well-informed housing supply legacy that targets a range of demographic needs,” PRD’s research team wrote in the report. “Queensland can aspire to what other Olympic Games delivered for housing supply.”
Hamilton will be a hive of construction in preparation for the Games.
Northshore Hamilton will be transformed into the main village for the Olympic and Paralympic athletes.
The revamped area will include fresh residential, retail and commercial ventures.
PRD predicts that house prices in Hamilton, along the Brisbane River and known for its restaurants and nightlife, could jump from $2.197 million to $5.314 million.
Chandler is also expected to benefit from Games’ magic – the suburb, as home of the Brisbane Aquatic Centre, will host the swimming.
Prices in Chandler are expected to break $4.189 million (up from $1.98 million).
Suburbs that are anticipated to shatter the $1 million mark thanks to the Games include Tennyson, Redland Bay, Ipswich and Beaudesert, which currently rank among the more affordable, six-figure postcodes.
Brisbane’s Games-prep construction boom will include two hotel towers of 181 apartments at Woolloongabba, which will be main Olympic stadium site; a 182-room hotel at Mooloolaba; a 196-room hotel tower at Broadbeach on the Gold Coast; another 252 apartments in Broadbeach; and the 10,000 bed village.
In the case of the Sydney in 2000, 815 units, 900 townhouses and 300 houses for athletes and officials were built ahead of the Games.
The Tokyo organising committee added 9,777 apartments and 1,637 other dwellings, PRD revealed. London boosted its housing supply by 4,501 new apartments and in Athens, soil was turned for the creation of 2,292 apartments.
Article source: Queensland Property Investor