• Significant Housing Capital Growth
• Large Increases in Population above other States & Territories
• Massive Creation of Employment
• Huge Investment in Infrastructure
All of this will occur over the entire period from the announcement of Brisbane as the Host of the 2032 Olympics Games, until after the Games completion.
Why the Olympics?
One of the main goals of the Olympic Games, is to accelerate the delivery of long-term plans needed to support growth across Queensland, particularly for the SEQ (South East Queensland) region which is expected to grow by 1.9 million residents and 800,000 homes over the next 20 years.
The proposal for Brisbane to become a Summer Olympics host city in 2032 has multiple benefits that could consolidate the transition of Brisbane into a well-known global city. At a high-level, the proposal had the goal to enhance the liveability of the region, support a healthier and more integrated community and create financial and economic prosperity for Queenslanders.
Here are the following key benefits and legacy outcomes:
• Estimated State economic benefits of around US$6.1 billion. Colliers estimate that this is equivalent to
about 2% of the 2020 State Final Demand
• Estimated national benefits of around US$13.1 billion (including export uplift)
• Creation of 91,600 FTE for Queensland and 122,900 FTE nationally. Colliers estimate that 91,600 job
opportunities represent about 3.5% of the number of State employed people reported in April 2021
• Delivery of several qualitative social and community benefits over a 20-year period
Expected Brisbane Population Growth – It Will Big
Colliers have completed a high-level historical trend analysis of overseas migration to Australia. Without disregarding the influence of migration policy, our analysis has revealed that the 2000 Sydney Olympics seems to have underpinned a significant growth in overseas migration nationally during the period of 1999 to 2001, from 79,162 net overseas migrants in 1998 to 135,673 net overseas migrants in 2001, with NSW receiving the largest share of net overseas migration over the period.
This growth was largely supported by the increase in the number of temporary visa holders providing evidence as to how global exposure gained before and during the Games sets up the pillars for solid temporary overseas migration growth to Australia in the new millennium.
Similarly, the 2032 Brisbane Olympics has the potential to accelerate the consolidation of Brisbane as a global city, with the capacity to compete globally, potentially at a similar status to Sydney and Melbourne. A The successful Olympic bid is expected to showcase SEQ and Queensland as a world-class destination globally reaching at least 50% of the population around the world.
The Olympics and Property
Experts predict the median house price across Greater Brisbane is expected to soar past $1.2 million within a decade or 40 per cent above the 10-year average. Brisbane's property market is already booming, with CoreLogic data showing Brisbane’s median price for all dwellings rising by 13.2 per cent in the last 12 months and reaching an all-time high of $586,142 at the end of June.
And with the Olympics coming to town in 11 years, Ray White chief economist Nerida Conisbee said Brisbane was poised for a “golden decade of property prosperity”.
Housing data drawn from Sydney’s successful 2000 Games showed property prices rose at a phenomenal rate as soon as Juan Antonio Samaranch declared “Sydenee” the winner in September 1993.
In the decade that followed Sydney being awarded the 2000 Games, the median house price rose more than 140 per cent, from $188,000 in 1993 to 454,250 in 2003
If Brisbane’s housing market follows a similar trend, the median house price across Greater Brisbane would jump from $516,000 to more than $1.24 million by 2031.
Note - Over the same period (1993-2003), the Brisbane median house price jumped 83% (Sydney 140%)
The initial surge in demand, for both houses and apartments, will be generated through an influx of workers, for major infrastructure projects, says CoreLogic’s head of research Tim Lawless.
The jewel in the Games bid is a $1 billion overhaul of the Gabba which will increase the stadium’s capacity to 50,000. The planned upgrades feature a plaza linking the venue to the Cross River Rail Station which is currently under construction.
It’s expected a large chunk of the workforce, such as tradies, will to relocate to Brisbane from interstate and intrastate and that will place upward pressure on rental vacancies, Mr Lawless said.
“The 2032 Games are about so much more than hosting the world’s largest sporting event; beyond the medals and competition, it will create a decade of opportunity and position the region as a global force in investment, tourism and business confidence. This unprecedented confidence and global attention will create the perfect opportunity
to deliver region-shaping infrastructure, not just for the Games, but more importantly to help local families get around the region safer and faster.”
Scott Smith. CEO, Council of Mayors, South East Queensland