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Property market the real winner of the 2032 Olympics, says study

Business

New research has forecast a successful bid for the 2032 Olympics will touch off a long and sustained boom in south-east Queensland’s property market, driven by a surge in migration and new opportunities opening up around the transport infrastructure the Games will produce.

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A paper compiled by property firm Colliers says hosting the Olympics would offer Brisbane a “final step” to raising its global business and investment profile to similar levels enjoyed by Sydney and Melbourne.

Despite the bid details showing that 84 per cent of competition venues for the Games already existed or would be temporary, Colliers believes the Olympics will trigger investment in new infrastructure throughout the region.

Colliers’ Queensland chief executive Simon Beirne said industrial real estate in particular would benefit.

“The recovery of net interstate migration to Queensland along with the systematic boom of ecommerce has kicked off an upward trend on industrial property values underpinning demand on industrial precincts in Brisbane but also regionally,” he said.

He said a successful Olympic bid would accelerate logistics leasing demand in and around Brisbane.

The firm’s director of residential Andrew Scriven said the Olympics, combined with low interest rates and increased migration, would change the landscape of the SEQ property market.

“This means that property prices will continue to grow at rates above their historical averages, making it a good location for investment and development activity,” he said.

Colliers’ analysis of where foreign companies decided to base themselves in Australia found that only seven per cent chose Queensland as a place of business.

However, it said winning the right to host the Olympics would boost the region’s international exposure as a place with a diversified and strong economy, efficient public transport and modern infrastructure.

“It also could also enhance the business investment profile of the region at a global level demonstrating its potential to become a location for transnational companies to operate and compete at a similar status with Sydney and Melbourne,” the researchers said.

On jobs, the firm used the Council of Mayors’ feasibility study into the benefits of hosting the Olympics as a guide to estimate how white-collar job creation would fare in the lead up to the games.

“Assuming white-collar employment has historically represented about 65 per cent of the total employment within the State, we expect a successful Olympic bid will create 3,250 new white-collar jobs annually in SEQ over the next decade,” it said.

“This means that SEQ office net absorption has the potential to increase by 45,500 square metres annually for the next 10 years.”

But the big market drivers would be the public infrastructure projects the Olympics would provide the catalyst for: the Brisbane Live stadium, the Sunshine Coast mass transit project and the extension of light rail on the Gold Coast.

The International Olympic Committee has already given Brisbane preferred bidder status for the 2032 Games but is expected to make a final decision on July 21.

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