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Where homebuyers can expect Olympics to deliver gold before 2032

Business

The Olympics were likely to deliver significant real estate gains for Brisbane but they would be gradual and in specific locations, according to CoreLogic.

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The real estate research company said the benefits were likely to be near the specific infrastructure upgrades.

Woolloongabba was the most obvious beneficiary because this was where the Games would be based, however CoreLogic said it was already popular with investors with around two thirds of the housing stock in and around Woolloongabba rented.

It also had two major hospitals nearby (Princess Alexandra Hospital and the Mater) which was magnet for workers and was close to the CBD and would benefit from Cross River Rail.

“Currently, Woolloongabba unit prices are at the lower end of the inner south unit markets with a median unit value of $458,000; about $94,000 lower than Kangaroo Point’s median unit value, $85,500 lower than West End and $38,000 lower relative to South Brisbane.

“The lower price point combined with upcoming capital investment on infrastructure are likely to be a popular combination with investors and developers alike.  

“Other areas set to benefit would be the proposed sites for athlete villages, earmarked for Hamilton and Robina, along with areas set to benefit from transport infrastructure upgrades including the Gold Coast and Sunshine Coast via upgrades to the M1 Pacific Motorway and Bruce Highway which could be accelerated.”

CoreLogic said the most significant positive influence on the housing market was likely to be seen in the years leading up to the Olympics, rather than during the four weeks of the Olympic and Paralympic games themselves.  

“Large infrastructure projects tend to have a positive influence on housing prices, with the extra requirement for workers creating additional demand for housing during the construction process.  

“Large projects also tend to leave a legacy of a permanent housing demand uplift, either through additional employment or via other benefits such as improved transport options and travel efficiencies related to transport infrastructure projects as well as additional amenity introduced to the area including social and retail outlets. ”

 

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