Suburbs where Victoria Park is located are set to boom, with new developments like Oria set to see strong interest given their prime location opposite the venue.
Multiple suburbs are on a fast track that could see as much as a doubling in home prices off billions being spent on Olympic infrastructure.
Early analyst projections have pegged prices to almost double by 2032 for suburbs at the heart of significant Olympic infrastructure spending, potentially beating the 79 per cent hike seen in Sydney’s Strathfield during the decade ahead of the 2000 Olympics.
PropTrack Home Price Index data shows Brisbane prices are already under major pressure, having jumped 80.0 per cent in the five years since the pandemic, with regional Queensland up even further (81.4 per cent).
The 64-hectare Victoria Park – venue of the new Olympic Stadium – spans three suburbs, Herston, Kelvin Grove and Spring Hill, where prices have already jumped as much as 116.6 per cent since 2020 alone – a result notched by units in Spring Hill.
Queensland Premier David Crisafulli announced the Olympic venues’ blueprint on Tuesday, with an array of suburbs now in the spotlight.
Among areas to now watch for prices spikes are Bowen Hills, Fortitude Valley, Woolloongabba, East Brisbane and Kangaroo Point across Brisbane’s inner city – with others including Tennyson, Boondall, Chandler, Belmont and parts of the Redlands.
Several regional areas are also in line to see prices lift off increased amenities and infrastructure boosts including parts of the Gold Coast, Cairns, Townsville, Mackay, lower Sunshine Coast like Maroochydore, the Whitsundays, Rockhampton and Maryborough – though no figures have been bandied about around what those price rises might look like outside the Queensland capital’s inner-city.
Paul Riga of Urbis says billions invested into Qld infrastructure will impact suburb prices.
Advisory firm Urbis director Paul Riga said the level of investment and ‘lifestyle uplift’ alone of living near world-class sporting and entertainment precincts often correlated with increased property values.
“We know from other host cities that long-term growth in property values can be linked to the lasting infrastructure improvements made for the Games.”
“Property values in Sydney lifted significantly in the seven years prior to the 2000 Olympic Games, increasing 8 per cent per annum across median apartment prices and 7.7 per cent per annum across median house prices,” he said.
“The five years following the Sydney Olympics saw the median apartment price grow a further 7.6 per cent per annum, while the median house price grew 12.8 per cent per annum.”
Renders of Oria, one of the first developments that will hit the market soon after the area is confirmed for Olympic glory.
High profile property developer and Keylin head Louis Cheung went to school in the Spring Hill area and is currently developing Oria.
Place Estate Agents head Damian Hackett said the Brisbane 2032 Games would see “lasting improvements that will positively impact the local property market for years to come”.
“Historically, such large-scale projects drive interest and activity in surrounding areas.”
He favoured eight inner city suburbs – named on Tuesday among Olympic host areas – to see “strong growth over the next seven to 10 years”. including Herston, Kelvin Grove, Spring Hill, Bowen Hills, Fortitude Valley, Woolloongabba, East Brisbane and Kangaroo Point.
High profile property developer Louis Cheung – managing director of Keylin which is set to release its art-deco inspired Oria development opposite Victoria Park next month – said his future residents were in for “front row seats” to the Games now.
Mr Cheung said he’d seen the impact of the Olympics on property values first-hand.
“The hype is one thing, but the benefits are real and lucrative. Sydney’s experience was mirrored in London and Beijing, and it will be the same case for Brisbane.”
Oria is being delivered by Brisbane-based builder CoStruct opposite the future Olympic Park.
“We’ve always known Spring Hill was an incredible location, and I’ve had a personal connection with this area dating back to my school years,” Mr Cheung said.
“This will be felt not only in terms of the green spaces and world-class sports infrastructure at Victoria Park and the Centenary Aquatic Centre, but also the RNA Showgrounds and future Athletes Village, which are an easy two minute walk (away). It will be an extraordinary backyard for the future residents of Oria.”
Brisbane-based builder CoStruct has already begun the basement and podium levels for Oria, with the project designed by MAS Architecture set to be formally launched to market in April for 132 residences, and an insane rooftop with amenities perfect to now catch the Olympics fireworks/aerial display – for a price soon to be revealed.