Olympic property boom

Brisbane’s Olympic property boom set to push these suburb prices sky high

PHOTO: Suburbs like Woolloongabba are tipped to soar in the lead up to the Olympics. Photo: Tammy Law

House prices in key inner Brisbane suburbs are tipped to more than double in the decade leading up to the 2032 Olympics as economists predict an imminent golden age of property for the Queensland capital.

The city’s thriving inner east – including Woolloongabba and Dutton Park – and Albion, Paddington, Hamilton and Kelvin Grove are some of the hot spots expected to boom off the back of major infrastructure spending ahead of the games, with Greater Brisbane set to soar past the million-dollar median house price mark soon, experts say.

New data from PRD revealed Brisbane’s median house price could collectively rise to $1.2 million by 2032, with Hamilton – which will accommodate the athlete’s village – predicted to leap from its $1.65 million house price average to just under $4 million after the Olympics.

Tennyson, which currently boasts a median house price of just under $1 million, could rise to just over $2 million and Woolloongabba – where many Olympic events will be held at the Gabba – could also soar from its current median of $1.086 million to just over $2 million, the PRD report said.

 

Greater Brisbane suburbs Olympics analysis for houses
Suburb2011201620202021#Projected Growth Year After EventProjected Growth G20 Average
Brisbane
Hamilton$824,000$1,200,000$1,625,000$1,650,000$1,885,950$3,990,670
Tennyson$515,000$687,000$770,000$970,000$1,108,710$2,052,520
Chandler$1,040,000$1,200,000$1,650,000$1,600,000$1,828,800$3,385,600
Woolloongabba$623,000$775,000$875,000$951,000$1,086,993$2,012,316
South Brisbane$805,000$1,617,000$1,050,000$1,210,000$1,383,030$2,560,360
Redland Bay$450,000$525,000$575,000$638,000$729,234$1,350,008
Ipswich$325,000$326,000$420,000$435,000$497,205$1,052,086
Herston$697,000$737,000$885,000$908,000$1,037,844$1,921,328
Spring Hill$950,000$910,000$1,060,000$1,150,000$1,314,450$2,433,400
Gold Coast
Coomera (house)$353,000$488,000$515,000$550,000$628,650$1,163,800
Broadbeach (units)$463,000$550,000$593,000$625,000$714,375$1,322,500
Sunshine Coast
Alexandra Headland$570,000$920,000$1,210,000$1,110,000$1,268,730$2,348,760
Twin Waters$651,000$737,000$930,000$1,077,000$1,231,011$2,278,932
Source: PRD Research. #2021 encapsulates sales between 01/01/2021 and 30/06/2021

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