Sunshine Coast property values tipped for major Olympic Games boost

Real estate giants have weighed in on how home prices on the Sunshine Coast could change in the lead-up to the 2032 Olympic Games.

Real estate agents have shared their insights on what home prices could be like on the Sunshine Coast in 2032.

Sunshine Coast real estate agents have shared insights on how the region’s housing prices could change in the shadows of the 2032 Olympics.

The Sunshine Coast is expected to gain new infrastructure and upgrades to prepare for the 2032 Brisbane Olympics Games, including an athletes village and 7000-seat arena in Maroochydore.

Heavy rail from Beerwah to Birtinya and “The Wave” bus interchange through Maroochydore to the Sunshine Coast Airport are also planned.

Real Estate Institute of Queensland Sunshine Coast chair and McGrath Buderim real estate agent Matt Diesel said property price growth in cities which had hosted the Olympics “varied wildly” under “unique economic contexts”.

Mr Diesel said the 2000 Olympic Games hosted in Sydney showed an 88 per cent uplift between 1997 and 2001.

He stressed that other factors contributed to the uplift and labelled the percentage not a reliable benchmark.

Real Estate Institute of Queensland Sunshine Coast chair and McGrath Buderim real estate agent Matt Diesel says all of South East Queensland will gain considerable growth in the coming seven years.

Mr Diesel said all of South East Queensland would gain considerable growth in the coming seven years as planned infrastructure come to fruition.

KPMG economic estimates show the Olympic Games could generate $4.6bn in economic development, $3.5bn in social benefit and 91,600 jobs in Queensland, Mr Diesel said.

He noted house values in key transport corridors – such as the upcoming heavy rail and The Wave – would particularly gain significant uplift as new infrastructure was unlocked.

“We have already seen the new draft town plan change to accommodate concentrated growth in these key areas,” Mr Diesel said.

The region’s converted coastal fringe, including Coolum Beach and Yaroomba, is expected to continue its currently strong growth.

An artist impression of Walker Corporation’s Horizon Centre proposal, featuring an arena and athletes village in Maroochydore.

“As a result we will see the same growth further inland as buyers choose to sell up to take advantage of this growth or simply to move taking advantage of these more affordable areas,” Mr Diesel said.

He said the Games would be a “once-in-a-generation opportunity” to showcase the state, drive investment and accelerate infrastructure, which all in turn were likely to affect the property market in coming years.

“While it’s difficult to isolate the Olympics’ direct impact on property prices, it’s reasonable to expect that prices will likely rise in the lead-up to and aftermath of the Games,” Mr Diesel said.

An artistic impression of Walker Corporation’s Horizon Centre proposal, an arena and athletes village in Maroochydore. Picture: Supplied

He noted prices would increase not just due to Olympic-related developments, but also “broader, fundamental economic drivers”, including monetary policy, housing supply and population growth.

In anticipation of the Olympic Games, billions of dollars will be spent on infrastructure to support the event, Mr Diesel said.

“The Games themselves are over in a flash, so we need to make sure that we’re maximising the benefit of that infrastructure post-Games,” he said.

Leading real estate principal Tom Offermann said major international events such as the Olympics were “powerful catalysts” for regional markets by introducing the areas to a global audience.

Tom Offermann Real Estate principal Tom Offermann.

The owner of Tom Offermann Real Estate said new infrastructure would also bring thousands of workers to South East Queensland, with many basing themselves on the Sunshine Coast.

Professionals and tradespeople working on developments were tipped to create a “strong pipeline” of buyers and tenants.

In turn, their wages and contracts will join the region’s economy and therefore strengthen retail, hospitality and services, and amplify property demand, Mr Offermann said.

Unlike Brisbane and its influx of development, Mr Offermann said the Sunshine Coast would offer a “natural escape and lifestyle extension” for visitors and gain “unparalleled exposure”.

“Combined with already limited land supply and increasing interstate migration, this demand-supply imbalance will further escalate values,” Mr Offermann said.

“In essence, the Olympics will bring more people, more money and more attention to the Sunshine Coast.”

In a recent newsletter written by Mr Offermann, he addressed predictions of Noosa Heads’ median property value reaching $4.3m by 2032.

He pointed out this would equate to an average 10 per cent growth per annum and compared this to the average 12.3 per cent growth the suburb has undergone annually in the past decade.

“With the Brisbane 2032 Olympic Games on the horizon and South East Queensland’s economy set to surge, the trajectory for Noosa remains firmly upward,” Mr Offermann wrote.