Olympics ‘boom’ to bring gold to Qld’s regions by 2032

Queensland’s population is tipped to “boom” in the lead-up to the 2032 Olympics, with property values expected to grow in line with other host cities. And the regions are expected to strike gold.

Queensland’s population is tipped to “boom” in the lead-up to the 2032 Olympics, with property values expected to grow in line with trends in other host cities.

The Sunshine State is predicted to grow by 1.2 million people between now and 2036, four years after the Games, which is the equivalent to adding the populations of both the Gold Coast and Sunshine Coast.

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While Brisbane is the host coty for 2032 Olympics, regional centres will also host events. Pic Peter Wallis

And an exclusive new report from Colliers has revealed that regional areas will be the biggest beneficiaries of the $89 billion 4-year capital program, with populations in regions outside of the southeast expected to grow by up to 32 per cent by 2036.

“Over 65 per cent of the $13.3 billion expected to be spent in the next financial year will be directed to areas outside of Greater Brisbane,” the Queensland Regions to Reign report said.

“This substantial investment is expected to fuel development and prosperity in regional parts of Queensland with 84 per cent of the 500,000 new dwellings to be located outside of the Brisbane local government area between now and 2036.”

Regional Queensland is expected to see its population grow from 1.4 million to almost 1.6 million by 2036, which is over three quarters more than the previous decade, the report said.

It predicted that the biggest population increases outside of Brisbane would be in Ipswich (+58%), followed by the Sunshine Coast (+32%), Gold Coast (+31%), Cairns (+20%), Townsville (+19%) and Toowoomba (+11%).

Aerial shot of Townsville, which is tipped to see its population grow by 19 per cent by 2036, with the bulk of that expected prior to 2032

Colliers Queensland state chief executive Simon Beirne said the regions would “boom in the lead up to the Olympics” on the back of the largest capital program ever undertaken in the state.

“Not only are we seeing strong overseas migration, but we are also witnessing strong interstate migration to Brisbane from people being displaced from Sydney and Melbourne due to affordability, where the median house price in Q1 2023 was $1.89 million and $1.06 million respectively,” he said.

“This in turn will see a ripple effect where people in metro Brisbane, where the median house price is currently $995,000, will migrate to wider southeast Queensland (and) into regional areas, which offer far more affordable housing options.

“The current median house prices are $400,000 in Townsville, $520,000 in Toowoomba, $550,000 in Ipswich and $560,000 in Cairns.”

A new artist impression of the Gabba Stadium. Artwork Supplied Department of the Premier and Cabinet Brisbane Olympics 2032

Competition venues for the Olympics and Paralympics will include 22 venues in Brisbane, 6 on the Gold Coast, 4 on the Sunshine Coast, two interstate (Sydney and Melbourne) and three in regional Queensland (Cairns, Townsville and Toowoomba).

Barlow Park in Cairns and the Toowoomba Sports Ground will receive major upgrades to host the football preliminaries.

Townsville’s Queensland Country Bank Stadium will also host football games.

A general view of the crowd during round 23 between North Queensland Cowboys and Brisbane Broncos at Qld Country Bank Stadium. (Photo by Ian Hitchcock/Getty Images)

Mr Beirne said previous host cities of Olympic Games had seen long-term benefits in the form of increased housing demand, resulting in healthy price growth.

“Property values in Sydney surged by 57 per cent between the announcement of the 2000 Olympics in 1993 and the actual event, Barcelona saw increases of 130 per cent in housing prices ahead of the 1992 Olympics and London witnessed house price growth following the 2012 Olympics,” he said.

“It is expected that similar benefits will be seen in Brisbane, which will flow on to southeast Queensland and our regional areas.”

If Brisbane were to follow the same trajectory as Sydney, median house prices in the River City could hit $1,562,150 by the Opening Ceremony.

Brisbane house prices went ballistic during the pandemic property boom, with that expected to continue in the lead-up to the Olympics. Picture: Brendan Radke

The report said that population growth would need to be supported by more housing in order to keep affordability in check.

It said that most of the available land in southeast Queensland was in Logan, which had the potential to yield 110,493 dwellings, and Ipswich, with the potential to yield 97,608 dwellings.

In Regional Queensland, Townsville could cater for 40,207 dwellings, Mackay 14,925 dwellings, and Cairns 20,296 dwellings.

Barlow Park in Cairns will get a major upgrade. Picture: Brendan Radke

Colliers Queensland research manager Pragya Sharma said the Regional Movers Index had

underlined the dominance of Queensland among the top five regions nationwide, exhibiting the

largest share of net internal migration flows in the year to June 2023.

“There has been a significant increase in city dwellers relocating to regional areas, reaching the fourth highest level since 2018,” Ms Sharma said.

“The Sunshine Coast claims the first position in the latest reporting, followed by the Gold Coast, and Fraser Coast, all securing a spot in the top five list.

“Additionally, regions such as Toowoomba, Cairns, and Townsville have also witnessed growth driven by factors like affordable housing, job opportunities, and a thriving economy.”

Aerial view of Trinity Beach, on the northern beaches of Cairns. Picture: Brendan Radke

But those population pressures come as the supply of fully serviced residential land is at an all-time low, leading to higher land and property prices, Ms Sharma warned.

The report noted that while land scarcity was a “major concern”, the pandemic had also led to longer approval times, higher construction costs, labour shortages and logistical issues which were exacerbating construction problems.

“The shortfall is expected to contribute to the forecasted housing shortage, which will be particularly crucial as Queensland prepares for the Olympics,” the report said.

“Equally vital is the need to increase housing supply through strategic measures, such as easing planning regulations, expediting approval processes, and exploring opportunities to develop new areas with enhanced infrastructure or rezoning under-utilised spaces.

“However, it is crucial to accompany these efforts with initiatives aimed at addressing labour shortages to support the growth of the construction industry.”