‘Golden decade’ of real estate as prices to soar, better supply and public spaces by 2032

Eye-watering new data reveals just how much Brisbane, Gold Coast and Sunshine Coast median house prices near key 2032 Games venues could skyrocket by 2035.

Anna Perfetto and Robert Felesian on their apartment balcony overlooking the Gabba. They bought the adjacent unit as well because of an expected Olympics uplift. Picture: Liam Kidston

Brisbane is in the midst of a “golden decade’’ of real estate growth as eye-watering new data reveals median house prices near key 2032 venues could skyrocket to $2.6 million by 2035.

PRD chief economist Diaswati Mardiasmo has tracked South East Queensland’s average annual price growth from 2014-2023, which showed Brisbane’s current median of more than $960,000 could tip over $1.5m by 2032.

Dr Mardiasmo showed prices could then soar again, based on property values in the suburbs around Sydney Olympic Park in the three years after the 2000 Games.

This story is part of The Courier-Mail’s annual Future Brisbane series advocating for a focus on the right legacy outcomes from the hosting of the Brisbane 2032 Olympic and Paralympic Games. You can read all our coverage here

Median house prices around the Olympic Park rose a whopping 66.4 per cent from 2000 to 2003.

If the Sydney experience was repeated in Brisbane, median house prices could skyrocket to $2.6 million by 2035.

Based on the same projections, median house prices for the Gold Coast would be nudging $4.5m by 2035 and the Sunshine Coast would surge to $3.2m by then.

Dr Mardiasmo said price growth after the Gold Coast Commonwealth Games had not been as great as expected.

But even at half the growth rates in Sydney post-2000, there would be very significant growth in the southeast.

Investors are already positioning themselves in key suburbs near proposed Games venues and transport hubs, with marketing of some developments already spruiking their potential to cash in.

Anna Perfetto and Robert Felesian on their apartment balcony overlooking the Gabba, Kangaroo Point. Picture: Liam Kidston

Dr Mardiasmo said despite soaring prices impacting affordability,, an upside of the Games would be improvements to public spaces and more housing supply because of the extra capital likely to be attracted to the region.

As well, post-Games supply would be boosted by the conversion of Games athletes’ villages and reuse of other buildings and spaces.

Place Estate Agents CEO Damian Hackett dubbed the rundown to 2032 as the “golden decade’’.

“If you compare Queensland with other states we have a strong story,’’ he said.

“There might be external factors such as global markets that will make our property market go up and down before 2032, but demand will increase, which is a key driver.’’

Research by Place Advisory, released in September, found nine Brisbane suburbs already had recorded an uplift off Brisbane being named the Games host city.

At least 26 suburbs could see prices double.

Sales activity and prices for suburbs linked to Olympic infrastructure such as units in South Brisbane have risen 14.9 per cent, Hamilton has gone up 14.3 per cent and Woolloongabba by 12.3 per cent.

Houses in Tennyson were up a massive 55.8 per cent and Herston 21.1 per cent in the past year alone, while in the outer ring Manly houses jumped 45.2 per cent, Birkdale by 11.6 per cent, Petrie by 11.1 per cent and Boondall was up 10.1 per cent.

The Gold Coast Commonwealth Games Athletes Village. Brisbane can do better in turning sites like this into housing. Picture: AAP/Dave Hunt

Robert Felesina and his partner Anna Perfetto were so confident of a Games lift that last year they bought an adjacent unit in their Woolloongabba tower, via Place Kangaroo Point agent Chris Pilkington.

Two of their older children lived there and they lived with a teenage son in the other unit, which had sweeping views of the Gabba.

“We bought six years ago on location — we’re so close to Cross River Rail, the busway, Kangaroo Point, CityCat terminals and South Brisbane,’’ Mr Felesina said.

“The Olympics was a big motivation this time because of all the infrastructure.’’

The family joked that they called their balcony their corporate box because they were so close to the Gabba they could watch the action at the AFL.

Dr Mardiasmo said the state government’s Elevate 2042 legacy study released last year was upbeat on how the Games could help increase housing supply.

PRD chief economist Dr Diaswati “Asti’’ Mardiasmo.

Rio de Janeiro was one of several recent Olympics host cities which set out to improve affordable housing as part of Games legacy.

Residents living in favelas were controversially offered social housing as compensation for needing to relocate for major Games infrastructure projects and more low-income properties were built.

But poor planning and management saw many promises for housing security and improved utility services unfulfilled.

Micah Projects CEO Karyn Walsh said the new LNP government had to get cracking on building more long-term affordable housing, as well as crisis accommodation.

“If we don’t we risk (homeless) people being bussed out,’’ she said.

“It’s a big job ahead.

“The government has said they’re committed to housing targets — that needs to include social housing.’’

Dr Mardiasmo said LA2028 would provide another boost to the market because it would serve as a reminder that Brisbane’s turn was only four years later.

Originally published as ‘Golden decade’ of real estate as prices to soar, better supply and public spaces by 2032