Golden path to Olympics

Games announcement chance for Coast property to extend Covid boom

INVESTORS have a golden opportunity to reap the rewards of the Coast’s rising property market in the lead-up to the Brisbane Olympics, property experts say.

The 2032 host city announcement delivered a buzz to the three event zones – Brisbane, the Gold Coast and Sunshine Coast – with the Games tipped to inject $8bn in benefits to Queensland.

Property experts predicted increased confidence on the back of infrastructure upgrades, including the Coomera Connector road and extension of the light rail.

Real Estate Institute of Queensland Gold Coast chairman Andrew Henderson said growth could be expected in many parts of the city and not limited to suburbs closest to Olympic venues including Broadbeach, Benowa, Carrara, Coomera and Southport’s Broadwater precinct.

“A large-scale event like the Olympics is going to stimulate significant growth for the Gold Coast, especially in any areas around construction or upgrades of infrastructure like the proposed rail stations at Merrimac, Pimpama and Helensvale, and also the length of the route along the light rail where you will be able to walk to stations all along the Gold Coast Highway from Mermaid Beach to Coolangatta,” he said.

The satellite athletes village would provide another housing solution for the region, he said.

More than 2600 athletes and team officials will be housed at the athletes village at Collyer Quays in Robina.

Kollosche principal Michael Kollosche said the Games boon could add fuel to the city’s post-Covid houseprice boom.

“When you look at the history of cities who have been awarded the Games, most of them have had very strong growth leading up to those events, and I believe that would keep the property market quite stable, even if other areas of the country were to cool off,” he said.

Data following the Sydney Olympics in 2000 shows property prices rose when the host city was announced in September 1993.

Over the next 10 years median house prices increased more than 140 per cent, from $188,000 to $454,250 in 2003.

But with the Brisbane Games a decade away, Ray White Surfers Paradise director Andrew Bell said the market’s response to the pandemic was the key determiner.

“I don’t expect some sudden surge of buyers greater than what we already have ... but it is another factor that shows we have a really good 10 years ahead of us,” he said.

“(The Olympics) is another great contributor but it’s not a linchpin. It creates a big focus on the region and it will stimulate investment into this area, but that’s yet to be determined in any particular suburb.”

Propertyology analyst Simon Pressley said Games hype could buoy the market for a year after the event but broader economic factors had more impact on house prices.