Owen Jacques Wed 11 Aug 2021
Brisbane might have won the 2032 Olympic and Paralympic games, but it could be regional Queensland’s property market that comes away with the gold.
A report from analysis firm CoreLogic highlights the probability of price increases across Brisbane in the lead-up to the 2032 Games.
Research director Tim Lawless said housing values across the south-east would likely increase more rapidly than in Sydney or Melbourne, but property prices on the Sunshine and Gold coasts, along with Toowoomba, would even outpace Greater Brisbane.
“Just in the last 12 months alone to the end of July, we’ve seen house prices on the Sunshine Coast increase by nearly 25 per cent,” he said.
“On the Gold Coast, they’re up a little bit more than 22 per cent. “We’ve seen Brisbane up 16 per cent, but that’s still quite a spectacular level of growth.” Mr Lawless said Brisbane house prices had gone up by an average of 3 per cent per year for the past 10 years. However, he said, in the lead up to the Olympics, that average increase could double.
For regions of the south-east, he said, the value of homes might go up even faster.
He said Australians had a “love affair” with the coastline, which would explain future growth.
But, he said, Toowoomba, with its airport, economy and jobs, was not to be overlooked.
“It’s within a relatively short commuting time from Brisbane, especially when you consider some of the transport upgrades,” Mr Lawless said.
The increase in infrastructure connecting parts of the south-east, particularly Toowoomba, and the two major coasts, will make all three regions more attractive.
Mr Lawless said while he didn’t expect Brisbane and the south-east to catch up to Melbourne or Sydney in terms of their “harsh affordability environment”, there might be little relief for those hunting for a home or battling to pay rent.
“We are seeing rents rising very quickly as well.
“So, both the cost of buying a home and renting a home has increased quite substantially.”