South Brisbane set to benefit from Olympic fever

With Brisbane officially being announced as the host city of the 2032 Olympic Games, it’s safe to say the river city is swept up in Olympic excitement.

While the hype of hosting world-class sporting is expected, there’s something else Brisbanites are excited about – and that’s an estimated quantifiable economic benefit of $7.4 billion for the Sunshine State.

If you own a luxury apartment at Brisbane 1 Towers, in the heart of Brisbane’s prospective Olympic hub, you’re in luck – as property price growth and major world events go hand in hand. Here’s why.

Proven property price growth

PRD Chief Economist Diaswati Mardiasmo said previous largescale events in Brisbane such as the World Expo in 1988 and the 2014 Brisbane G20 Summit were good examples of host cities of events experience property price growth – with neighbouring suburbs of these events benefiting the most.

In speaking with Smart Property Investment, Dr Mardiasmo revealed in the 12 months after Expo ’88, property prices in South Brisbane and surrounding suburbs (where the event was held for six months) recorded a 19.1 per cent increase.

Brisbane’s G20 Summit, which was considerably smaller than the iconic Expo ’88, recorded a 6 per cent price increase in the 12 months after, with host suburb South Brisbane and its surrounding suburbs benefiting from a price growth of 10.3 per cent, according to Dr Mardiasmo.

Brisbane 1 offers buyers a prime opportunity in the highly desirable suburb of South Brisbane. Located on Peel Street and Cordelia Streetresidents are just metres from South Bank and future Olympics action!

Infrastructure Upgrades

Arguably the biggest beneficiary to property prices will be big-ticket development and upgrade to existing infrastructure.

By 2032, transport projects such as the Cross River Rail and the Brisbane Metro will already be up and running, but Brisbane City Council has acknowledged that infrastructure, road and public transport improvements will need to be brought forward to cope with the Games.

Those that live in a luxury apartment at Brisbane 1 Towers are already accustomed to the convenience of current nearby public transport options. The implementation of the Cross River Rail and Brisbane Metro projects is set to amplify that convenience. Cross River Rail will boast a 10.2km rail line from Dutton Park to Bowen Hills, and the Brisbane Metro route will cover 21 kilometres, connecting 18 stations along dedicated busways between Eight Mile Plains to Roma Street, and Royal Brisbane and Women’s Hospital to The University of Queensland. Both transport options will link at Roma Street and Boggo Road Stations, making it even easier for Brisbane 1 residents to travel across the city.

One of the most exciting new constructions will be Brisbane Arena, a multi-purpose live entertainment venue for swimming and water polo events. With capacity for 15,000 people, it will be located at the new Roma Street precinct and will be transformed into the city’s new home of entertainment.

What’s more, an Olympic International Broadcasting Centre is tipped to be constructed on Montague Road, and then converted into a seven-hectare parkland once the Games are over. While details of what the parkland will include are limited, Lord Mayor Adrian Schrinner has described it as a “multi-use parkland and suburban renewal precinct” that will be similar to South Bank’s parklands.

With Brisbane 1 positioned just 1.3km from Southbank and 400m from the proposed multi-use parklands, residents will be able to reap the social and economic benefits of these new precincts both during and after the 2032 Olympic Games.

At Brisbane 1, You’ll Be in the Heart of the Action!

Residents of Brisbane 1 will be in the box seat at the 2032 Olympic and Paralympic Games, with eight sports tipped to be played within a 20-minute walk of South Brisbane.

The following venues near South Brisbane will be used throughout the 2032 Olympic Games:

• South Bank Piazza (3×3 Basketball)
• South Bank Culture Forecourt (Archery)*
• Brisbane Convention and Exhibition Centre (Table Tennis, Fencing, Taekwondo, Badminton)
• Montague Road Parkland (International Broadcasting Centre)*
• Brisbane Arena (Swimming, Water Polo)*

*Venue is not constructed yet or will be a temporary construction.

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