Brisbane’s Property Market: A Golden Opportunity with LNP Victory and 2032 Olympics on the Horizon.

With the Liberal National Party (LNP) recently securing a majority government in Queensland, the state’s capital, Brisbane, is poised for a new phase of growth—one heavily shaped by government infrastructure commitments and preparations for the 2032 Olympics. The combination of these elements is projected to bolster Brisbane's status as a national investment destination, with long-term implications for property values, rental demand, and community growth.

Here's a deeper dive into what this means for the Brisbane property market:

1. The Gabba Stadium Redevelopment: A Catalyst for Growth in Woolloongabba and Beyond

The $2.7 billion redevelopment of The Gabba stadium would be one of Brisbane’s flagship projects in preparation for the Olympics. Already a well-loved venue, The Gabba would be transformed into a state-of-the-art facility that serves as the Olympic hub, reinforcing Woolloongabba as a central point of activity, culture, and commerce.

Beyond the stadium itself, the redevelopment includes plans for new lifestyle amenities, green spaces, and infrastructure to support increased foot traffic and tourism. The effects of these improvements on local property values are expected to be substantial. Investors and homeowners alike are likely to see rising demand for real estate in Woolloongabba and surrounding areas, driven by the influx of residents, businesses, and tourists seeking proximity to a major Olympic venue.

Historically, cities hosting the Olympics have experienced a significant boost in local property markets. For instance, London’s property prices around the Olympic Village increased by nearly 65% in the six years following the 2012 games

Brisbane may see a similar trend, with Woolloongabba and other neighbouring suburbs like South Brisbane, East Brisbane, and Highgate Hill becoming hotspots for residential and commercial real estate growth.

2. Infrastructure Upgrades Transforming Brisbane’s Accessibility

In tandem with the Gabba redevelopment, Brisbane is undergoing major infrastructure improvements, including the Brisbane Metro and Cross River Rail projects. These developments are designed to ease congestion, reduce travel times, and connect previously underserved areas to key hubs within the city.

• Brisbane Metro: This high-frequency rapid transit system will connect areas like St Lucia (University of Queensland) and the Royal Brisbane and Women’s Hospital in Herston, providing reliable public transportation options to these key locations. Improved access to education and healthcare hubs will drive property demand as more residents seek the convenience and lifestyle associated with inner-city living.
• Cross River Rail: The Cross River Rail project will introduce new stations and enhance existing ones, significantly improving transport options across the city. With new stations planned for Woolloongabba, Boggo Road, and Dutton Park, this rail expansion promises to make commuting easier for both residents and visitors. Property values near these transport corridors are likely to see upward momentum, particularly as accessibility becomes a priority for buyers and renters alike.

Improved connectivity and transit routes have a history of increasing property values, as seen in cities like Sydney and Melbourne, where well-connected areas consistently outperform the market. For investors, Brisbane’s infrastructure upgrades present a unique opportunity to tap into suburban markets primed for growth.

3. High Rental Demand and Housing Pressures

The rental market in Brisbane is already facing unprecedented demand, with vacancy rates hovering near record lows. According to recent data, rental listings in Brisbane are down by almost 23% year-on-year. While the LNP's potential incentives for developers may provide some relief by encouraging the construction of new housing, it will take time before the effects are felt.

Brisbane’s popularity with interstate movers only adds to this pressure. People from across Australia are relocating to Queensland for its affordability, lifestyle, and climate, driving increased competition for rental properties. These dynamics make the rental market particularly lucrative for landlords, though they present challenges for tenants as rental prices climb and availability remains limited.

The long-term effect of these trends means that rental yields in Brisbane are likely to stay strong, especially in areas with access to infrastructure and Olympic-related developments. For investors considering rental properties, suburbs near the Gabba, along the Metro line, or close to Cross River Rail stations could be ideal targets, as demand in these areas is unlikely to slow.

4. Migration and Long-Term Investment Potential

Queensland’s migration numbers have been some of the highest in the nation, with many Australians drawn to the state for its relative affordability, high quality of life, and emerging opportunities. Brisbane, in particular, is seeing a steady influx of residents. This population growth is expected to continue as the city gears up for the Olympics, creating consistent demand across both residential and commercial real estate markets.

The current stability in interest rates also works in Brisbane’s favor. Forecasts suggest that rates may remain at the current level or decrease slightly by late 2024. This stability could enhance borrowing capacity for first-time buyers and investors alike, supporting sustained demand across the housing market. For investors, Brisbane’s long-term appeal is further strengthened by government incentives that aim to promote new developments and address housing affordability.

The Bottom Line: A Decade of Opportunity for Brisbane Investors

Brisbane’s real estate market is in a period of transformation. The combination of Olympic-driven infrastructure, the LNP’s focus on connectivity projects, and continued migration makes Brisbane a compelling destination for property investment.

Key Investment Areas to Watch:

• Woolloongabba: The Gabba’s redevelopment will attract significant attention, potentially driving property values as the suburb becomes a focal point for sports, entertainment, and tourism.
• St Lucia, Herston, Fairfield: Areas serviced by the new Metro and Cross River Rail stations will see improved accessibility and demand as transit options expand.
• Hamilton & Surrounding Olympic Village Sites: Suburbs surrounding the planned Olympic Village in Hamilton will benefit from increased amenities and community investments, appealing to both residential and commercial investors.

The decade leading up to the 2032 Olympics offers unique opportunities for both short- and long-term investments in Brisbane, as the city positions itself as a world-class destination. For those interested in capitalizing on Brisbane’s growth trajectory, now is the time to stay informed, explore high-growth areas, and consider the potential of a city on the brink of transformation.