2032 Olympics and Sunshine Coast Property

The announcement that Brisbane will host the 2032 Olympics created significant anticipation throughout Queensland, and there may be opportunities for buyers of Sunshine Coast property.

Historically, hosting major global events such as the Olympics has had a profound impact on real estate markets in host cities, particularly in suburbs close to major event venues. For instance, suburbs surrounding The Gabba in Brisbane, which is set to undergo a $1 billion redevelopment for the Games, have seen substantial property price uplifts which are forecast to be likely to continue in the coming years But what does this mean for the Sunshine Coast, which will also play a crucial role in the 2032 Olympics?

Sunshine Coast’s role in the 2032 Olympics

The Sunshine Coast is slated to host nine Olympic events, including marathons, cycling (road and mountain bike), sailing, football, and basketball, across four major venues. These events will be spread across:

1. Maroochydore City Centre: This area will host the Sunshine Coast Olympic Village, accommodating up to 1,400 athletes and officials.
2. Kawana Sports Precinct: This venue will be a hub for various sports activities.
3. Alexandra Headland: Known for its beautiful coastline, Alexandra Headland will host Olympic road-based events such as cycling, marathon, and race walking, as well as Paralympic marathon and cycling, and Olympic kiteboarding.
4. Parklands: This area, north east of Nambour, will be dedicated to the Olympic mountain biking competition.

Historical impact of the Olympics on property prices

Looking at previous host cities, the Olympics have consistently driven up property prices. For example, in Sydney, property prices rose by approximately 20% in the lead-up to the 2000 Olympics. Similar trends were observed before the Athens 2004, Beijing 2008, and London 2012 Games. This pattern can be attributed to the substantial infrastructure development and urban regeneration that accompany such large-scale events.

While we must be clear that past performance isn’t a guarantee for future returns, it is worth understanding the pattern of previous Olympics on property prices.

Infrastructure development: A catalyst for property price appreciation

Economists highlight that it is not just the Olympics themselves that drive property prices higher, but the accompanying infrastructure development. Major projects such as new motorways, rail networks, and urban regeneration initiatives have a lasting effect on economic growth, indirectly boosting property values. For the Sunshine Coast, this means significant upgrades to transport networks and the construction of new sports facilities, adding substantial amenities for residents and potential buyers.

Specific Impacts on Sunshine Coast Suburbs

Maroochydore

Maroochydore, designated to host the Sunshine Coast Olympic Village, is expected to undergo significant transformation. The development of an Olympic Village will likely bring about urban renewal and improved amenities, making it an attractive area for buyers. Increased demand for housing to accommodate athletes, officials, and tourists could drive up property prices.

Kawana Sports Precinct

Kawana, already known for its sports facilities, will see further enhancements as it becomes a central hub for Olympic events. The influx of visitors and the subsequent development of supporting infrastructure may lead to increased property demand. Proximity to upgraded sports amenities will make Kawana a highly desirable location for property investment.

Alexandra Headland

Alexandra Headland, with its picturesque coastline, will host road-based events such as cycling and marathons. The global exposure from these events will highlight the area’s natural beauty and lifestyle benefits, attracting both domestic and international buyers. The anticipated improvements in infrastructure and facilities may further enhance property values in this coastal suburb.

Parklands

Parklands, set to be the venue for Olympic mountain biking, is another area with potential for growth. The development of world-class biking facilities will not only attract sports enthusiasts but also stimulate local development. Improved accessibility and new amenities will make Parklands an appealing option for property buyers.

Long-term benefits for the Sunshine Coast

The long-term benefits of hosting the Olympics on the Sunshine Coast can extend beyond immediate property price appreciation. The region will likely experience sustained economic growth, improved infrastructure, and increased tourism. These factors contribute to a more vibrant and attractive community, making it a great place to live and invest.

Conclusion

The 2032 Olympics can present a golden opportunity for property buyers on the Sunshine Coast. Historical data from previous host cities suggests that property prices in suburbs close to major event venues tend to rise significantly. For the Sunshine Coast, the development of new sports facilities and substantial upgrades to transport networks may add considerable value to the region. Areas such as Maroochydore, Kawana, Alexandra Headland, and Parklands could see significant property price appreciation, making them prime targets for investment.

For those looking to invest in Sunshine Coast property, now is the time to act. The anticipated developments and the spotlight of the Olympics will likely drive demand and increase property values, and potentially offer good capital growth opportunities.

By preparing for the influx of infrastructure development and leveraging the global exposure from the Olympics, property buyers can make informed decisions that capitalise on the anticipated growth. Whether you’re looking for a new home or an investment opportunity, the Sunshine Coast’s role in the 2032 Olympics could make it a compelling choice.