I am sure the roars and screams could be heard all the way from Cairns down the coast to Noosa and Surfers Paradise. Brisbane winning the Olympic Games is a big deal, and the real estate sector will be a huge winner.
One thing about being announced the winner of hosting an Olympic games that can be certain, is that there will be an influx of both domestic and international travellers for such a huge event.
The Brisbane 2032 Olympics will accelerate the Sunshine’s Coast economic development and with the new runway at Sunshine Coast Airport there will be excellent prospects for boosting the hospitality industry through additional hotel and tourism development.
The lead-up to hosting the games should put Brisbane and Australia on the map worldwide and promote the city prominently on the world stage. This was witnessed during the Commonwealth Games on the Gold Coast in 2018, which gave the region a much greater exposure.
Brisbane only receives 11% of the total global commercial property investment capital into Australia, yet its population was 20% of the country and economic contribution about 19%.
Don O’Rorke CE and Chairman of Consolidated Property Group, one of the state’s biggest property developers said that winning the Olympics is the beginning of a golden decade for Brisbane, South East Queensland, and Queensland in general.
So confident is Mr O’Rorke that he pressed the button on more residential development in Brisbane.
Winning the Olympics is like needing to build 3 country towns in one year. To house all those people we need schools, houses, apartments.
The Yeerongpilly Green project 6km from the Brisbane CBD has gotten an immediate boost.
Mr O’Rorke said sales in the riverside project, where one-bedroom apartments cost less than $500,00 and terrace homes are priced around $1.3m, had been strong.
“With the first stage of 100 apartments and terrace homes, the sales have really taken off this calendar year and we are expecting that trend to continue. We are bringing forward stock on the project because of demand”
Yeerongpilly Green is a 10-year project by Consolidated Property and the QLD government.
It will have a village heart anchored by a Woolworths and 1200 apartments developed over 1200 apartments developed over several stages.
Visit Sunshine Coast chief executive Matt Stoeckel said the new Maroochydore CBD, which is under construction, would be the venue for the satellite athlete’s village.
“The Olympics announcement will provide massive impetus for its development,” he said.
Already major building have been constructed and restaurants and bars have opened there, and an international hotel is well under way. With the beach just a few streets away, there can’t be a better location for an athletes’ village.”
Mr Stoeckel said the Tokyo announcement could not come at a better time. “While the current challenges of Covid are affecting all our operators, the fact that we will play an integral role in a world event of the magnitude of the Olympic Games should provide optimism.”
