The Brisbane 2032 Olympics will no doubt be driving economic growth for Brisbane City, and as part of Brisbane hosting the Olympics, there will be also the hosting of the Olympic athletes. Being swept away with the Olympics is a natural occurence, especially when you are the host city, however we rarely stop and think about post Olympics, and more directly, what happens to the host city once the Olympics circus has packed up their tents and moved away.
Let’s look at the Olympic Village in Brisbane. Based on recent PRD research, there will be 10,000 bed villages in Athletes Village, located in North Shore Hamilton. No doubt that this is great for local suburbs, such as Hamilton and Ascot, however it is interesting to think about how these facilities may be repurposed post games.
Stated in a Forbes article from 2021 “After the nearly $12 billion 2012 London Games, the East Village was converted into nearly 3,000 new homes along with restaurants, shops and schools in one-time Olympic buildings—today, two-bedroom flats in the former Athletes’ Village are on sale for upwards of $1 million dollars.”
Explained further in recent PRD research, an average approach was taken across Brisbane Expo 1988, Sydney Olympics 2000, and the G20 Brisbane Summit 2014, looking at the impact of sporting events on hosuing prices. Here, the average median price rose by 14.3% in the year post-event.
PRD then went on to apply the 2022 median house prices, and have forecast that many key 2032 Olympic Games suburbs, such as Woolloongabba, South Brisbane, Spring Hill, Herston, Boradbeach, and Tennyson will be $1M suburbs. Pertaining to the Olympics Village at Northsore Hamtilon, State Development stated ” The Olympics will do for Northshore Hamilton what Expo 88 did for Southbank.”
State Development further added “Post the Games, Northshore will deliver a diverse residential offering, including aged care, retirement living social and affordable housing, key worker, hotel, build-to-rent and market accommodation.”