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Brisbane Olympics & The Property Market

Queensland officials are finalising plans for the $4.5 billion Brisbane 2032 Olympic Games as the hunt for stadiums, venues, and infrastructure funding continues.

The International Olympic Committee has selected Queensland’s capital as the targeted host for the games bringing “stability” as the committee moves towards a cost-neutral event.

The majority of the sports will be held in existing venues except rowing, which requires a new base.

Instead, funding for Brisbane 2032 Olympics will be focused on bringing infrastructure projects forward, which will have a knock-on effect on the property market.

Premier Annastacia Palaszczuk said they already have 85 per cent of the venues for the event. “There is an option of one new big venue in terms of the opening ceremony, but we may use Carrara as well. We’ve got to go down to the fine print and make sure we’ve got all the funding lined up.” Palaczszuk said.

“We want to include the regions as well, so of course with the football, we’ve been looking at the soccer matches up around the different regions, and of course, all of the state will share in an Olympic glory.”

Lord mayor Adrian Schrinner said this is the best opportunity the state has had in generations. “Now we need to actually go through and make sure we lock in the plans for improved infrastructure,”.

Queensland is already on the cusp of an economic boom, with domestic migration reaching double digits and house prices hitting a record high in January.

Brisbane’s bid for the games dates back to 2015, and some of the state’s most prominent property developers have also pledged their support. As when it comes to the more tangible aspects, there will be construction jobs created during the build of Olympics-related assets, and that will be over five to six years.

The spotlight will now be put on Queensland, and you only have to look at Sydney to know what that does. This announced combined with the trajectory Brisbane was already on bodes well for the market as it looks likely to continue to rise at strong rates over the short-medium term.

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