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Brisbane Celebrates 2032 Olympic Games Win

Brisbane has been announced as the host city for the 2032 Olympic Games, firming plans for a massive infrastructure program across Queensland’s south-east.

While perhaps lacking the same level of jubilant celebrations of the Sydney 2000 announcement, thanks to Covid-19 restricting close contact, Brisbane Lord Mayor Adrian Schrinner and Queensland Premier Annastacia Palaszczuk were in Tokyo for the announcement.

The premier and lord mayor were seen celebrating the win and giving the thumbs up while 2500 people on the Brisbane River roared with excitement and fireworks lit up the river city.

Brisbane’s landmarks turned green and gold in anticipation of the win, despite a lukewarm response to the Tokyo Olympic Games now under way ahead of the opening ceremony on Friday.

Six in 10 Australians believe the Tokyo Games should not have gone ahead, according to an IPSOS poll, and more than half said they were not interested in watching the Olympic Games.

Schrinner, with the backing of former Lord Mayor Graham Quirk and the Council of Mayors south-east Queensland, who launched the bid in 2015, said it was an historic moment and would herald a new era for the river city.

“I’m immensely proud to have been part of the successful final pitch that secured this win and to be bringing home the 2032 Olympic and Paralympic Games,” Schrinner said.

“This is an incredible opportunity for the fastest-growing capital city in Australia, and a successful Olympic and Paralympic Games will help our region cater for the growth to come and guarantees Brisbane will get even better.

“Now the real work starts, and we must get on with the job to deliver the public transport, the sporting venues, the better roads and bridges that we need to host the world’s largest sporting event.”


▲ President of the International Olympic Committee Thomas Bach announces Brisbane as the 2032 Summer Olympics host city. Image: Getty 

Premier Annastacia Palaszczuk supported the bid for the Olympics, which would provide a catalyst to fast-track a significant $5-billion infrastructure program across south-east Queensland.

“The IOC was blown away with the presentation of how beautiful our state is,” Palaszczuk said.

“These Olympics will be transformational for Queensland, providing $8.1 billion in economic and social benefits and 91,600 full-time equivalent jobs.

“We want to celebrate in true Queensland style…what a night, well done Queensland.”

Palaszczuk said the IOC was impressed with the co-operation between all levels of government to support the bid, and Prime Minister Scott Morrison confirmed the federal government’s financial backing for the 2032 Olympic Games.

“How good is Brisbane,” Morrison said.

“We’re going to put it on, and this is a great ray of hope for us at a time when I think people really need it…Australia is doing it together.”

Australia secured 75 out of 77 votes from the International Olympic Committee.

While Brisbane had been named the preferred site, there was growing concern about late bids from South Korea, Budapest and Qatar.


▲ The Gabba will receive a $1bn facelift to boost its capacity and build a pedestrian precinct connecting to the Cross River Rail as part of the Olympic Games infrastructure projects. 

A Colliers research report described the Olympic Games in Brisbane as a “once in a century” opportunity to attract global business investment and capital into the property sector.

The report indicated the Games would boost the liveability of the region and provide $8 billion in financial and economic prosperity for Queensland.

The Gabba was announced as the main Olympic stadium earlier this year, with plans for a $1-billion redevelopment of the stadium and precinct, which is one-fifth of the proposed budget for the Olympic Games bid.

The demolition and upgrade of The Gabba would boost its capacity from 42,000 to 50,000.

The plans capitalise on the connected Cross River Rail station, already under construction and due for completion in 2024, and would also include a new pedestrian plaza to link the two facilities, replacing initial suggestions of Albion as a potential stadium site.


▲ The blueprint for Brisbane 2032 Olympic Games would provide a once-in-a-century opportunity to bring forward Southeast Queensland development. Image: Urbis 

Hamilton Northshore has been earmarked for the Brisbane Olympic Village, which would maximise its proximity to the 16 sports that would be hosted within 6km of the CBD.

There will be 32 venues across the Sunshine Coast, Gold Coast and Brisbane, and a second athlete’s village to be built at Robina.

The bid to host the Olympic Games in Brisbane had a key focus on sustainable development that aligned with long-term infrastructure plans for the region.

Earlier this year Premier Annastacia Palaszczuk said south-east Queensland already had 85 per cent of the required venues to host the Games.


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How the Brisbane suburb became one of the capital’s hottest apartment markets


Bide is just a short distance away from Route 25 as well as the Teneriffe Ferry wharf and bus stations for those who choose public transit. As such it is right by the Brisbane river

Newstead has developed over the years to become one of Brisbane’s hottest apartment markets.

The now up-market residential suburb began life as a hotspot for timber yards, asbestos works, wharves and woolstores, dominating much of the predominantly commercial suburb.

Its proximity to the river saw it as a prime development spot.

The suburb takes its name from Newstead House, built and named in 1846 by pioneer grazier Patrick Leslie, which in turn takes its name from Newstead Abbey in Nottinghamshire in England. It remains the only heritage-listed building in Newstead.

The suburb was served by first horse drawn trams from 1885. By 1897, electric trams ran along Commercial Road.

The suburb’s most sought-after addresses are as close to the water as possible. Newstead Terrace and Skyring Terrace, which runs down toward Teneriffe, home some of the most expensive apartments and houses in the area.

Just off Skyring Terrace is Longland Street, which is set for a new residential development. Pitched at the owner-occupier is Bide, the 89 apartment tower by Dibcorp.


Bide 21 Longland Street, Newstead QLD 4006 

Designed in collaboration with architects from Twohill & James, Lat27 and Wiltshire Stevens Architecture, Bide offers just 89 three-bedroom apartments, designed as an urban getaway just three kilometres north-east of the Brisbane CBD.

The dynamic suburb offers residents every desired amenity, with lifestyle, commercial and entertainment hubs within walking distance.

On the doorstep of Bide is Gasworks Plaza, home to a Woolworths as well as a number of specialty stores. It is home to a number of restaurants, cafes and coffee shops like Ping Pong, Yolk and Campos Coffee.

Other Longland Street dining establishments include Smoky Moo, The Defiant Duck, Drum Dining and the Milky Lane Newstead.

Cutting across Longland are a number of side streets like Stratton and Wyandra, home to a number of retailers and boutiques for residents to explore like a Think 24hr fitness, Smile Studio, and Brisbane Skin.

Newstead borders Fortitude Valley, with The Calile Hotel just a 800 metres away from Bide. There’s the busy James Street with their markets, as well as the Judith Wrights Art Centre and Holey Moley Golf Club.

Bide is just a short distance away from Route 25 as well as the Teneriffe Ferry wharf and bus stations for those who choose public transit. As such it is right by the Brisbane river.

The proximity to schooling, as well the large three-bedroom apartments on offer, make Bide attractive for families. The nearby educational institutions include:

– Torrens University Australia – Satellite campus – 1.4km away

– University of Queensland – Satellite campus – 1.9km away

– Queensland University of Technology – Main campus – 3.3km away

– New Farm State School – Public School – 1 km away

– Music Industry College – Private School – 1.1km away

– Angelorum College – Private School – 1.1km away

Dibcorp has offered residents the opportunity to work hand in hand to tailor the layout, configuration and finishes of their apartment.

Apartments inside feature open-plan living and dining, a balcony space and a study nook in some apartments for working from home.

Inside, residents can enjoy 600 sqm of amenity across two levels, including barbeque facilities, private cabanas, landscaped areas and seated space throughout.


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Mirvac Picks Up Rejected Brunswick Site


Mirvac has snapped up the site of a rejected mixed-use development from JWLand with plans to expand its residential pipeline in inner Melbourne.

The 6496sq m site overlooking Princes Park includes an old hotel and several dilapidated buildings at 699 Park Street, Brunswick with frontages on Sydney and Brunswick roads.

The ASX-listed property group has yet to disclose the purchase price, and would not confirm reports they had paid about $40 million for the site.

JWLand acquired the site for $30 million and planned to commence construction on the site in late 2017.

But those plans were rejected by the Victorian Civil and Administrative Tribunal, including the demolition of a heritage building to construct 255 apartments, retail space and a child care centre.


▲ The plans for JWLand were rejected by VCAT included multiple buildings along Park Road, Brunswick. 

Mirvac already has plans to build around 200 apartments on the site.

Mirvac head of residential Stuart Penklis said the development would enhance and celebrate the location, as well as being sensitive to the surrounding properties and amenity.

“The current plans see the building at various heights stepping back from Park Street to minimise any impact on Princes Park and maximising the spectacular vistas for residents, but we are still in the process of finalising the scheme,” Penklis said.

“Mirvac is in the early visioning stage for Park Street, with the current scheme looking to yield approximately 200 apartment residences in a range of configurations to appeal to a broad selection of purchasers.

“We have recently seen a trend towards oversized apartments and amalgamations which could see this number change.”

Mirvac plans to launch Park Street in mid-2022, with construction anticipated to commence in late 2022.

Park Street joins Mirvac’s $1.4-billion Victorian apartment portfolio that includes Phoenix, Folia, and Forme in Doncaster; The Eastbourne in East Melbourne; and Yarra’s Edge in Melbourne citywhere planning for tower nine is under way.


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Brisbane house prices hit another record high, rise 13 per cent

Brisbane’s compelling real estate story is on the cusp of its most exciting chapter yet after house prices climbed by double digits over the past year to record heights.

The latest Domain House Price Report, released on Thursday, revealed median prices jumped by 13 per cent over the 12 months until June – the largest rise in 13 years.

Over the past 12 months, the median house price has gone up by almost $78,000, which is around the average Queensland annual salary. Property experts claim this moment in Brisbane property history is just the beginning, with the city’s successful success Olympics bid tipped to fuel further growth.

According to the report, house prices rose by 5 per cent over the June quarter alone, pushing the median to $678,236. Unit prices remained almost flat in the city’s ongoing tale of two markets, with prices rising 2.1 per cent over the past year to $394,287.

Brisbane median house price reached a record $678,236 in the June quarter.

For anyone who has been trying to buy a house in Brisbane’s frenzied market over the past year, the figures will come as no surprise. In Brisbane’s inner-city ring, house prices have jumped a massive 30 per cent, while prices in Brisbane’s north are up 19.8 per cent. They’re up 18.9 per cent in the western suburbs and 17.5 per cent in the south.

The rises come amid record house price growth across the nation: Sydney’s median is now at $1.41 million, while Melbourne and Canberra’s medians have both cracked $1 million.

Capital city median house prices, June quarter

Jun-21 Mar-21 Jun-20 QoQ YoY
Sydney $1,410,133 $1,303,185 $1,137,246 8.2% 24.0%
Melbourne $1,022,927 $982,382 $880,620 4.1% 16.2%
Brisbane $678,236 $645,718 $600,258 5.0% 13.0%
Adelaide $629,728 $597,187 $541,591 5.4% 16.3%
Canberra $1,015,833 $919,900 $786,517 10.4% 29.2%
Perth $595,823 $589,687 $530,702 1.0% 12.3%
Hobart $646,301 $606,275 $503,392 6.6% 28.4%
Darwin $608,519 $559,022 $497,543 8.9% 22.3%
National $955,927 $903,471 $804,380 5.8% 18.8%

Data provided by domain

Domain chief of research and economics Nicola Powell said the Queensland capital was perfectly poised for a property coming of age with close to record-high interstate and expat migration largely feeding the latest growth.

“What’s interesting around hosting the Olympics is that the impact on housing values isn’t going to be during the Olympics of 2032; it’s going to be far more stretched than that because in the lead up it’s such a significant event for Australia and Brisbane so we’ll see significant investment,” Dr Powell said.

“It will grow the infrastructure and the associated job creation, and with that, it will bring economic prosperity … and what we could see is a bit of a turnaround in unit growth as well.

“I think this is something that sets Brisbane apart from our other capital cities because, until 2032, there’s a long period of time, which means there’s lots of time for purchases on big-ticket items in terms of infrastructure.”

Dr Powell added that the capital’s continued affordability compared to Sydney and Melbourne was throwing more fuel into the price cycle.

Ray White New Farm principal Haesley Cush said Brisbane’s gripping property tale was only just unfolding.

Brisbane house price rises by region

SA4 Jun-21 Mar-21 Jun-20 QoQ YoY
Brisbane – East $655,000 $615,000 $601,600 6.5% 8.9%
Brisbane – North $725,000 $685,000 $605,000 5.8% 19.8%
Brisbane – South $833,500 $785,000 $709,500 6.2% 17.5%
Brisbane – West $868,000 $820,000 $730,000 5.9% 18.9%
Brisbane Inner City $1,240,000 $1,200,000 $952,500 3.3% 30.2%

Data provided by domain

“The market is extraordinarily unique. In March 2020, Brisbane was finally waking up after 10 years of a relatively flat period, and that’s quite a long time for a capital city to not have real capital growth,” Mr Cush said.

“So, we were due for an upward swing, but to (further) drive that up was COVID and the [planned] infrastructure.

“COVID had this unpredicted benefit to property prices, and there’s no sign of [price growth] slowing. And then on top of that, you have the Olympics, and so that, by definition, adds more capital growth, and the final thing people look for is some comfort that prices won’t go down and we’re still 10 years away from the Olympics.

“So, you can see that we have this insurance policy of the Olympics counteracting any downward trend, and Brisbane is going to be on the map, and people are going to notice the city more than ever before.

“Then looking at the infrastructure coming, it’s an unbelievable story for Brisbane … in 10 years’ time, Brisbane is actually going to be improved quite dramatically.”


Brisbane is on the cusp of further change and expansion, given the successful 2032 Olympics bid which will only further accelerate house prices. Photo: SPACE Property South Brisbane

The sunny outlook comes hot on the heels of record price growth in the city, with Mr Cush citing the first quarter of the year as their greatest three months of sales in history.

“This quarter was probably continuing on par, but some of our markets have continued to roar … it’s probably the most exciting market I’ve worked in,” Mr Cush said.

Joint managing director and lead agent at Place Estate Agents Bulimba, Sarah Hackett, said while the greater city had undergone strong growth as a whole, that million-dollar price point had skyrocketed by 30 per cent in some cases.

“We’ve never seen this before in Brisbane. The numbers through the opens [are incredible]. We’ve got about 20 per cent more going through than in 2019, and we’ll always have someone from Hong Kong and the UK,” Ms Hackett said.

“Buyers aren’t mucking around … and on average, we have seven registered bidders per auction, and it’s all cash buyers.

“Over the last quarter Place Bulimba was up 62 per cent from 2019, and that was working out to be one of our best years.

“I can honestly say this is all I’ve ever done for 24 years; it’s the best market I’ve ever seen.”

Capital city median unit prices, June quarter

Jun-21 Mar-21 Jun-20 QoQ YoY
Sydney $786,175 $761,993 $731,789 3.2% 7.4%
Melbourne $572,793 $568,475 $544,290 0.8% 5.2%
Brisbane $394,287 $396,039 $386,136 -0.4% 2.1%
Adelaide $337,932 $337,932 $330,190 0.0% 2.3%
Canberra $504,217 $486,512 $481,599 3.6% 4.7%
Perth $370,571 $377,073 $325,778 -1.7% 13.7%
Hobart ** $429,287 $433,435 ** **
Darwin ** $298,624 $275,664 ** **
National $601,482 $588,957 $563,907 2.1% 6.7%

Data provided by domain

While Ms Hackett agreed that homes in the city’s blue-chip inner fringe were going nothing short of gangbusters, she said opportunities still abounded in the prestige sector where prices hadn’t surged with the same ferocity.

“It’s an incredibly good time to upgrade because the houses worth $1.2 million have gone up substantially.”

But with thousands of expats projected to fly home in the coming year and storm the market, it’s a window she felt could start to close.

“There’s still plenty of opportunity for growth, and there’s going to be a lot more migration.”


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