The Story Bridge lit up green and gold as Brisbane is named for the 2032 Olympics. Picture: Peter Wallis.
REAL estate guru John McGrath has revealed where he believes buyers should invest to cash in on Brisbane hosting the 2032 Olympic Games.
The veteran agent and founder of McGrath Real Estate says the impact on the property market will start to be felt in 2025 when a range of infrastructure projects will be underway to get the city ready for the big event.
MORE PROPERTY NEWS:
‘Urgent’ housing affordability inquiry to shake up taxes, red tape
Spectacular Culture Kings mansion listed for sale at $5m
Designer rainforest retreat with incredible treehouse for sale
John McGrath, founder and executive director of McGrath Real Estate. Photo: John Feder.
“It means scores of suburbs are going to benefit from new infrastructure, new jobs, better public transport services, new sporting facilities and local road and streetscape upgrades,” Mr McGrath said.
“Australians love living close to amenities, including sporting facilities like playing courts, public pools and parks as well as world-class stadiums where they can attend NRL and AFL matches and international events.
“Any significant improvement in lifestyle amenities raises homebuyer appeal for the area.”
An artist’s impression of the proposed Gabba redevelopment for the Olympic Games.
Mr McGrath said the new infrastructure would translate into “thousands of new jobs”, which would initially mean a spike in rental demand.
“Many interstate workers moving to Queensland for long term jobs are likely to eventually buy a property to live in, which will mean boosted demand in the sales market,” he said.
Here are the top six suburbs Mr McGrath has tipped to boom in the wake of the Olympic announcement:
Crowds attend an auction in Stoneleigh St, Albion.
1. Albion
With great access to public transport, schools, dining options and parks and recreation amenities, Albion is already a high-demand suburb.
But it’s set to become even more popular, with a large pipeline of upcoming infrastructure investment, including the upgrade of Albion train station as part of the Cross River Rail project and the refurbishment of Brothers Rugby Club and its sporting facilities.
This four-bedroom house at 33 Camden St, Albion, sold for $962,000.
Once an industrial region, Mr McGrath said Albion had become a hub for inner-city living.
“Nestled between microbreweries and cafes, you can walk everywhere,” he said.
“There’s great coffee to be found at hidden cafes and secret lunch spots.”
Albion is about 5km north of Brisbane’s CBD and has a median house price of $873,500, according to CoreLogic.
2. East Brisbane
East Brisbane is perfectly positioned to benefit from Brisbane hosting the Olympic Games.
Experts are predicting prices to boom in suburbs in and around venues and infrastructure proposed for the 2032 Olympic Games, and Mr McGrath predicts East Brisbane will be one of them.
The suburb is at the heart of the Cross River Rail project, is easily accessible to the city and right next door to the future home of the Olympic stadium, with The Gabba set to undergo a major redevelopment.
This property at 29 Geelong St, East Brisbane, is for sale.
With a median house price of $955,000, East Brisbane is on the cusp of breaking through the $1 million dollar barrier and cementing itself as a premium property suburb.
There are still some good opportunities for investment before buyers get priced out.
3. New Farm
This four-bedroom house at 80 Moreton St, New Farm, just sold for $2.15 million.
“New Farm is a trendy suburb with plenty of cafes, restaurants and the popular New Farm Park,” Mr McGrath said.
With the Brisbane Powerhouse located there and a range of entertainment options, the suburb is popular because of all the amenities “at your fingertips”, he said.
“It’s also easily accessible, with regular bus services and a CityCat terminal.”
New Farm is only 2km north of Brisbane’s CBD and has a median house price of $2.05 million, according to CoreLogic.
This five-bedroom house at 236 Harcourt St, New Farm, recently sold for $3.1m.
4. Stafford
Mr McGrath believes Stafford a suburb worth investing in given its affordability and proximity to the city.
He said the suburb had great medical facilities, hospitals, cafes and a shopping centre.
“It’s quite a large suburb and has a bit of everything,” he said. “There are some great cafes if you know where to look, and while restaurants are lacking, Chermside and Wilston are close by.
Stafford City Shopping Centre in Stafford. Picture supplied.
“There are public housing pockets, but there are also homes over $800,000.
“Many renovations are happening, along with knockdowns for rebuilding.”
Stafford is about 8km north of Brisbane’s CBD and has a median house price of $694,000, according to CoreLogic.
This six-bedroom house at 37 Dorrigo St, Stafford Heights, recently sold for $1.6 million.
5. Paddington
Great for professionals, singles and families, Mr McGrath said Paddington was “a beautiful, leafy, safe suburb”.
With a median house price of $1.3 million, the suburb is already quite expensive, but still has potential for home values to grow further.
Despite its location only 3km west of Brisbane’s CBD, Mr McGrath said the suburb was “tidy and quiet”, with lots of character homes, off-leash dog parks and walking tracks and bike paths along Enoggera Creek.
The view of the city from Paddington.
This six-bedroom house at 148 Kennedy Tce, Paddington, has just gone under contract.
6. St Lucia
One of the highest capital growth suburbs in Brisbane, St Lucia is one of Mr McGrath’s top picks for buyers in Brisbane.
Home to the University of Queensland, and hugging the Brisbane River, it offers a range of exclusive riverfront homes, lifestyle properties and student accommodation.
St Lucia is home to the University of Queensland.
It falls in the highly sought-after Ironside State School catchment and is easily accessible to the city by bus or CityCat.
Mr McGrath said the proposed ‘Green Bridge’ connecting St Lucia to West End would be a gamechanger for the suburb.
St Lucia is about 7km west of Brisbane’s CBD and has a median house price of $1.46 million, according to CoreLogic.
This five-bedroom house at 32 Hiron Street, St Lucia, sold for $4.5 million.
The post Olympic boom: John McGrath reveals where to buy in Brisbane to win property gold appeared first on realestate.com.au.