"It's official! We're extremely excited to be able to show off our amazing city in the biggest sporting event in the world." - Mitch Connolly, Senior Investment Analyst
Article written by 9News Staff
Brisbane hosting the 2032 Olympics will benefit the entire state with a boost to jobs, property prices and wages, experts say.
Brisbane was announced as the host of the 2032 Olympic Games at a ceremony in Tokyo last night.
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The Games are expected to trump all history-making events that transformed Queensland in the past, including the Commonwealth Games in 1982 and 2018 and Expo '88.
"Brisbane will be an Olympic city and there flows from that a heap of economic and social benefits," Urbis director Kate Meyrick said.
"There's something in the Olympic Games for Brisbane 2032 for everybody."
It's anticipated the event will generate at least 150,000 jobs across Queensland's south-east, concentrated primarily in construction and hospitality.
The COVID-19 pandemic has already boosted property prices across the south-east, a trend which is expected to continue over the next 10 years.
Property prices in Sydney rose nearly 90 per cent in the five years following the Sydney 2000 Olympics, according to Antonia Mercorella from the Real Estate Institute of Queensland.
The price growth following the 1992 Games in Barcelona was around 40 per cent.
The Cross River Rail and Brisbane Metro projects will already be established, but a proposed second M1 and rail upgrades will also be needed to ease congestion with events to be held on the Sunshine and Gold coasts.
"We do need to ensure good transport links between the areas, particularly Sunshine Coast, Brisbane and the Gold Coast… which would then make it an attractive place to live, which would drive up potential salaries," Judith Marr from University of Queensland Business School said.
Traffic woes caused by the upgrades will be well worth the pain, demographer Bernard Salt said.
"There's no doubt there's going to be congestion, there's going to be roadworks, it's going to be difficult, there'll be tears before we get to the opening day, but get to the other side and you can set the agenda for decades to come," he said.
"In many respects this a great opportunity for the whole of Australia in getting Brisbane's traffic up to scratch so that we can actually manage the event".
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Source: 9News