Brisbane, Market Update 2022
A Burgeoning City: The New Brisbane is Coming.
Prior to confirmation that Brisbane would host the 2032 Olympics, it was already enjoying an economic boom, with several mega infrastructure developments underway. Following the announcement of Brisbane’s bidding success, other projects that were waiting in the wings are now making their way to center stage.
The 2032 Olympic Games are set to deliver $8 billion worth of economic and social benefits across the state with events being hosted across Greater Brisbane, the Gold Coast, Sunshine Coast, Toowoomba, Townsville and Cairns. Research by KPMG predicts benefits from the 2032 Games include a $4.6 billion economic boost to tourism and trade and $3.5 billion in social improvements such as health, volunteering and community benefits.
"The 2032 Games are also expected to support 91,600
full-time equivalent jobs in Queensland and 122,900 nationally."
The 2032 Games are also expected to support 91,600 full-time equivalent jobs in Queensland and 122,900 nationally. The Gabba stadium, which is due for a $1 billion redevelopment, will play a central role, hosting the athletics as well as the opening and closing ceremonies. The upgrade involves increasing its capacity to 50,000 spectators.
Other big and bold ideas have been unveiled to revitalise and reimagine popular inner-city precincts ahead of the Brisbane 2032 Olympic and Paralympic Games. More than 600 ideas were generated during the first stage of Brisbane City Council's Inner Spark engagement process, ranging from the removal of the Riverside Expressway to the creation of a mobile Olympic-sized pool in the Brisbane River.
Lord Mayor Adrian Schrinner expressed gratitude to the hundreds of Brisbane planners, designers, architects, and students who contributed ideas and encouraged residents to weigh in on the many daring, audacious, and innovative concepts. "We asked some of Brisbane's best and brightest to come up with big and bold ideas that can transform popular areas of our city with residents and visitors alike," Schrinner said.
"We wanted to start a discussion about how Brisbane 2032 can transform other parts of our city, particularly those areas in and around Games venues"
"What we wanted were concepts of all shapes and sizes that could enhance visitors' experiences during the Brisbane 2032 Games while also serving as legacy infrastructure and experiences for residents in the future. Just as Expo88 transformed the industrial site that is now known as South Bank, we wanted to start a discussion about how Brisbane 2032 can transform other parts of our city, particularly those areas in and around Games venues. I was astounded by what we received back."
While Schrinner appreciates some of the suggestions, what matters is the feedback from Brisbane residents. In the past, similar public processes resulted in Howard Smith Wharves, Albert Street Green Spine, Queens Wharf, and our Green Bridge programme. Similarly, the suggestions were organised around seven guiding themes, including "connected," "future-focused," and "green."
"This collaboration is about the next
phase of making Brisbane even better"
Krista Adams, Deputy Mayor and Civic Cabinet Chair for Economic Development and the Brisbane 2032 Olympic and Paralympic Games, announced a series of workshops, pop-up engagement events, and activations to get residents involved. "I'm sure these ideas will spark much debate at Brisbane barbecues over the coming weekends," Adams said.
There will be many different perspectives on whether a subtropical garden on Victoria Bridge is a good idea, or whether it is possible to widen the river edge to create water-side parklands and community spaces. This collaboration is about the next phase of making Brisbane even better, ensuring Games attendees tell all their friends and family about the fantastic subtropical city they discovered in Australia, and, most importantly, leaving a lasting legacy for Brisbane residents.
If you have any questions or are ready to purchase your next investment,
Please don't hesitate to contact your Property Strategist.
Referencing,
SQM Research
Equity Rise,
Level 3, 31 Alfred Street,
Sydney, NSW 2000, Australia