Queensland’s Economic Surge Tied to 2032 Olympics

Queensland regions stand poised to ride the economic wave ushered in by the 2032 Brisbane Olympic Games. Recent studies suggest an injection of $8.1 billion in socio-economic value, set to benefit areas like Cairns, Townsville, and beyond, as revealed by Colliers research.

Data projects that regional Queensland will witness an impressive 11% growth over the next 13 years. Breaking it down further, Cairns anticipates a 20% upswing, Townsville at 19%, and Ipswich, a staggering 58%. Remarkably, of the forecasted $13.3 billion expenditure for the coming fiscal year from the whopping $89-billion Queensland Big Build Budget, a significant portion—almost two-thirds—will be allocated outside the confines of Greater Brisbane.

Additionally, out of the planned 500,000 new residential units for Queensland, a whopping 84% will emerge outside Brisbane’s local governing precinct. Simon Beirne, Colliers Queensland’s state chief executive, forecasts an accelerated growth rate in regions leading up to the Olympics. “With the majority of the Olympic venues concentrated in south-east Queensland, it stands to gain the most. However, Cairns and Townsville aren’t far behind, particularly neighborhoods adjacent to the Olympic venues,” said Beirne.

He added, “As we continue to develop infrastructure and services, and with population numbers on the rise, certain areas will inevitably see a sharper growth curve.”

The construction for the Olympics alone will catalyse the creation of over 91,000 jobs in Queensland. Yet, it’s not just the Olympic allure attracting migrants. Beirne notes, “We’re seeing robust migration patterns, both from overseas and interstate, especially from Sydney and Melbourne. The ripple effect? Many are relocating from metropolitan Brisbane to the broader south-east Queensland due to better housing affordability.” For context, recent median house prices sit at $995,000 in Brisbane, $400,000 in Townsville, $520,000 in Toowoomba, $550,000 in Ipswich, and $560,000 in Cairns.

Peter Wheeler, Townsville Colliers’ managing director, emphasised Townsville’s transformation and its strategic positioning in the realms of green energy and critical minerals. “The local property market’s dynamism is, in many ways, driven by these sectors. But while property demand is high, we’re grappling with stock shortages and ongoing construction hitches, which inevitably prop up prices but hinder new projects,” Wheeler opined.

Cairns isn’t far behind, with tourism and renewable energy sectors creating promising prospects.

Queensland is already making strides in its renewable energy journey. Recent data highlights an astounding $20-billion worth of electricity projects kicking off nationwide in the year leading up to March 2023. Northern Queensland is all set to leverage the state’s $14-billion annual transition to cleaner energy. However, there’s a catch: the state needs an influx of about 27,000 construction professionals, coupled with adequate housing and infrastructure.

A joint report by CSIRO-Construction Skills Queensland provides deeper insight, emphasising the urgency for Queensland to bolster its renewable capabilities, aiming for a whopping 50-fold increase by 2050.