It has been a long time coming, but an infrastructure and tourism boom is now coming for Brisbane. With a multitude of projects underway all across the CBD and fringes, it’s clear our river city is heading for something big. International property group Jones Lang LeSalle (JLL) has put together a great video showcasing what’s to come for infrastructure and tourism in Brisbane, summarising a number of things we’ve talked about before at PropertyMash.
JLL has also prepared an in-depth report which you can download here.
Whilst the key focus of the report is the commercial sector, it is relevant for new and off-the-plan apartments as well, as with commercial development comes residential development too. The market hot-spots tend to mimic each other, and this has proven true for the Brisbane market time and time again.
The key outtake from the JJL Report is this:
“The improving Queensland economy and increased population growth are expected to drive stronger underlying demand for Brisbane’s residential market over the next few years. At the same time, the decrease in construction levels, especially for apartments, provides a strong backdrop to support solid capital growth. This bodes well for investment into the residential market over the next few years, with the potential for capital growth in Brisbane appearing greater than the Sydney and Melbourne markets that are now slowing after a strong run.”
With major infrastructure projects like the Cross River Rail, coupled with the redevelopment of The Gabba precinct, as well as Queens Wharf and Howard Smith Wharf developments, it’s likely we’ll continue to see a boom in CBD and inner-ring residential developments well into the future.
The overhaul of Roma Street alongside the development of Brisbane Live is also expected to be of major influence in the residential sector. This is not only with the 4,000+ apartments that will be delivered as a part of the project, but the boom is expected to trickle out to the surrounding suburbs of Milton, Paddington and Petrie Terrace as well.
The population growth expected for Brisbane and increase in tourism also naturally lends itself to the densification of more middle-ring suburbs too, and this is being supplemented by plenty of infrastructure development in these regions too, making them more attractive to live in.
This boost in tourism and push for commercial development, coupled with the latest data on Brisbane’s property clock are stacking very heavily in favour of the Queensland market. Sorry Sydney and Melbourne, the Sunshine State is about to enter the big boys league.