With a global outlook and exceptional industry strengths, Brisbane has become one of the most compelling markets for investors in Australia. With prices on the rise and vacancy rates low, it is finally about to realise its long hoped-for potential.
The city is firmly connected to global markets and attracts innovators, industry leaders and emerging talent by the growing opportunity to excel, considerable business benefits and the lifestyle.
Brisbane’s contribution to the Queensland economy is estimated at $171 billion, almost equal to that of the rest of the state. Queensland’s economy is worth $350 billion and is supported by a range of industries, including a diverse service sector!
Billions of dollars worth of major infrastructure projects, either under construction or in the planning stage, are rapidly changing the face of Brisbane. These projects will help to transform the city and attract many more businesses and people to move and call Brisbane home.
Let’s take a look at what these projects are!
• $1.3B Parallel Runway – Completed
• $3.6B Queens Wharf Entertainment Centre – Under Construction
• $5.4B Cross River Rail – Under Construction
• $177M Large Cruise Terminal – Under Construction
• $2.1B Roma St. Station Redevelopment – Under Construction
• $2B Eagle Street Pier and Waterfront Place Precinct Transformation – Recently Approved
• $2.1B Brisbane Live – Under Review
Then we’ll give you the top reasons to invest in Brisbane, so keep reading on!
- The standout feature of Brisbane is the attractive level of affordability, especially when compared to Sydney and Melbourne. Brisbane’s median unit price is $395,000 (Sydney is $740,000, Melbourne $585,000); Brisbane’s median house price is $595,000 (Sydney $1,060,000, Melbourne $830,000). Vacancy rates across Greater Brisbane have been trending downwards since December 2017, while rents for both houses and apartments have been rising consistently for three years.
- As per the forecast for 2021 property prices, investors returning to the market and a revitalisation of suburbs are the key trends for 2021, say industry experts. Many property analysts predict Brisbane’s property prices will perform strongly in 2021, better than those of Sydney and Melbourne. This is not surprising given that Queensland is the national leader for housing finance, according to CommSec’s State of the States report in January 2021. In the six months to February 2021, Brisbane dwelling values rose by $30,700, leaving the median dwelling price at $536,000, shows data from CoreLogic. This level is 5% higher than the year before. National buyers’ agency and property research firm, Propertyology, forecasts Brisbane prices to rise by at least 10% in 2021.
- Business activities in the Australia TradeCoast region include 1,500 businesses with 60,000 employees. Brisbane Airport Corporation has invested $1.7 billion in critical infrastructure since 2012, with a further $1.8 billion worth of infrastructure to be delivered before 2022. The Port of Brisbane, has been improved under a $110 million upgrade.
- 2032 Olympic and Interstate Migration – Brisbane is gaining from interstate migration and there is a renewed sense of optimism with Brisbane being announced as a favourite to host the 2032 Olympic Games. Brisbane is on the cusp of an economic boom – 2032 Olympics. As per the announcement by the International Olympic Committee in February 2021, Brisbane is the preferred bidder for the 2032 Olympic Games. This has boosted future prospects of the Brisbane economy.
According to bid documents, the Olympics would generate $4.5 billion in income and create 130,000 direct jobs. In addition, they would boost international visitor expenditure by $20 billion between 2020 and 2036. The organisational budget will be cost-neutral at about $4.45 billion and totally privately funded, says the International Olympic Committee. A key part of the success has been the ability to get federal, state and local authorities working smoothly together, said Australian Olympic Committee president John Coates. Venue facilities will be spread out across Brisbane, Gold Coast and Sunshine Coast – and there will be two athletes villages.
- Cross-River Rail and Brisbane Metro – These projects do two things, one, create a huge number of employment opportunities in Brisbane, and two, give commuters the luxury of an affordable modern, air-conditioned fleet of vehicles that run regularly and on time versus getting stuck in traffic!
- The energy in the city and the lifestyle on offer is rapidly changing and will only get better completion of the Queens Wharf Precinct! The Queens Wharf Precinct project alone will cause a net increase of 11,500 jobs! With a buzz around the city and easy access to these lifestyle precincts, Brisbane will finally see a new lease of life!
- Demand and supply is the most important aspect of any investment and the same is happening in Brisbane! As per Dr Andrew Wilson’s Brisbane property market insight, there’s a demand of 532 new houses per week and supply of 452 per week, which makes for a difference of 80 houses per week!
- Brisbane is home to two of the world’s largest sand islands, which attracts tourism! And tourism attracts more employment opportunities! Even though tourism is slow right now, due to the pandemic, it is set to see a huge boom in the coming years when things normalise to a large extent!
- Sales activities have soared in the past six months and prices are starting to show significant uplift, driving the Brisbane property market from dead to dynamic. The latest Price Predictor Index published by Hotspotting reveals higher sales levels than that have been experienced for many years in the Brisbane market, the number of suburbs with rising sales activity in the greater Brisbane area has quadrupled since mid-2020!
To conclude and sum up our blog, Brisbane is seeing an enormous boom in sales activity and demand, with still being affordable, making it the perfect investment choice. With several projects as well as hospitals, retail stores, education institutions the employment opportunities are colossal, not to forget the employment opportunities the 2032 Olympics will create, Brisbane will definitely attract innovators, industry leaders and emerging talent!
Get in touch with our expert property consultants if you’re still not convinced about investing in Brisbane! And if you are convinced, then our property consultants will help you with a personalised property portfolio and make sure you invest in the property perfect for you!
Get in touch with us at 02-81230180 or drop us an email at email@example.com