It has been announced that the Port of Brisbane Corporation has recently had approved a $158 million Brisbane international cruise terminal to be developed at the mouth of the Brisbane River at Luggage Point. This is a game changing development when it comes to tourism and infrastructure in Brisbane and South-East Queensland when we look at the connectivity that this new international cruise terminal will have relative to the Brisbane CBD, public transport, and also the international and domestic airport. This cruise terminal will enable people from around Australia and the world to come to Brisbane and board some of the biggest ships in the world. This new Cruise terminal will be 100% privately funded by the Port of Brisbane Corporation and will be able to accommodate the largest ships in the world, currently the Oasis Class Royal Caribbean. Also it will offer a homeport getaway for Southeast Queensland and will become Brisbanes second cruise ship terminal after Portside Wharf.
I personally believe this will also give Brisbane a competitive advantage over the Gold Coast which has really struggled for its application to the state government for a cruise terminal at The Spit. This terminal is set to create 245 jobs each year through construction while also supporting countless jobs within the cruising industry and related fields throughout operation.
This development paired with other developments currently underway within Brisbane will really support the tourism benefits linking Brisbane to the world. Especially the growing number of travellers coming out of Southeast Asia.
How does this affect the property market? Well I believe it will have an affect on employment opportunities that will support growth in our population, Growth in Population means demand for accommodation which in turn will drive price growth.