Brisbane as a city is currently going through an adolescence, and maturing from a “Large Town” to a “Real City”.
In the eyes of many of our southern state cousins, Brisbane has been a gateway to the Gold or Sunshine Coast, and not somewhere to really spend too much time, but that is all about to change.
The Brisbane City Council and the Queensland Government have been investing heavily in transforming out city into a global contender and those plans are now well underway. For the past decade there have been big infrastructure projects that have been in the pipeline which people thought would never happen, which are now underway.
Some of the projects include:
- The Cross River Rail project
- The Airport Runway upgrade
- The new International Cruise Terminal
- New Howard Smith Wharves
- Development of Queen’s Wharf
As well as many more smaller localised infrastructure upgrades that will enhance livability across the city.
All this, combined with the planned bid for the 2032 Summer Olympics, is setting the stage for good things for Brisbane as a city and Brisbanes Property Market.
With investment like this come jobs, which attracts more people. Those people need to live somewhere, and that that puts demand on property in the region. It’s a simply supply and demand equation that I believe fuels the Brisbane property prices into the next property cycle. But there is more to supply and demand for price growth, people have to feel a connection with a suburb or area in order for them to want to live there, perhaps its local cafes or parks, perhaps school catchments for their children. Brisbane is going through that gentrification right now, as we see local commercial hubs becoming family friendly dining destinations, as well as upgrades to parks, bike paths and so much more.
But the question a lot of people ask is; “where should you buy property in Queensland?”
With the Brisbane CBD and the Trade Coast Precinct around the Brisbane Airport being the two largest employment centres in the state, I feel that convenient proximity to both of these employment hubs will go a long way to ensuring strong growth through the next property cycle. When we consider where most of the large projects are happening in Queensland, it’s mostly within a 15km radius of the Brisbane CBD, or set to benefit Brisbane’s connection to the nearby cities like Ipswich and the Gold Coast.
Inner and Middle Ring suburban areas are the pockets where I feel Brisbane property will have the most growth and rental demand, and these areas are where investors should be focusing their search. It’s also important to understand the demographics in those locations in which you want to purchase and understand the direction those demographics are heading in order to evolve with the changing market.
And Brisbane’s market is doing exactly that – it’s changing!
With the highest rate of interstate migration in the country right now, Queensland’s population is growing, while New South Wales is on a downward trend. This statistic brings not only an increased population but a different perspective on the value of our property. To those relocating from Sydney and Melbourne, Brisbane offers great value when it comes to real estate, one of the key reasons I think Brisbane has so much potential growth.
I feel the next 12 months will see a hot market in Brisbane, and this period should spring board our market into the next property cycle.
Do you want to get into the Brisbane property market? Organise a chat with the Hot Property investment team to discuss where to invest in Brisbane now.