This article has been provided by the research team at Blue Wealth Property
Brisbane is undergoing a transformation from Queensland’s largest economic hub, into what is Australia’s next world city. Greater Brisbane has outgrown it’s country town capital roots, now holding a thriving entertainment culture along with world class education facilities. Currently housing over 2.4 million residents, Brisbane is our third largest and one of the fastest growing cities in Australia.
History tells us that Brisbane tends to lag Sydney in terms of property price growth, and in the past we have seen strong growth in the Sydney market uplift prices in Brisbane. Sydney is currently 75% more expensive than Brisbane, indicating a 15 year high.
There has been a resurgence of confidence in the city over the last 6 months, with the realization that many are moving northward from an unaffordable Sydney market. Industry powerhouse Deloitte Access Economics forecasting 2018 will be a solid year for the Brisbane market, as it benefits from increasingly strong economic conditions. Currently, there is over $21 billion worth of public and private infrastructure works within the Brisbane metro area alone.
For Brisbane’s inner-city apartment market, widespread transformation and infrastructural investment are key. Large-scale redevelopments are creating thousands of jobs and accelerating the evolution of the city. Projects such as ‘the Queen’s Wharf development, the Howard Smith Wharves redevelopment and the Brisbane Showgrounds redevelopment will add world-class facilities to the inner ring of Brisbane and draw demand from the young professional demographic.
Brisbane is the centre of growth within South East Queensland and over the next 5 year period will be the subject of a growth story. With the advent of a number of transport networks that are set to change the face of Brisbane itself. This significant level of infrastructural investment is expected to be a main driver for surrounding property markets in the years to come, consequently we are confident about the future of the market.