As more and more property investors are priced out of Australia’s two big capital cities, Brisbane seems like the next logical place to look. Property values are falling in many parts of Australia, Brisbane being the one exception thanks to the plateau in Sydney and Melbourne.
South East Queensland is seeing a boom in internal migration with investors setting their sights on Brisbane where there are affordable properties, high rent and plenty of developments in the pipeline.
Brisbane is set to grow
Predictions tip Brisbane with a 13 percent property price growth by 2021, and significant projects like Queen’s Wharf, the Cross River Rail, a second airport runway and the Adani Coal Mine will see a substantial increase in the job market. The Queen’s Wharf precinct, in particular, is one of the most significant developments ever in Queensland. The $3 billion project covers 27.3 hectares, which is about one-fifth of the CBD area.
A two-stage 16 storey residential tower is in development located at 37-39 Manning Street, South Brisbane by Zengerfield Pty Ltd and Xiahong Derveniza. The 144 unit development is expanding on a previously approved 12 storey application. The updated version features five added levels which 29 additional two bedroom units, 7 extra three bedroom units.
Over in the North, a development application has been submitted by Silverstone Developments for the Newstead Central development. This proposed 11 storey commercial office tower will sit at 14 Stratton Street in Newstead and will feature 196 apartments, a retail tenancy, and small office tenancies.
Mid-rise on the rise
Timber mid-rise buildings, which are popular in Melbourne, will likely filter their way into the Brisbane property industry due to their cost-effectiveness, ease, and efficiency of construction. Provisions for mid-rise timber construction for buildings up to 25 metres are now legal so expect to see a lot more of these springing up around the country.
DFO cinema & dining redevelopment proposed in Jindalee
A two-stage redevelopment of DFO Jindalee has been proposed to feature a BCF retail outlet, six-theatre Reading Cinema and 207 sqm of gross floor area with extra food and drink and improved pedestrian connectivity.
The proposal also includes additional parking spaces and changes in operational hours to help generate some nightlife with the theatre and restaurants.
If you are considering the same thing as many others, Brisbane Property, stay in the know with upcoming apartment and townhouse developments and position yourself for the inevitable Brisbane boom.