Brisbane is a firm favourite to show property growth. While the COVID-19 pandemic has slowed property expectations, we expect that this area will still continue to flourish
Key infrastructure is being developed within Brisbane that is creating employment, causing semigration which is in turn increasing the population and property demand in the area. Below are a number of the developments taking place in Brisbane that are helping boost the property market.
The second airport runway
This infrastructure has been in development over the last 8 years and it is the final phase with the official opening expected for later this year. As Australia’s third largest airport, the new runway has had approximately USD$880 million injected into the construction and development. It is estimated that by 2035, the new runway will have generated 7,800 jobs and pumped USD$3.4 billion into the local economy.
The Queen’s Wharf
Considered an integrated resort development that will incorporate residential apartments, hotels, restaurants, retail, casinos and event and conferencing. The first phase of Queens Wharf Brisbane is expected to be complete in 2022. It is expected to create over 2000 jobs for construction and 8000 once completed, and further projected to attract 1,39 million visitors.
Brisbane’s global export hub, the Australia TradeCoast is situated around Brisbane’s port and airport. This development is targeting industries including, aviation and aerospace, building and construction, business services, shipping and marine, and so much more. The TradeCoast Precinct is expected to target as many as 1500 businesses and attract 60 000 employment opportunities. By 2026, the employment number is anticipated to reach as high as 110 000.
These are just a few of the key infrastructure currently being developed within Brisbane. There is no doubt that these developments are set to bolster the Brisbane and Australian economy and help build a stronger property market demand as tourists and individuals choose this area to live and visit.