When it comes to Australian cities, Brisbane is arguably the success story of the decade. The city’s value proposition coupled with exceptional residential amenity has made it one of the most rapidly evolving urban hubs in the country. Major investment into both transport infrastructure and the creation of innovative civic spaces has seen the international appeal of the river city grow immensely. Brisbane’s tourism industry now contributes $25 billion to the economy per annum, generating 7.8% of Queensland’s Gross State Product.
Brisbane’s robust infrastructure pipeline will be a driving factor in growing this appeal for years to come. The Queensland state government has taken a proactive approach to cater for the future demand of the Brisbane population. Significant public and private infrastructural investment within the city’s inner ring is forecast to transform the city as we know it, with planned projects beckoning to produce world class entertainment precincts and future tourism icons.
Over $21 billion worth of varying projects is currently in the pipeline. Included in this pipeline is the innovative Brisbane airport development. The $1.5 billion government backed project is promising to modernise travel throughout south-east Queensland, by providing a completely new runway to the region. Set to open mid next year, the runway upgrade will expand Brisbane’s airport capacity to be in line with world city’s such as Singapore and Hong Kong.
While bolstering the appeal of the city to new residents, increased commercial and civic development will continue to be a driving factor for the residential market. Such projects as the Cross River Rail, Queens Wharf redevelopment and Brisbane Live will provide over 25,000 new jobs to the economy.
Brisbane continues to undergo a widespread evolution as it transitions into a world city. What was previously Queensland’s economic engine is now a flourishing epicentre of culture and entertainment. Consequently, an appealing lifestyle continues to draw Australian residents north. As Brisbane progresses it is our view that proximate property markets will benefit.