Brisbane is rapidly emerging as a world city. Its economic development through job creation, infrastructure spending and enhanced lifestyle are acting as a key driver in the continuing transformation of the city. Brisbane acts as Australia’s closest capital city to Asia, offering an appealing business environment in a region supporting an ever-increasing share of global economic growth.
The result of these factors is being clearly seen by the number of residents moving to the Queensland capital over the last 12 months. Brisbane’s population grew by 2.1% over the last year, equating to an additional 50,000 people. The majority of these new residents are being generated from net interstate migration, as residents from the city’s southern counterparts are recognising the appeal of Brisbane as a new prospect. 2018 saw rates of interstate residents rise to levels last seen in the early 2000’s property boom – a positive sign for the city’s housing market.
Over $21 billion worth of public and private infrastructure projects are currently in the pipeline for Brisbane, beckoning to change the face of the city. The list of major infrastructure and construction projects is one of the most extensive in our nation. From waterfront entertainment precincts, railways, tunnels, entertainment venues, hotels, runways and more. The outcomes of these projects will not only create thousands of primary employment opportunities for locals but will improve the overall connectivity and lifestyle aspect of Brisbane.
Nothing indicates the start of this transformation more clearly than the $110 million redevelopment of The Howard Smith Wharves. This long-time coming precinct has injected an innovative entertainment precinct throughout the inner city. Located under the heritage listed Storey Bridge, the urban revitalisation project has injected the new Art Series hotel, The Fantauzzo, multiple restaurants, bars and event spaces – making it one of the hottest places to be in Brisbane.
The precinct is delivering a hub of entertainment that rivals Sydney’s Cockle Bay Wharf, bolstering the appeal of proximate property markets. Since the opening of stage one of The Howard Smith Wharves, demand for houses and units within walking distance has strengthened. This can be seen by the suburb of New Farm as median house prices have buoyed by 5.7% since the opening of The Howard Smith Wharves.
Ultimately, this precinct is only one piece of Brisbane’s dynamic infrastructure puzzle and is a sign of things to come. As Brisbane continues to grow and evolve into a world city, this pipeline of projects will prove to be a key driver for its international appeal.