Last week we discussed the significant level of interstate migration which Brisbane is now benefiting from. To put that in perspective, Brisbane is adding over 24,000 residents per annum through interstate migration, this figure is higher than any other Australian capital city.
So, what’s driving this movement?
- Infrastructure and employment
Let’s focus on infrastructure and employment. The effect of Brisbane’s infrastructure pipeline is two-pronged. Not only is it currently creating thousands of jobs but upon completion will drive growth in long term employment opportunities. The second benefit of the infrastructure is acceleration of Brisbane’s transition into a world city. The projects being delivered will create world class precincts and rival some of the nation’s most iconic landmarks. Many of these projects have been in the pipeline and planning stages for a long time, so their commencement provides a level of certainty around the governments commitment to improving Brisbane as a city. Here’s a brief snapshot of some of Brisbane’s most anticipated projects.
For more information on each project follow the link in the name direct to their websites.
|Queens Wharf Redevelopment|
|Highly anticipated entertainment precinct will transform Brisbane’s CBD and its inner ring.|
|Brisbane Airport Expansion|
|New runway will create 2,700 construction jobs and ongoing employment for over 7,800 people|
|Improving the current transport network and creating 7,700 jobs|
|Northshore Hamilton precinct||Will create over 15,000 jobs in construction of the commercial facilities as well as on completion|
|Multi-staged development with almost 60,000sqm of commercial space|
|Brisbane Cruise Ship Terminal|
|The new terminal will improve the facilities available and increase capacity for international cruise ships|
Other projects include:
- Howard Smith Wharves – The recently completed riverside precinct offers some of Brisbane’s most desired restaurants and bars
- Brisbane Live – Inspired by Maddison Square the venue will hold 17,000 people and become integral to Brisbane’s entertainment industry
- Cross River Rail – A $5.2 billion project connecting the north and south of Brisbane via rail, the highly anticipated project has been in planning for many years
With many of these infrastructure projects well underway, project completions are anticipated for the next few years. By 2025 Brisbane will have transformed significantly. Historically, the Brisbane market has performed strongly in response to a Sydney growth period. We’re well-positioned to see history repeat itself with rising demand, strong public investment in infrastructure and slowing property supply.
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