Is the Brisbane property market about to be woken up?
You may have noticed the increased optimism in the Brisbane property market recently. Whether Brisbane will in fact have a property boom remains to be seen. It is however undeniable that there are a number of exciting infrastructure and property projects in the pipeline which make for Brisbane being a pretty attractive investment option.
10 of the biggest projects that are kicking off in Brisbane are:
- Brisbane Metro Project – a 21km long turn up and go service with two lines from Eight Mile Plains to Roma Street and Royal Brisbane Women’s Hospital to the University of Queensland – construction is scheduled for completion in 2023.
- Brisbane International Airport’s new runway – once completed, Brisbane will have the best runway system in Australia effectively doubling our current capacity. Completion is scheduled for 2020. It has been estimated by 2035 the new runway will lead to the creation of 7,800 new jobs and contribute an additional $5 billion in annual economic benefit to the region.
- Brisbane International Cruise Terminal – to be built at Luggage Point, and open to all cruise lines, the $158m facility will be able to cater to cruise vessels of all sizes including the latest ocean-going cruise ships around the world. On average, the project is expected to support 245 jobs each year of construction. Within 20 years, it is expected to triple Brisbane’s cruise industry to support 3,750 jobs, bring 766,260 visitors annually and contribute $1.3 billion in net expenditure into the Brisbane economy.
- Brisbane Cross River Rail – the $5.4 billion Cross River Rail is a new 10.2km rail line from Dutton Park to Bowen Hills, which includes 5.9 km of tunnel under the Brisbane River and CBD. In addition to the rail development, there is a proposed 17,000.00 seat entertainment precinct proposed over Roma Street train station (‘Brisbane Live’).
- Queens Wharf Development – when complete, the Queen’s Wharf will deliver four new hotels, more than 50 bars and restaurants, 2,000 residential apartments and the equivalent of 12 football fields of public space. It will cover a huge 27.3 hectares – about 20% of Brisbane’s CBD. It is estimated that the development will provide more than 2,000 jobs during peak construction and 8,000 jobs when the Integrated Resort Development is operational in around 2022.
- Brisbane Showgrounds Regeneration – the project includes the upgrade of the Brisbane Showgrounds including the completed state of the art Royal International Convention Centre, Plaza and Porte-Conchere together with 5.5 hectares of new development comprising of The Green and The Yards residential apartments, Kingsgate commercial precinct and the creation of King Street. This is the largest Brownfield development of its kind in Australia.
- Herston Quarter – redevelopment of a 5-hectare site within the Herston Health Precinct began in 2017. The $1.1 billion transformation project will deliver a mixed-use community which will cater for health, residential, commercial and retail development. Completion is scheduled for late 2020.
- West Village urban renewal project in West End – theprecinct will include a bustling retail hub, lively green spaces, eclectic laneways and 322 apartments.
- New hotels and restaurants at the Howard Smith Wharves and nearby Waterfront Place
- 50 ha parkland – Victoria Park Golf Course, Herston – Brisbane City Council has recently decided to close Victoria Park Golf Course and create a new 50-hectare parkland for the public to access. The new parkland will be the second biggest in Brisbane, double the size of the botanical gardens within the CBD.