Brisbane property market is poised to become an even stronger market over the coming years from 2018 as the southern state capital city markets increasing price levels make the Brisbane property market an attractive alternative.
Queensland property investment increases usually follows New South Wales and Victoria in the property cycle, though, and since those states have experienced massive spikes in property prices that seem to be nearing its peak, speculation is rife again that the Sunshine State could be next in line.
Most analysts predict that the slow and steady Brisbane property investment growth it has already been experiencing will continue. Important to note that a number of Brisbane property market factors are at play here and this is explained more broadly in free information pack
The South East Qld Regional Plan Developments on green field sites in the southeast will incorporate a variety of housing types, sizes and designs – ending the “one-size-fits-all” sort of housing estates which have sprung up in many areas over recent years.
The Government estimates that 475,000 new jobs will be needed to support the extra population over the next two decades. The Smart State strategy has identified knowledge-based, creative industries as the growth areas. These would include aviation and aerospace (especially in the western corridor), biotechnology, information and technology, tourism and pharmaceuticals.
The “activity centres” concept in the Qld Government infrastructure plan is aimed at reducing the huge amount of traffic commuting across the city and across the southeast region each day. The idea is that people will live close to centres, based on key public transport hubs and they will catch buses or trains to work, shop, use government services and recreation and leisure facilities. Major projects proposed in the plan include:
* $2 billion of rail development on the Sunshine Coast including an additional line through Landsborough to Nambour and a new line to Maroochydore.
* More than $1.2 billion for new bus ways in Brisbane including one from Dutton Park to Capalaba and another from Enoggera Creek to bracken Ridge.
* $590 million to add a rail line from Corinda to Redbank and a new line from Darra to Springfield.
* $500 million for a rail line to Coolangatta.
* The heart of the Brisbane property market will be transformed over the next 20 years under a Brisbane city council masterplan. Building height limits will be removed and cars discouraged as major public transport initiatives carry people into a more pedestrian-friendly central business district.
* An underground city rail circuit with stations at Gardens Pt, Eagle St, Spring Hill and Centenary Place
* An underground bus network with a station below King George Square and vehicles travelling below Roma St and Adelaide St to connect with the inner Northern Bus way.
* A mass transit system connecting West End, the City and Fortitude Valley.
* Roma St, Edward St, Victoria Bridge and the top of Melbourne St will become pedestrian-friendly, tree-lined boulevards with traffic calming.
* Three new pedestrian and cycle bridges over the river and a bus bridge from Adelaide St. to South Bank.
* New plazas at Melbourne St. and Eagle St. and a riverside plaza at North Quay.
Brisbane property investment sales volumes are increasing with 2018 showing early signs of a renewed upswing in the Brisbane property market. Brisbane property prices being comparatively low when compared to other capital cities is attracting increased interest from property investors both from within Queensland and from other states.
Housing construction is expected to increase in the Queensland property market, with BIS Schrapnel predicting a rise of 3 per cent over the next three years. The Qld state government appears to support increased development, with the announcement of a new, planned suburb for Brisbane. The proposed site covers 227 hectares, providing over 1,350 new dwellings.
Predictions by property analysts pinpoint Brisbane as a property market to watch.
These positive reports are creating confidence in the Brisbane investment property markets. A survey by the Property Council/ANZ shows the Queensland is the second-most optimistic state and that this sentiment is steadily climbing.
The rental market in Brisbane is healthy with vacancy rates across metropolitan areas tight at 2.4 per cent according to SQM Research.
Important to note that a number of Brisbane property market factors are at play here and this is explained more broadly later.
For more information on recommended locations and suburbs for property investment in Brisbane see our free information pack