What will Brisbane look like in 10 years?
In a recent column, Bernard Salt stated that Brisbane will play catch up over the next decade in its quest to become a major metropolis like Sydney and Melbourne.
There are billions of dollars in projects in the pipeline that will transform our major employment hubs, entertainment precincts, and the way we live. This will, in turn, create thousands of jobs and attract investment and immigration to our capital, the likes of which have been sorely lacking in the last decade.
Major Projects – Employment Hub Expansion
Perhaps the biggest and most exciting project planned is the $3 billion Queens Wharf Project and expansion of the Brisbane CBD.
Not only will it transform our city skyline, but it will provide thousands of jobs during construction and up to 10,000 more upon completion. It is expected to see a $1.69 billion increase in tourism spend, injecting much-needed income into the state’s coffers.
The project includes;
- A feature Skydeck with restaurants and bars
- 5 new hotels (including Brisbane’s first-ever 6-star hotel)
- 3 residential towers
- Approx 50 food and beverage outlets
- A riverfront moonlight cinema
- A Hotel and Hospitality School
Brisbane’s second-largest employment hub, the Brisbane Airport is also set for a major transformation with $3.8 billion being spent on an additional second runway and a commercial precinct. What appears to be a sandpit right now, the Airport precinct will be transformed to have the same capacity as Singapore Airport, a major international city. This will see flights soar to 360,000 per year, an increase of 133,000 flights each year and increasing to 500,000 by 2045. It will be another shot in the arm for jobs and wage growth throughout the transition.
While some infrastructure has already been built connecting some parts of the Brisbane CBD to the Airport (in the form of the Airport Link tunnels), works have also commenced for another major route – Kingsford Smith Drive.
$650 million will be spent transforming an awkwardly meandering 4 lane “street” into a spacious and speedier 6 lane highway to cater for a major injection of traffic, with the scenic Brisbane River as the focus.
Brisbane’s Hospitals are also being transformed, with more jobs to be created in health care than any other sector in the next decade or so. Recent upgrades to the Mater and PA hospitals are now being followed by a major upgrade and $1.1 billion expansion of Royal Brisbane.
In what has been dubbed the “Herston Quarter”, Australian Unity is set to add an additional 12 buildings to the health precinct. This will include;
- Specialist Rehabilitation and Care Centre
- A new Private Hospital including medical and commercial suites
- Aged Care and Retirement living
- Research facilities
- Residential facilities
- Childcare facilities
- Other upgrades to existing spaces
Or in other words – jobs, jobs, jobs!
Entertainment Precincts
Probably the most exciting aspect of Brisbane’s transformation will be the introduction of several new Lifestyle precincts. Once again creating more and more jobs, but also ensuring demand for inner-city living stays high with a number of exciting projects currently planned.
Firstly, there is the Brisbane CBD and the transformation of the Howard Smith Wharves. An estimated $100 million is set to be spent on the revitalization of this 3.4ha site beneath our iconic Story Bridge that will link the City centre to the New Farm Riverwalk. The site will include a 5-star hotel, entertainment area, 1500sqm exhibition spaces, and parking for about 350 vehicles.
The $2.9 billion redevelopments of the Brisbane Showgrounds is also underway. The showgrounds have been home to the famous Ekka and many other events over the last 100 years.
The newest community will become the vibrant King Street and will have a new lease on life with;
- Brand new retail space
- Laneway Shops
- Apartments
- Office buildings
- Restaurants and bars
- Green spaces
Finally, and probably the most exciting from my perspective is Brisbane Live. This project is being framed as Australia’s response to Madison Square Garden in New York City.
It will include;
- A 17,000-seat world-class arena for international superstars and sporting events.
- 15,000- seat Amphitheatre
- 4000 capacity seat rock club
- Multiplex cinemas
- Restaurants and bars
The $450 million arenas will be built above Roma Street train lines, making it accessible to everyone in Brisbane via the public transport network.
Other major projects on the cards include the on-again, off-again Cross River Rail, Northbank, and a Brisbane Metro Subway system. There has also just been a recent announcement of two new major schools planned for inner-city Brisbane to cater to growing demand from the inner city.
What will that mean for Greater Brisbane’s property market? It will continue to grow in 2018 with new figures revealing there are now 24 suburbs with a median house price of more than $1 million.
Suburbs that ooze an outdoor and stylish lifestyle with tree-lined streets and unique spaces such as Brisbane Powerhouse and the heart of the area, New Farm Park which sits alongside the Brisbane River will also do well. Parks and restaurant/cafes precincts attract visitors from Greater Brisbane, interstate, and overseas while riverside picnic spots, cycling loops, shopping centers, and transport hubs are on the top of everyone’s ‘must have’ list.
With Brisbane’s property market set to perform very well in 2018 and over the next few years, there are many opportunities right across Brisbane, you just need to know where to find them. Need help buying Brisbane property? Use a South East Queensland Buyer’s Agent and take the stress out of buying. A Buyer’s Agent with years in the business can help navigate a minefield of property options into a sound investment or lifestyle.
For more information on buying property in Brisbane, contact us.
