Three major construction projects are set to transform Brisbane’s CBD, and the flow on effects could have a huge effect on the greater Brisbane property market.
Brisbane’s CBD is undergoing a transformation, with three large scale construction projects set to revitalise the River City and bring it kicking and screaming onto the world stage. The projects are set to deliver a net increase of around 11,500 jobs in the inner city precinct alone, and are slated for completion over the next 5-7 years.
The Projects
Queen’s Wharf
- 5 new hotels
- 3 residential towers
- The sky deck
- Pedestrian bridge link to south bank
A new world-class integrated resort development is being constructed that will put Brisbane on the map as a tourism, leisure and entertainment destination.
Expected to open in 2022, Queen’s Wharf Brisbane will transform the CBD and river’s edge with an iconic design that embraces Brisbane’s inviting subtropical climate and celebrates the precinct’s Indigenous and European heritage with interpretive trails and experiences spanning the Brisbane River and ridgeline.
Casino
- Replace existing treasury Casino with new purpose built ‘Brisbane Integrated Resort Development’
- Part of Queens Wharf Development
- Gaming floor to be less than 5% of overall development footprint
300 George Street – Brisbane Quarter
- 82 storey residential tower
- 5 star hotel + shopping mall
- Top level viewing podium
Brisbane Quarter is a development consisting of three buildings; residential apartments, an office tower and hotel tower, on the old Law Courts site bordered by George, Adelaide and Ann streets and North Quay.
The Winners
Property Investors
New job opportunities always come with any large scale development, however due to the size and scale of these three concurrent projects in one relatively small area – property investors should be on the lookout.
The influx of job opportunities will bring with it an additional workforce, which may influence the Brisbane rental market. When coupled with the short term wage growth which these competing projects will inevitably bring, property investors may see an increase in capital growth over the next 5-7 years.
State Government Coffers
The Queensland State Government will also benefit greatly from these large scale CBD developments. It is estimated that the initial boost to tourism in Brisbane will be in the vicinity of $1.69bil. On top of this, guaranteed Casino Taxes for the first 10 years will total approximately $880mil. This bodes well for future investment in infrastructure across Brisbane.
Where to from here?
It will a positive 4-5 years in the lead up to these projects being completed for the Brisbane property market, and an exciting time for investors to be a part of this explosive inner city development.
Increasing wages, higher rental demand and an influx of employment opportunities in a central location all add up to a more favourable outlook for the Brisbane property market. When a projected increase to infrastructure spending is added to this already positive set of circumstances, property investors should be licking their lips.
