Why the Brisbane property boom is here to stay
Stand in the middle of Brisbane CBD and look around. You’ll see a crane-filled skyline, you’ll feel an energy that was once only recognisable in Sydney or Melbourne. For a long time, Brisbane has been on everyone’s lips, sparking conversation about the obvious property boom. The city’s infrastructure, lifestyle and housing situation has significantly evolved over the past decade, and for investors, that’s exciting. Brisbane is not only performing well now, making it a strategic move for investors, but its success is set to continue. Here’s why.
New housing
With the attraction of new people to an area, comes new housing. In the past five years, Brisbane’s residential apartment developments have skyrocketed. For most of Brisbane’s history, detached housing was the only growth method the city had. Sure, it was more affordable at the time, but the longevity of detached housing was limited. It wasn’t until the 1990s that the Urban Renewal Taskforce took the initiative to revitalise abandoned industrial suburbs and repurpose them into sought after inner city, locations. What came of this was sustainable, live-work communities that were affordable for both local residents and businesses. This era was the start of a massive change in Brisbane’s property market.
Source: QLD Government Budget Strategy and Outlook 2015-16
When you can’t build out, build up
Although Brisbane is one of the world’s largest geographical cities, it could no longer continue the rapid growth of suburban sprawl that was once implemented. Besides the fact that it’s more expensive to build sparse population areas over a large quantity of land, densification made sense for the city and its newly attracted market. Brisbane has become so strong and so appealing that it’s expected to home an additional one million people in the next 15 years. Springfield, one of Brisbane’s original suburbs, is constructing 10,000 apartments as part of a new CBD area to accommodate this rise in population.
Artist’s Impression – Springfield CBD. Source: Springfield Land Corporation
Brisbane’s affordability and lifestyle is second to none around Australia. As the city continues to grow and evolve, exciting times are ahead for investors.
To discuss your investment options, contact CPS Property today.
