In the face of so much change and development in Brisbane, one must ask oneself, what will the future look like in Brisbane? Let’s have a look at some of the things that 2020 will bring, and what impact they may have.
Brisbane City Council appears to be attempting to support the federal government’s First Home Loan Deposit Scheme by providing a one-year 50 per cent rates discount for first home owners.
The First Home Owner Remission scheme (50 percent rates remission of up to $1,000 over a 12-month period for eligible first home owners) will commence for title transfers from October 1 and will be available on homes with a value less than $750,000. This makes a suburb such as Holland Park, with an average house price of $694,500, a perfect buying target for next 2020. Wedged in between prestige suburbs such as Coorparoo, Tarragindi, and Camp Hill, it presents the next-in-line for growth, according to the Ripple Effect, laid out here.
Aside from incentives from the local government, there are also several key construction projects beginning in 2020 that will provide jobs, bring visitors and business, and inject revenue to the economy for what is set to become a truly global city. Here are several of the projects that are underway:
- The Cross River Rail, which begins construction in late 2019 and is due to be completed in 2024, will be a 10.2 kilometre rail line from Dutton Park to Bowen Hills, which plunges 5.9 kilometres of twin tunnels into and under the Brisbane River and onto the CBD. The aim of the project is to unlock the bottleneck at the centre of the transport network. The Cross River Rail has been designed to allow more trains to run more often for the whole of South East Queensland. The Cross River Rail will deliver four new underground stations at Boggo Road, Woolloongabba, Albert Street and Roma Street. It will also deliver upgrades to eight above-ground stations including: Salisbury, Rocklea, Moorooka, Yeerongpilly, Yeronga, Fairfield, Dutton Park, and Exhibition.
- Brisbane is on track to double the capacity of it’s airport, with the construction of what will become the best runway system in Australia. According to the Brisbane Airport Corporation website,
“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. For our community of travellers this project will also lead to a greater choice in airlines, destinations and flight times.
This new runway is a key piece of infrastructure that will enable the continued growth of Brisbane, our region and the nation. Furthermore the new runway will enable Brisbane Airport to better meet the demands of the community it serves, now and for future generations.”
- Brisbane’s newest entertainment quarter, the $4.2 billion casino Queen’s Wharf Brisbane is being constructed by a conjoined group labelling themselves Destination Brisbane Consortium – a collective effort between The Star Entertainment Group, Hong Kong-based Chow Tai Fook Enterprises, and Far East Consortium. The complex will include 2,000 residential apartments, 1,000 hotel rooms, and a 1,000 seat function centre.
It is these construction projects, if nothing else, which indicate the confidence that council and business people have that Brisbane is set to rocket into international prominence as a haven for culture, entertainment, and tourism.
Interested in what these developments will do for Brisbane property prices?
Brisbane is growing in population, and it’s expanding in size. Very soon it will be a gem in the crown of Australian urban culture. To learn more about how these development will affect values in the Sunshine capital, reach out to an Avnu Brisbane expert