Property Prestige Market Lifts Brisbane into the Global City List
High demand from downsizers for prestige property in Brisbane led the Queensland capital to appear for the first time in the Global City List. This index has been measuring the top 5% of every city housing market value for the past 7 years.
Brisbane has seen its top-end residential property market grow a 3.6% in the last year, earning the city the 19th position in the list. This growth rate outperforms other major cities like Tokyo, New York or London.
Increasing demand from downsizers, that are looking to move to great locations and easy-to-maintain properties, is outweighing the supply coming to the prime property market. Security, excellent amenities, accessibility to technology, perfect weather and price are the top reasons for retirees to aim for Brisbane when looking for real estate.
According to several studies, families and couples from interstate, with medium to high-income levels, are also propelling the prestige residential market in Brisbane, which still holds very reasonable prices when compared with Sydney and Melbourne. House values in Sydney were 102% higher than in our city and Melbourne values were also higher by 57% at the end of 2017, a trend that is making Brisbane more attractive by the day. According to a study by Corelogic, Brisbane could take over as the best performing capital city housing market in the next 5 years (read here)
It seems that Brisbane’s transformation is unstoppable; adjacent to a thriving growing population from interstate and overseas migration and a strong employment sector, the city has engaged in major infrastructural projects that are shape-shifting, with more than $10bn worth of developments due for completion by 2022. These are some of the most attractive projects:
Ipswich Highway and Bruce Highway upgrades. They’ll deliver critical safety benefits, improve efficiency and reduce traffic congestion, and ensure that Brisbane can cater for future traffic growth.
New parallel runway for Brisbane Airport, aiming to generate more than 7,800 new jobs and an additional $5 billion in annual economic benefit to the region, by effectively doubling the capacity of the airport.
New International Cruise Terminal, attracting mega cruise ships to Queensland, boosting tourism numbers and spend.
The Queen Street Wharf and Howard Smith Wharf will become two world-class recreations, lifestyle, leisure and tourism destinations.
One of the latest projects is the construction of a New Art Theatre for 1,500 seats on the Playhouse Green site at the Queensland Performing Arts Centre (QPAC).
At the core of this bright future for Brisbane, there are a few great property investment opportunities for those looking to enjoy this exciting moment.