With a population of about 2.2 million, Brisbane, the capital city of Queensland, is the third most populous city in Australia. It is also the fastest growing as the city gears up to become an international metropolis in 2020-2030.
Mega infrastructure developments include the Cross River Rail, a 10.2km underground railway running through Central Brisbane that is currently under construction. The other is the Brisbane Metro, a new, 21km rapid transit system. It has two lines that will serve the CBD every three minutes during peak times, and is expected to transport 22,000 passengers an hour.
In addition, the largest single private development, namely the A$3.6 billion ($3.4 billion) Queen’s Wharf, is expected to rejuvenate Brisbane’s CBD. It will occupy a 27.3ha site – about 20% of Brisbane’s CBD area – and is designed to be an integrated resort with four new luxury hotels, more than 50 new bars and restaurants, 2,000 residences, and public spaces equivalent to 12 football fields. It is being developed by Destination Brisbane Consortium, led by The Star Entertainment Group with Hong Kong-based partners, Chow Tai Fook Enterprises and Far East Consortium.
Brisbane CBD is set to be transformed with at least 10 mega projects underway
“Queen’s Wharf is not merely a casino but a retail-entertainment complex and a redevelopment of the Brisbane CBD,” says Young Yip, principal of BPP Group, an Australian-based specialist in project marketing. “It will be a positive catalyst the way the integrated resorts with casinos have been in Singapore and Macau.”
Yip sees Wee Hur’s Park Central transit-oriented, mixed-use development in the Woolloongabba suburb benefiting as well, given its proximity to the CBD. “It’s one of the best locations, with public transport – from rail, bus and future metro station, which is scheduled to complete in 2023,” he says. As such, he sees the development continuing to attract investors, given the accessibility via public transportation to schools and universities.
The foreign buyer’s tax for Brisbane, which was hiked from 3% to 7% last July, has affected demand in the short term, given the higher cost of entry, concedes Yip. “But eventually, the market will absorb that higher transaction cost,” he adds, pointing to Singapore’s 20% additional buyer’s stamp duty for foreigners, and Hong Kong’s 30% stamp duty.
Over the long term, he does not see it interrupting people’s desire to purchase a property.
With up to 10 mega developments underway in Brisbane, Yip reckons the property market is set to recover. “A new property upturn is anticipated from 2020 through 2022-2023 with the scheduled completion of Queen’s Wharf and the Brisbane Metro.”
EdgeProp’s first International Property Show is taking place on 4 and 5 May 2019 at the Level 3 Concourse of Suntec Singapore Convention and Exhibition Centre. The International Property Show is an ideal starting point for first-time buyers who seek a better understanding of investing in overseas markets. Visitors can also expect exclusive discounts and offers at the show.
Complimentary tickets can be obtained now at: http://edgepr.link/ips2019