The future vision for the Brisbane Live transport hub is set to impress, with plans for parking and servicing of driverless buses and cars having the potential to be included, reports couriermail.com.au.

Dubbed the “Brisbane Grand Central Transport Interchange,” the developers have suggested adding another level below the currently proposed 17,000-seat venue covering Roma Street Railyards. The transport area would cover the 12.5 hectare site. The space which would create room for thousands of vehicles, would run from Normanby Fiveways to Roma St Forum by extending a five metre deck across the proposed precinct between the arena and rail lines. 

The Cross River Rail already has plan for underground stations and high frequency Brisbane Metro transport systems to be built over the next seven years but chairman of AEG Ogden, Harvey Lister says Brisbane has the chance to become a world pioneer with regards to the autonomous vehicles for the future. Projections say that the hire of driverless cars will be the future as the ownership of cars will decline. These vehicles will need a location to be stored, maintained and recharged between use.

Lord Mayor Graham Quirk is behind the Brisbane Live proposal as he can see the benefits to the economy including future potential to draw signature events, and creation of hundreds of construction jobs.

In the coming weeks, an examination on potential and economic impact for Brisbane Live project will be presented to Treasury. 

Overall the state of Queensland is tracking well economically even after the devastating effects of Cyclone Debbie, reports the Queensland Government in the quarterly ‘Economic Buzz’.

The Queensland economy has grown by 2.5% in 2016-2017 according to the latest state budget, with the overall growth for the country up by 1.75%. National Australia Bank’s Monthly Business Survey recorded one of the highest scores for any state economy for the same period. 

Trade Data

Trade data from the Australian Bureau of Statistics shows Queensland’s exports in goods sold overseas are booming with a 37.7% increase in the last financial year, with an overall increase for Australia at 19.5%. For the 12 months, the total value of these exports was a record $65.9 billion.

Biofutures

The State Government announced a new Biofutures Acceleration Program (BAP) where five new or existing biorefineries benefited to the tune of $4 million. It is anticipated these investments could create around 330 jobs.

Minister Dr Anthony Lynham announced Queensland has a vision for a $1 billion biofutures industry by 2026. More biofutures news from the financial year included a new $50 million integrated biorefinery for Mackay, and the update that the North Queensland Bio-Energy ‘s $640 million biorefinery is moving closer to fruition.

Dreamliner Base

As discussed last week in the blog, the announcement of the Qantas Dreamliner base at Brisbane Airport will create around 470 jobs. The investment from Qantas is estimated at around $1 billion.

Military Vehicle Manufacturing

Queensland has been selected by Rheinmetall Defence Australia as the preferred location in Australia for their facility for military vehicle manufacturing. If the company is successful is securing the necessary funding (one of two companies in the running), it is expected the project will deliver 225 combat reconnaissance vehicles (CRV) for the Australian Army. The project will contribute more than $1 billion to the state economy in the first 10 years of operation and generate at least 450 full-time equivalent positons.

Commonwealth Games

With all competition venues now complete, the state is well prepared for the 2018 games. The $320 million investment in community and sporting infrastructure has witnessed approx. 1000 jobs during the design and construction phase, with a total of 10,400 people working over various locations.

Further statistics include 40% of construction contracts awarded to local contractors and a further 54% allocated to South East Queensland businesses.

Queens Wharf

As mentioned in previous blogs work on the $3 billion Queens Wharf development is truly underway with the demolition of the former 80 George St & Neville Bonner building and up to 150 workers on site.

Regional Queensland Infrastructure

The next stage of the Building our Regions (BoR) program will support 65 infrastructure programs with $70.3 million to be awarded. It is anticipated these projects will create 438 regional Queensland jobs.

New roadmap

The Queensland Mining Equipment, Technology and Services (METS) 10-Year Roadmap and Action Plan contributes to the state’s $7 billion section, and is set to create 3,000 extra jobs.

The biomedical sector

The sector is set to see a boost, with a $4 million action plan which will deliver around 3,000 new jobs.                 

Nathan Dam

If the plan progresses for the Nathan Dam and Pipelines project (gained approval subject to conditions in July this year), it will generate a $1.2 billion investment for the state economy and create 525 jobs. The proposal includes a 888,000 megalitre dam and a pipeline in Central Queensland, north of Dalby.

Interest rates

In other economic news from the Reserve Bank this week, interest rates were again left on hold at 1.5%. The monthly report from St George Economics indicated the RBA appears to be more confident of improvement in business investment, consumer spending in Australia, and the labour market. St George anticipates the cash rate will stay steady with a possible rate hike next year. 

In a big win for the city, Qantas and Brisbane Airport have announced the new base for four Boeing 787-9 Dreamliner aircraft will be in Brisbane.

Over the first five years of operation it is anticipated that the new base will create 120 direct full time jobs in the way of cabin crew and pilots who will be based in Brisbane, and 348 indirect full time employees.

Qantas indicated that the new aircraft will replace some routes the current 747 aircraft fly, but will also open the gates to a multitude of new destinations. Due to the flight range of over 14,000 kilometres, the Dreamliner’s will have the capacity to fly from Brisbane direct to such destinations as Vancouver, San Francisco or Seattle. The new routes will be announced in coming months.

CEO and Managing Director of Brisbane Airport, Julieanne Alroe sees this announcement as yet another vote of confidence for Queensland. The ability to fly these long distances will open the doors to many new international opportunities in sectors such as investment, business, tourism, trade and education.

Qantas CEO Alan Joyce believes these new aircraft and routes will drive long term international tourism throughout the state. This is a timely announcement on the back of Brisbane Airport’s strongest growth in a decade with international tourism numbers up 7%, plus the pending completion of the new runway in 2020. 

The continued increase in dwelling values has led to a substantial reduction of sales below $400,000 over the past decade, reports CoreLogic.

In the capital cities, 28.4% of units and 16.8% of houses sold for under $400,000 in the year to June 2017. In the previous year, these figures were 29.6% for units and 19% for houses, a noticeable decline in properties under $400k. Ten years ago, 66.3% of units and 53.1% of house sales were under the $400,000 mark.

On a national level, 37.3% of units and 31.2% of houses sold for under $400,000 in the year to June 2017. In the previous year, these figures were 38.6% for units and 32.8% for houses. Ten years ago, 68.9% of units and 62.4% of house sales were under the $400,000 mark.

Brisbane continues to live up to its ‘affordable city’ title, with 47% of unit, and 26% of houses sold for below $400,000. In comparison for the same period, sales under $400,000 in Sydney units were only 7.4%, and even lower in houses at 3.1%.

In Sydney and Canberra, less than 3.5% of all house sales were below $400,000 in the 12 months to June 2017, compared to 35.5% (Sydney) and 40% (Canberra) ten years ago.

On the flip side, as to be expected, properties selling for at least $1 million has significantly increased over recent years. The Federal Government attempted to address housing affordability in this year’s budget, and as anticipated, supply and demand need to be worked on as these are the market drivers. To increase supply would potentially reduce prices, but the employment opportunity and infrastructure would need to accompany these plans. 

Latest research from Colliers International shows the Brisbane industrial property market is experiencing solid demand with surging results in the first half of 2017, the best results in a decade, reports theurbandeveloper.com.

$366 million worth of industrial property transactions with a sale price above $5 million have sold within this period, with a landmark sale for the Coca-Cola facility at Richlands for $156 million sealing the figures to an excellent six months to June this year.

Simon Beirne, Colliers international State Chief Executive attributes the results to the resurgence of capital from domestic buyers, with superannuation groups the top of this list. He noted that offshore buyers are still in the market.

The report specified volume sales were down 29% compared to the same period last year due to the lack of supply of solid investment opportunities.

Strong investment was seen in the $20 million and under category, with parties being attracted by good yields. Anthony White, Colliers International Director attributed this to the risk parties as willing to take as stock supply reduces.

Increase in confidence has been reported by owner-occupiers in the sub $10 million space, with 25 transactions in the six-month period.

Property in and around popular motorways such as the Australian TradeCoast and Logan Motorways remains the strongest.

Colliers International predicts these strong results will continue into the second half of the year, with Mr White indicating that supply will be the key to increased sale volumes. New developments are predicted to increase supply, as several substantial industrial facilities are due for completion before the end of the year.