If you had $500,000 to invest in property around the nation, which capital city would choose? Brisbane and Melbourne have taken out first place when a panel of property experts and economists were asked where they would invest their money, reports finder.com.au. 

The Finder Reserve Bank of Australia Cash Rate Survey found Brisbane and Melbourne received an equal 27 per cent of votes, followed by 14 per cent for Sydney and Canberra, and 9 per cent for Adelaide and Perth. 

Prices will continue to rise according to 45 per cent of the experts, indicating they feel the property market had turned a corner, and 41 per cent of those surveyed predict prices will remain stable for the time being. 

Graham Cooke, insights manager at Finder said the recent gains in the market were not a product of "dead-cat bounce."

"Potential first time buyers may not be buying at the bottom of the market, but there is still plenty of value to be had with home loans at record lows," Cooke said.

This week, the Reserve Bank of Australia (RBA) kept rates on hold at a record low of 1%. RBA Governor Philip Lowe indicated the door is open to possibly more rate cuts. 

“It is reasonable to expect that an extended period of low interest rates will be required in Australia to make progress in reducing unemployment and achieve more assured progress towards the inflation target.”

CoreLogic research director Tim Lawless told propertyobserver.com their national index recorded month on month increase in nearly two years. 

"Clearly housing market conditions are responding to lower interest rates as well as the recent loosening of loan serviceability rules from APRA and the positive influence of the stable federal election outcome,” said Lawless.  

Hannah Schuhmann said buyers should jump on board the Brisbane property investment bandwagon while great value can still be found in the CBD! Two bed and two bath CBD apartments are highly sought after. Investors can enter the market in a variety of great locations for under $500,000. 

Real estate investment group, Cromwell Property Group has exchanged contracts to purchase 400 George Street Brisbane for $524.75 million, reports theurbandeveloper.com. 

The 35-level property has a number of big tenancies including the ACCC, Cooper Grace Ward Lawyers, Microsoft and other government departments including the Fair Work Ombudsman. 

Colliers International reports a huge 60 percent year-on-year increase in office sales in Brisbane, with approximately $2.35 billion worth of transactions occurring last year. 

Other notable commercial sales include a 50 per cent stake in 66 Eagle Street for $400 million to global sovereign fund Abu Dhabi Investment Authority, and the sale of 39 George and 15 Adelaide Street for $225 million.

Commercial property vacancy has fallen to 11.9 per cent. 

With regards to Brisbane’s industrial market, commercialrealestate.com.au reports vacancy rates have fallen consecutively the past five quarters and are the lowest they’ve been in in six years. 

Mark Clifford, Head of Industrial at Knight Frank told the publication vacant industrial space has dropped by 18 per cent (approx. 89,000 sqm) in just the past year.

“Vacancy is trending downwards, and tenant demand is being boosted by improving economic conditions, population growth, major infrastructure projects and a mining resurgence.”

Prime rents for industrial properties in Brisbane are up more than 5 per cent, and land rates up a whopping 21 per cent with yields tightening according to the urbandeveloper.com.

Brisbane industrial vacancy rates are sitting at 3.2 per cent.  

M3Property Research director, Casey Robinson told the publication the market is thriving and will continue to perform over the next 12 months.

“Brisbane’s industrial sector is experiencing boom like conditions,” 

Colliers International research has found that less than 3.5 years of supply for industrial land ready to develop is left in Brisbane.

The first of seven double-decker CityCat boats vessels will be operational by the end of the year, reports brisbanetimes.com.au.

This next generation of over-river transport is valued at $30 million over the next four years, with each vessel having capacity for 170 passengers, almost floor-to-ceiling glass windows on the ground level, open-air upper deck with seating for 16, viewing area inside at the front, 6 spaces for mobility scooters and/or wheelchairs, table and lounge seating options, USB charging ports, and hearing augmentation loops. 

Brisbane currently has 21 CityCats in operation. Lord Mayor Mayor Adrian Schrinner said the new design to add to the appeal of the iconic public transport method.

“Council is proud to provide world-class public transport along the Brisbane River, with our modern fleet of CityCats getting people home quicker and safer.

“London is famous for its double-decker buses, what better way to see Brisbane than from our double-decker SuperCat.

“Council is committed to delivering Australia’s most modern public and active transport, and our world-class CityCat transport network is just one of the ways that we’re getting people home quicker and safer with more travel options, said Cr Schrinner.

Hannah Schuhmann said the pieces of the puzzle are coming together as Brisbane works towards transformation into a world city over the next 5 years. The new and improved CityCats’ will be yet another drawcard for tourists when they visit our great city, along with the upcoming Queen’s Wharf Development and the Brisbane Quarter to name but a few. 

A development application has been approved by Brisbane City Council to convert 320 George Brisbane into a mixed-use 30-storey commercial tower, reports brisbanedevelopment.com.

After the transformation, the 135-year old heritage building will include 9,100 square metres of premium office space, express lifts, three levels of restaurants/dining, residential, and 17 carparks with a roof top bar above that will have views across the Brisbane River and CBD views. 

Hames Sharley, the architects in charge of the building’s design indicate it will be one of the narrowest skyscrapers in the city when comparing to other buildings of similar height, being only nine and half metres wide. Principal of Hames Sharley Jason Preston said the slimness of the building will present challenges with design.  

“Given the building’s four lifts are designed as a ‘side core’ to the west boundary wall, a building of this kind will twist and sway differently to a traditional tower, which is usually anchored by a number of central lifts, stair cores and a larger floor plate.

“Working closely in collaboration with Currie and Brown (project managers) and ADG (structural and façade engineers), we proposed a hybrid ‘exo-skeleton’ bracing system for the building, both as a structural necessity and to visually anchor the building, whilst retaining a typical continuous glazed curtain wall as the external skin,” said Mr Preston.

The heritage listing on the building means the façade will remain and will be restored under guidance from an expert heritage architect. Mr Preston said 320 George Street was internally rebuilt in the 1980’s and as a result, most of the interior heritage were gutted.

“There is existing original brick work which has been covered in plaster during one of the past renovations.

“We are proposing to peel back the layers of render to expose the original brick work internally in the lobby,” said Mr Preston. 

Construction for the project is expected to commence at the end of this year. 

The design of Brisbane’s newest and widely debated $100m Neville Bonner Bridge was been unveiled. The pedestrian bridge will connect the $3.6 billion Queen’s Wharf Integrated Resort to South Bank. 

The design announcement has happened just in time, as the contract to build the bridge is set to be awarded shortly. The bridge has been named after Australia’s first Indigenous parliamentarian, and is predicted to create approximately 100 jobs.

Construction on the bridge will start early next year, with completion expected mid-2022. 

Tourism Industry Development Minister Kate Jones told brisbanedevelopment.com the new connection of the Brisbane River has been discussed since 2001. 

“This brand new bridge will deliver around 1.4 million additional people, we expect to use the bridge each and every year crossing between, as I said, the north of the river and South Bank," she said.

Other updates from the Queen’s Wharf development:

Building works

Foundation works for the cores of the lifts for The Star Grant Hotel, Towers 2 and 3 are underway. Once this step is done, structural and foundation work can be started for the basement.  

In the next few weeks, access to the site via the William Street exit will be removed so foundation work for the footing pads and concrete slabs for the Tower on the Elizabeth Street side can commence. 

The first of seven satellite concrete pumps are being installed, three of which will be permanent pump stations. A mammoth amount of the concrete to the tune of 180,000m3 will be poured during constructions of the four towers. 

Maritime Work

Last week, a 75m x 30m metre barge moved onto the Brisbane River, the vessel so big a Harbour Master Pilot was required to steer into the correct position.  Two smaller barges will also be used to provide support to the main barge with pilling activities. Work will also commence to improve the current Finger Wharves underneath the Riverside Expressway which will allow for vessels to berth temporarily at the Queen’s Wharf site. 

The Landing

Possibly the most interesting of the parks to be included the development, this space will be built out over the water’s edge and will include 160 steel piles into the Brisbane River and a 6,500sqm suspended concrete structure over the water. Temporary fencing has been installed at the site.  

The Landing is expected to be opened with the entire development in late 2022. 

Other Outdoor Spaces

Waterline Park: The large recreational space beneath the Riverside Expressway is in the closing stages with landscaping and civil works in finalisation stage, and rubber soft-fall and park equipment to be installed in the not too distant future. 

Bicentennial Bikeway: The first sections are nearing completion with surface prep, line marking and painting having their final touches. 

Mangrove Walk: Once again, nearly complete. Final works in progress for the Boathouse Pavilion and sheltered resting points.

The above public space elements are due for opening before the end of the year. 

Hannah Schuhmann said while the bridge has been controversial on some fronts, it will be another point where tourists and residents can explore more of the city which can only be a good thing!

Tourism numbers and expenditure is strong, plus with huge projects on the horizon including the above-mentioned Queen's Wharf, Cross River Rail, and the Brisbane Quarter to name but a few, we are well on our way to being a World City!