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QLD boom around the corner? Estimate of $30 billion worth of projects underway across South-East Queensland

An investigation by CBRE Research indicates an economic boom for Queensland may be just around the corner, reports brisbanedevelopment.com.

 

The report finds interstate migration due to housing affordability between Sydney and Brisbane, and white-collar employment growth are the main drivers.

 

Interestingly, in 2002, at the time that average house prices in Brisbane were 43% of those in Sydney, interstate migration peaked at 40,000 people per year. Fast forward 15 years to 2017, the 43% is once again the figure, and interstate migration is again increasing, and continues to rise at pre-GFC levels.

 

Brisbane inner-city apartments are becoming more appealing to millennials due to price, location to public transport and lifestyle precincts.  

 

With regards to jobs, Queensland was the second largest contributor to growth in Australia in 2016. With regards to private sector confidence, NAB’s Monthly Business Survey shows that Queensland consistently outperforms the national average.  

 

An estimated $30 billion worth of investment projects are currently underway across South-East Queensland. The top ten projects which are underway are:

 

Project

Professions involved

Estimated completion date

Cross River Rail

2,123

2021

Queens Wharf

10,000

2022

Brisbane Live

10,000

2024

Brisbane Metro

7,700

2022

Brisbane Airport new runway

7,800

2022

Millennium Square

Up to 10,000

2025

Brisbane Quarter

Up to 5,000

2018

Howard Smith Wharves

Up to 1,000

2018

Brisbane Showgrounds

Up to 2,000

2018

Northshore Hamilton

15,000

2018

 

Tourism is set to benefit greatly from the Queens Wharf development, forecasted to generate 1.39 milliom additional visitors to Brisbane annually. The new runway at Brisbane Airport which will help to cater for this influx, will have the same capacity as Singapore and Hong Kong airports. A new privately funded mega cruise ship terminal at the Port of Brisbane is expected to bring an additional 800,000 tourists per year which is predicted to triple the industry in the next two years.

 

The major projects that have already commenced and are in the pipeline will no doubt create a flurry of employment activity over the coming years.

 

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