With Melbourne recently being named as the world’s most liveable city for the sixth year running by The Economist Intelligence Unit’s Survey, Brisbane also has a vision of its own and that is to become Australia’s next New World City by 2022.
This vision isn’t the first time we’ve heard about it. In fact, Brisbane announced this vision back in 2008 and seeks to be a contender on the world stage. So why should investors invest in Australia’s next New World City?
There are a number of reasons why property investors should be looking to invest in Brisbane, but with the city going for a New World City status, this makes investing in this city even more attractive.
So what defines a new world city?
A New World City
is a city that is mid-sized, affordable, agile and safe and secure. It is one that offers quality education options, an optimal work-life balance and has efficient infrastructure. These cities will also have low congestion, inflation and pollution, problem-solving capabilities as well as having expert specialisations within a managed metropolis.
Brisbane is just one of 24 cities that possess these ‘New World City’ attributes, alongside Barcelona, Miami, Calgary, Singapore and Cape Town. It is currently the 172nd biggest city in the world, and already sits inside the top 80 for globally-linked economies. Since 2000, Brisbane is ranked within the top 30 per cent of the world’s fastest-growing cities, particularly for job creation.
What will this mean for residents?
A New World City will provide a better and enviable quality of life for residents. Brisbanians will be able to enjoy easy commutes, generous green spaces, world-class career and business opportunities as well as a rich cultural offering, sustainability and easy access to leisure activities and a healthy environment.
On a global scale, by 2022, Brisbane aims to be a mid-sized Asia Pacific hub that is a leader in defining and refining a new Asia Pacific culture and identity. It also strives to become a connected city through world-class infrastructure, strong international networks, direct flights to key hub cities, trade and innovation exchange.
As well as this, Brisbane aspires to become one of the world’s top 60 cities for foreign direct investment as well as be among the world’s top 100 most visited cities.
How will Brisbane do this?
Brisbane already has a strong population and employment growth. Brisbane’s economy increased in real terms by more than 60 per cent from $81.6b in 2000-01 to $130b in 2010-2011, which contributed to almost half (48 per cent) of Queensland’s economic output.
Employment has also increased by almost 50,000 additional jobs from mid-2011 to early 2015. Going forward, the city is expected to deliver an additional 300,000 jobs by 2025-2026 within the highly skilled occupations which is a highly desirable factor for investors looking to purchase here.
Tourism also plays an important play in Brisbane’s economy, with international visitation accounting for over 30 per cent of total tourism expenditure, and has risen from 912,000 visitors in 2011 to 997,000 visitors in 2014.
As well as having a strong population growth and employment opportunities, Brisbane also has a number of major developments that will help it attain this New World City status and attract further investment. Some of these major developments shaping the city include:
Queen’s Wharf Brisbane
Queen’s Wharf Brisbane is set to change the face of Brisbane forever and will attract visitors and investment, whilst reconnecting the activity of the Brisbane city centre to the river.
The redevelopment area will be located between the Brisbane River and George Street and between Alice and Queen Streets.
Queen’s Wharf will bring a number of benefits to Brisbane including:
- An iconic signature “Arc” building, including a spectacular feature Sky Deck, with restaurants and bars fully accessible to the public
- Five new premium hotel brands including the Ritz Carlton and Brisbane’s first 6-star hotel
- Three residential towers
- A new department store
- Approximately 50 food and beverage outlets
- A riverfront moonlight cinema
- A Queensland Hotel and Hospitality School partnership with TAFE Queensland
Once complete, Queen’s Wharf Brisbane is expected to attract $1.69 billion annual increase in tourism, 1.39 million additional tourists per annum as well as $4 billion to the Gross State Product.
Queen’s Wharf Brisbane will create more than 2,000 construction jobs alongside more than 8,000 jobs once operational. Construction is expected to commence in 2017 and completion estimated in 2022. Altogether, the total investment will be more than $3 billion.
Brisbane Airport Redevelopment
Brisbane Airport is the premier gateway to Queensland and has more than 100 construction and development projects on site or in planning stages. It is one of Australia’s most important growth hubs and $3.8 billion is being invested in major projects over the next decade to help improve and add to the Airport.
One such project already underway (and Australia’s biggest aviation project) is the $1.35 billion New Parallel Runway (NPR), expected to be operational in 2020.
Other key investments over the next five years include $577m on terminal expansions and upgrades, $350m on new aircraft parking bays, aprons and taxiways, $175m on landside roads, car parks and industrial parks and $116m on building upgrades.
‘Brisbane Live’ Entertainment Arena Precinct is a $2 billion ultra-entertainment precinct to be built above the Roma Street rail lines.
This masterplan has been unveiled by AEG-Ogden. The centerpiece is a new 17,000 seat world-class arena which will showcase international superstar concerts and performances alongside world sporting events. The $450 million arena will also include a 4,000 capacity rock club, and be surrounded by multiplex cinemas, restaurants and bars, a giant screen and amphitheater to cater for approximately 15,000 people.
Some of the benefits of the long term master plan includes:
- New hotels
- Up to 4,000 new apartments including a proposed signature 90 storey residential tower
- New commercial towers
- Creation of a future dining precinct in and around the heritage Roma Street Station building
- A new walkable precinct linking The Barracks with King George Square and onto the Queen Street Mall as well as new cycle paths
Northshore Hamilton is Queensland’s largest waterfront urban renewal project and is set to become a key destination.
Over the course of 20 years, this 304-hectare precinct will transform from an industrial area into a $5 billion vibrant riverside precinct, stretching 2.5km along the Brisbane River.
Once complete, this world-class urban mixed-use precinct will be home to approximately 15,000 residents and a place of employment for up to 10,000 people.
With these major developments alongside others including Howard Smith Wharves and Brisbane Quarter, Brisbane is definitely one city to watch. With a strong growing population, through an additional 20,000 new residents per annum over the past ten years residing in Brisbane alongside an additional 300,000 new jobs by 2025-26, Brisbane will require more new apartments to cater for this high level of demand.
As Sydney and Melbourne continue to remain unaffordable for many, Brisbane is the city that investors are turning to for their next property investment. As Brisbane aims for the New World City status by 2022, property investors should be getting into the property market today to make the most of this future growth.
To find out more about why you should be investing in Brisbane and how these major developments will have a positive impact on your investment property both now and in the future, why not get in touch with the iBuyNew team today where our Property Consultants can tell you more.
Call us today on 1300 123 463
or submit an enquiry online.
To find out more about why you should be investing in Brisbane, be sure to read the following article:
Published on 4th of October 2016 by Marty Stanowich