Even before the Olympic Games announcement, Brisbane had tremendous growth in infrastructure, public spending, migration and employment. Now everything has accelerated.
The capital of the Sunshine State, Brisbane is home to 2.56 million residents. On a steep growth trajectory, Brisbane is projected to house 3.5 million people by 2041.
A highly liveable city, routinely ranked as one of the best cities to live in the world, it is no wonder more and more people are moving to Brisbane from interstate in search of affordable housing, tropical climate and a relaxed lifestyle.
The city has a multicultural population, with 26% of residents born overseas. Brisbane has a flourishing and diverse culture and food scene with over 6,000 restaurants. The local culture has a strong history in the performing arts, music and sport.
The cherry on top for investors is the 2032 Brisbane Olympics which will inject an estimated $18 billion worth of economic and social benefits into Australia.
Brisbane’s population will soon tip over the 2.6 million mark and the Greater Brisbane Area is forecast to grow by around 40% over the next 20 years.
A catalyst of this growth is people exiting Sydney and Melbourne because of the lack of housing affordability, traffic congestion and reducing lifestyle value.
Population growth is expanding in key South-West focus areas of Logan and Ripley, which sit between the Brisbane and Gold Coast cities, along with new estates North of the city around Caboolture.
Public spending on infrastructure in SE Queensland is the highest in Australian history. And with the Olympics, more than $25 billion has been budgeted to be spent before 2031 which means projects in the city's 30-year plan will be brought forward and accelerated.
Other major projects in the pipeline for Greater Brisbane and tipped for acceleration in construction include:
The proposed billion-dollar overhaul of the Gabba stadium is set to be the epicentre of Olympic activity.
Brisbane International Airport has a brand new runway, meaning capacity for oversea arrivals is set to increase in the post pandemic period.
A large precinct masterplan thanks to the broader Cross River Rail project which involves the refurbishment of the Gabba stadium, new linkages and walkways to a mixed-use precinct which surrounds the new station.
Brisbane Metro is a $1 billion project to build a high-frequency city busway, connecting communities and enabling more efficient transport options.
Queens Wharf Precinct, $3.6 billion dollar integrated casino resort and retail centre.
Caboolture West in Moreton Bay has been selected as the pilot site of a planning strategy to ensure infrastructure can keep pace with population growth and housing demand in SE Queensland.
About 3,000 homes will be built in the neighbourhood, eventually growing to 30,000 houses for about 70,000 people.
Brisbane's housing market remains averse to increasing interest rates as tight stock levels and strong rental demand from migration inflow provide support. This is resulting in an increasing rental yield which is attracting property investors back into the market.
As of June 2022, the median Brisbane metro house price was $709,000 and with an average capital growth over the last ten years of 5.8% per annum.
Affordability is highlighted by the median house price of just $460,000 in a key Brisbane area of Holmview. Rental yields in this area have averaged 5.6% over the last 10 years and provided a healthy total return of 9.3%.
As of 2016, over one million people in Greater Brisbane are employed, of which 63% work full-time and 35% part-time.
The populace is young and skilled, with 42.8% aged 25 to 54; well-educated, with 22% having bachelor degrees; and culturally-diverse, with 18% of Brisbane households speaking a foreign language at home.
Thanks to a high level of skilled migration, Brisbane has embraced an international sophistication and inherited a talent pool that displays both depth and breadth.
Additionally Brisbane 2032 will create tens of thousands of jobs leading into and during the Olympics.
Employment growth from these industries industry will account for the majority of growth in the region over the next 5 years. Additionally, construction jobs are expected to boom to deliver Brisbane’s large infrastructure projects.
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