There has been a lot of discussion around the planned infrastructure that Brisbane is set to see over the coming years, dubbed ‘The Golden Decade’ of our river city. Following Queensland’s handling of the pandemic, strong interstate migration numbers and the increasingly likely possibility of hosting the 2032 Olympic Games, Brisbane is set to receive a once-in-a-generation level of major infrastructure investment, providing employment opportunities, enhancing liveability and offering financial and economic prosperity.
Following the completion of the Howard Smith Wharves entertainment precinct in the Brisbane City, we are now seeing major projects including the Cross River Rail, Brisbane Metro and Queen’s Wharf underway, designed to enhance travel, lifestyle and tourism offerings throughout the city. Other imminent projects include the redevelopment of the Victoria Park Golf Course in Herston, transformation of the Eagle Street Pier Waterfront Precinct and a CBD Griffith University Campus, just to name a few.
In addition to these major infrastructure projects, a number of new bridges, residential and commercial towers have been proposed to accommodate population growth and improve accessibility. Construction is scheduled to start later this year on the Green Bridge that will connect Kangaroo Point, the eastern suburbs and the CBD, creating 300 jobs and up to 50 apprenticeships. Brisbane has had the highest population growth across our country’s capital cities, expected to surge by more than a quarter of a million people over the next four years, bringing Queensland’s population to 5.44 million by mid-2025.
Driven by interstate investment, low interest rates and Government incentives, Brisbane is experiencing a significant increase in both housing and unit prices. Housing values have increased by 6.2% in the past three months, with apartments experiencing six consecutive months of growth and rental vacancies at a nine-year low. Attributing to the low supply of available rentals are the employment opportunities created by projects such as the Queen’s Wharf precinct, currently employing 600 tradespeople that is predicted to more than double by the end of the year.
If successful, the 2032 Olympic bid will provide more than $8 billion of global investment for Queensland, including the redevelopment of the Gabba as the main Olympic Stadium and Hamilton Northshore as the preferred location for the Athlete’s Village. This will also aid our employment growth, producing an estimated 130,000 jobs across south-east Queensland, with events to be held at more than 30 venues across Brisbane, the Gold Coast, the Sunshine Coast, Logan, Ipswich and Redlands. Brisbane is expected to be announced as the host city in late July before the opening of 2021 Olympic Games in Tokyo.
A multi-billion-dollar entertainment precinct, fully integrated transport system and a number of commercial, residential and hotel projects will redefine what it means to live in and to visit our ever-evolving city. This transformation will establish Brisbane as a destination of choice for local, interstate and international investors alike, while a successful Olympic bid would fast-forward project upgrades to entertainment districts, sporting venues and accommodation throughout south-east Queensland.