According to leading demographer and social researcher Bernard Salt, Brisbane is set to join Sydney and Melbourne as one of Australia’s global cities over the next decade and the time to invest in Brisbane property is now.
As part of recent research for The Courier Mail’s Future Brisbane Campaign, Mr Salt has identified some startling statistics which everyone should be taking note of including first home buyers, owner occupiers and investors.
With the population set to rapidly rise and an additional 280,100 new homes required by 2031, Mr Salt questions whether Brisbane’s infrastructure planning was “ballsy enough” to cope with the predicted influx.
Population growth is a serious factor that will bring about major changes with previous projections underestimating the real pace of growth. Mr Salt’s research shows that the population of Brisbane City rose 76 per cent faster than what was predicted in the decade to 2016.
It is also expected that Brisbane’s family households will grow far quicker than the rest of Australia, making Brisbane the “family-friendly” capital of Australia. As the population grows, so does the ageing population and over the next 15 years it is estimated that there will be a 52 per cent increase in the number of people aged 65 years and over which will spark an increase in healthcare and community jobs.
A CITY OF OPPORTUNITY
Mr Salt says Brisbane is “a city of opportunity…a city of change and excitement.” What sets Brisbane apart from Sydney and Melbourne is the fact that Greater Brisbane is a “network of cities as opposed to the dominance of a single metropolis.”
In order to maintain Brisbane’s 21st century lifestyle, economic and employment hubs should be built away from the city centre, to reduce congestion, which Sydney and Melbourne are struggling with, although Sydney is now concentrating on its efforts in Parramatta with planned light rail to connect this second CBD. Suburbs considered for economic and employment hubs include Chermside in the north and Mt Gravatt in the south as well as new mini-city communities in Ipswich, Logan and Moreton Bay.
With lifestyles and attitudes changing and more and more people preferring to live closer to their workplace and not travel vast distances, having these mini communities and economic and employment hubs in various areas will benefit Brisbane, ensuring that not everyone commutes to the Brisbane CBD for work.
Brisbane is also seeing a vast number of key developments emerge which will help Brisbane achieve its goal of becoming a global city. One of the key developments is the Queen’s Wharf development, whilst Brisbane Airport’s second runway would open up greater opportunities and city connections, especially from Asia and China. These new key developments not only put Brisbane on the map, but they will also create new employment opportunities and once completed will attract thousands of people to visit and do business here.
With more and more people moving closer to the city to soak up the vibrant inner-city lifestyle, it’s little wonder why more residential developments are high-rise apartment developments that are being built. Currently, high-rise apartment developments account for 37 per cent of dwellings within 3km of the Brisbane CBD, which is catching up with Sydney’s 50 per cent.
As the population rapidly rises, thousands of new homes will be required to house everyone, so if you are debating whether to invest and buy a property in Brisbane then the statistics really do speak for themselves.
Interestingly 35% of Brisbane households are currently renting, which is the highest in Australia.
Some of Brisbane’ startling statistics you need to take notice of as an investor include the following.
16 REASONS BRISBANE INVESTORS NEED TO TAKE NOTICE
- Rapid Population Increase – By 2031, the population of greater Brisbane is expected to increase by 662,000 to reach 2.95 million.
- 280,100 Additional New Homes – 280,100 additional new homes are also required by 2031, whilst by 2041, 495,300 new homes will be required.
- Ageing Population – Brisbane faces an ageing population with an increase of 52 per cent in the population aged 65 years and over by 2031.
- Rising couples without children – The number of couples without children will rise by 35 per cent.
- Rise in couples with children – The number of couples with children will also rise by 26 per cent.
- Lone-person households increase – There will be a 32 per cent increase in lone-person households. This will be driven through the aging population as well as professional workforce.
- Economy will grow to $250 Billion – by 2031 which is an increase of $150 Billion from todays level.
- 500,000 extra cars – By 2031, 500,000 extra cars are expected to be on the roads.
- $5.9 billion Annual Traffic Congestion Cost – With a rising number of cars on the roads, the annual cost of traffic congestion by 2030 will hit $5.9 billion.
- 361,374 Additional jobs – By 2031, 361,374 additional jobs will need to be created, rising to 646,162 by 2041.
- 230,000 Working in Health Care and Social Assistance – By 2031 this will be the biggest employment category in Brisbane.
- Greater Brisbane’s Economy – In 2031, the greater Brisbane’s economy will be worth $250 billion, up from today’s $150 billion.
- 50 Million Airport Passengers – In 2037, 50 million passengers are expected to pass through Brisbane Airport, more than double the current figure.
- Eagle Farm – Pinkenba – will be the fastest growing economic area outside of the CBD over the next 15 years.
- 1,250 Extra Doctors – Approximately 1,250 extra doctors will be required 15 years from now.
- 42 new shopping centres – Another 42 new shopping centres are expected to be built in the region by 2031, helping to increase employment opportunities and expenditure.
Now is the Time to Invest
With a rapidly rising population, an increasing number of new homes required and 361,374 additional new jobs, purchasing a new property in Brisbane provides a wealth of opportunities for property investment, especially as property prices here remain far more affordable compared to Sydney and Melbourne. Brisbane is also on its way to becoming a global city in Australia, helped by its network of employment and economic hubs throughout the greater Brisbane region.
Want to learn more about Brisbane’s future property market and infrastructure? Talk to the team at Madeleine Hicks Real Estate on 07 3355 6845