Currently, Australia holds the number one spot for the country with the best properties in the property market. This is why many people from different countries want to invest in the Australian real estate market as this becomes the number one option for wealth and success.
Property investors across the country are increasingly turning to the Queensland capital and believe the city represents the best investment prospects in the year ahead.
The Smart Property Investment/PIPA Property Investor Sentiment Survey revealed that over half of all survey respondents (56 per cent) believe Brisbane offers the best investment prospects – an increase of eight per cent from the beginning of the year.
In second place, but significantly further behind, was Sydney with 13 per cent, followed by Melbourne (11 per cent) and Perth (nine per cent).
The least popular investment option was Canberra, with only 0.5 per cent of investors selecting it as the city which offers the best investment prospects.
Queensland was also highlighted as investors’ preferred state overall, with 22 per cent of investors nominating the state as the location for their next property purchase. This was followed by NSW (20.1 per cent), Victoria (15.9 per cent), Western Australia (11.9 per cent), Tasmania (7.2 per cent), the NT (6.4 per cent) and the ACT (6.6 per cent).
Metropolitan markets continue to dominate investors preferences, with 65.2 per cent saying these locations are ‘the most appealing place to buy right now’. Regional markets accounted for 25.4 per cent of preferences, followed by coastal locations at 8.4 per cent.
Mining towns were the least popular alternative, with only 1.0 per cent selecting this option.
Despite property’s long-term capital growth prospects, PIPA chair Ben Kingsley said it was essential property investors carried out good due diligence on any property purchase to ensure they are making a sound investment for both the short and long term.
“In a hot property market it’s especially important to take a thorough approach to research to ensure you’re paying the right price. I’d also urge all investors to be cautious of any property spruikers who are particularly active in the current market and seek out qualified property investment advice.”
The Smart Property Investment/PIPA Property Investor Sentiment Survey surveyed 627 respondents over August and September 2014.
Brisbane ‘Eyesore’ Roma St Transit Centre Set to be Demolished
The old Brisbane Transit Centre, known as one of Brisbane’s ugly duckling sites, will be demolished as part of plans for the $5.4 billion Cross River Rail infrastructure project.
The removal of the ageing transit centre, along with the neighbouring Hotel Jen, will clear the way for a new underground station and the $2 billion Brisbane Live entertainment venue.
The Palaszczuk government announced in November that the Roma Street Cross River Rail station and Brisbane Live would “progress together”.
Treasurer Jackie Trad confirmed that early works will commence in 2019 with demolition planned for late-2020.
The Roma Street Station will be a key link between the city centre, Roma Street Parklands, Spring Hill’s schools, Caxton Street, the Petrie Barracks, Suncorp Stadium, and the cultural precinct at South Bank.
“When complete the new station is expected to be used by more than 230,000 commuters every week, the equivalent of over four capacity crowds at Suncorp Stadium,” Trad said.
“Plans for the 18,000-seat “Brisbane Live” entertainment arena are underway.”
Planning for the $2 billion “Brisbane Live” ultra-entertainment precinct is currently under way with consultancy firm Deloitte, and sport and architecture firm Populous recently appointed to mammoth project.
“With an 18,000 seat world-class arena as its centrepiece, the Roma Street precinct, just like the LA Live complex, will become Queensland’s premier entertainment venue hosting major live concerts and world class sporting events right in heart of the city,” Trad said.
More than $700 million was earmarked to build Brisbane’s Cross River Rail in the budget released last week, with demand for Brisbane’s rail services forecasted to double by 2026, and triple by 2036.
“This is a project that will transform the south-east by creating a turn-up-and-go transport system for the whole of South-East Queensland – taking thousands of cars off our roads and getting people home and to work faster.”
Brisbane City Council Scraps Aged Care Developer Incentives
The incentives, introduced in 2016, reduced infrastructure charges and encouraged the co-location of facilities on privately-owned sport and recreation land.
Lord mayor Graham Quirk said the “difficult decision” was due to sporting clubs becoming easy targets for political campaigns.
“Council will proceed without any proposed changes to sport and recreation land sites, as our priority is ensuring that the accommodation that we need to plan for the growth of our city can be delivered as quickly as possible,” Quirk said.
Earlier this year, Retire Australia’s controversial $80 million retirement living complex at the Tarragindi Bowls club was the first development approved under the Retirement Living and Aged Care Accommodation Incentives.
Australian Bureau of Statistics figures shows 15.3 per cent of all Queenslanders are aged 65 and over, an increase from 12.4 per cent in 2011.
Property Council of Australia executive director of retirement living Ben Myers says politics, rather than planning considerations is disturbing the delivery of Brisbane’s seniors’ housing.
“All sides of politics acknowledge that we have an ageing demographic and that we will need to provide suitable housing now and into the future,” Myers said.
By 2025, Myers said the demand for retirement living accommodation for people aged over 65 is expected to double, to meet the housing needs of Queensland’s ageing population.
“To date the incentives have been successful in creating a pipeline of projects for Brisbane that will assist in housing our ageing demographic,” Myers said.
The Lord Mayor said council would begin consultation on the aged care proposal within weeks to fast-track the amendments.
Plans for $1.4 billion waterfront precinct progress
Dexus has proposed a redevelopment of Eagle Street Pier, including two new towers and up to 1.5 hectares of riverfront open space.
Dexus is progressing on its $1.4 billion redevelopment plan to unlock “the unrealised potential of the waterfront” in Brisbane.
The property group unveiled its plans to transform Eagle Street Pier, including building two towers, closing Eagle Street between Charlotte and Market streets and opening up the riverfront space, in March.
Dexus’s head of office development Queensland, Matt Beasley, said the response to the company’s announcement had been overwhelmingly positive.
“Since the announcement we’ve been having both town hall sort of sessions with our customers in our buildings, the retailers, getting them up to speed on what the proposals are, what is the process moving forward and when we would be targeting to get that outcome,” he said.
“We’ve acquired those assets and explored that opportunity and it’s really about unlocking the potential, unlocking the unrealised potential of the waterfront, really giving that back to the people.”
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