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A number of up-and-coming property hotspots have been identified in Brisbane as the city prepares to profit from $47 billion in planned infrastructure projects.
Lachlan Walker, Place Advisory director, said that while all of Brisbane would benefit from improved infrastructure, there were bound to be particular areas that would surge above the rest, creating potential hotspots.
“Brisbane City Council has already delivered several major projects in the past few years that have greatly increased the profile and liveability of Brisbane,” he said.
“The good news is that there are no signs this will slow down. The current infrastructure pipeline has more than $47 billion worth of major projects in various stages, all of which will further enhance the attractiveness of the city, drawing in both owner occupiers and investors.”
Mr Walker said a number of areas would see a marked increase in demand, resulting in greater price and rental growth.
He noted that while the best time to buy in an area set to benefit from an infrastructure project was as soon as the project was announced, there would be an ongoing boost in the property markets that investors could latch onto.
“The earlier you can get in the better because you ideally want to buy before prices take off too much,” he said. “However, once the benefits of the project flow through to the area, there will only be increased demand from buyers and renters, and this means prices and rents will continue to grow, or at the very least be stable.”
Place Advisory identified the following suburbs as up-and-coming hotspots.
Woolloongabba and Dutton Park
Infrastructure project: The BaT Tunnel
The BaT Tunnel is a proposed 5.4 kilometre north-south tunnel that would deliver buses and trains from Dutton Park to Spring Hill, which would future-proof Brisbane and alleviate current congestion issues, according to Place Advisory.
Toowong, St Lucia, Indooroopilly, Taringa and Mt Coot-tha
Infrastructure project: Legacy Way
The Legacy Way tunnel is due for completion this year and will connect the Western Freeway at Toowong with the Inner City Bypass (ICB) at Kelvin Grove.
“The project will greatly benefit the west, minimising congestion and increasing connectivity, and even allow access to the airport from Brisbane’s west without leaving the motorway system,” Mr Walker said.
“Inner western suburbs such as Toowong, St Lucia, Indooroopilly, Taringa and Mt Coot-tha will reap the greatest benefits from this tunnel as it will cut out the use of major roads such as Coronation Drive andRoad, which can get extremely congested in peak traffic.
“Upon completion, Legacy Way will almost halve peak travel times between the Western Freeway and the ICB.”
Brisbane City and Spring Hill
Infrastructure project: Underground bus loop
Although this project, which would connect to stops at George Street, Queen Street, Albert Street and Adelaide Street in Brisbane’s CBD, is only in concept stage, Mr Walker said residential properties in the CBD and Spring Hill would benefit from reduced congestion and travel times.
Infrastructure project: Brisbane Airport new parallel runway
The new runway is already under construction. Mr Walker said with more Brisbane residents expected to rely on the airport for work-related travel, suburbs with easy access to the airport will benefit from its increased capacity.
Indooroopilly, Toowong, St Lucia, Taringa, Graceville, Chelmer, Sherwood, Figtree Pocket, , Kenmore
Infrastructure project: Indooroopilly shopping centre redevelopment
“With the redevelopment aiming to bring a quality of shopping that’s currently lacking in the western suburbs, it will benefit the entire area, including Indooroopilly itself, as well as Toowong, St Lucia, Taringa, Graceville, Chelmer, Sherwood, Fig Tree Pocket, Jindalee and Kenmore,” Mr Walker said.