Brisbane is set to become a hotbed of activity over the coming years with a solid pipeline of mega infrastructure projects and employment opportunities, accelerating population growth in the region. As professionals migrate to Southeast Queensland to take up employment opportunities offered by these projects, strong rental demand for well located, fully furnished properties is expected to continue. This type of rental product is perfectly suited to time poor professionals and appeals to a transient workforce.
This boom in infrastructure projects is set to takeover apartment construction in Brisbane as tighter lending restrictions have made it increasingly harder for developers and investors to obtain finance. This has resulted in a drastic decrease in the number of building approvals for residential units. Unit construction is expected to remain low although this will be offset by the opportunities presented by several large-scale infrastructure projects forecast for the region.
Both Cross River Rail ($5.4 Billion) and the Brisbane Metro project ($944 million) are set to commence construction in 2019 and are forecast to create thousands of job opportunities annually until their completion. Similarly, the $2.9 billion Brisbane Showground Regeneration & $1.35 billion Brisbane International Second Runway are set to create over 2,000 & 2,700 jobs respectively during the course of construction. While the $3 billion Queens Wharf Redevelopment is projected to create 2,000 jobs at peak construction and upon completion in 2024, a further 8,000 permanent jobs.
Queensland interstate migration has steadily increased in recent years and this trend is set to continue. Increased migration to the area is likely to absorb any additional supply in the Brisbane unit market as well as strengthening local house & land values. This influx of employment opportunities is likely to create a strong demand from professionals seeking fully furnished accommodation while they live & work in South East Brisbane.
Hive is experienced in the consultation, design & delivery of fully furnished rental accommodation. We understand the specific drivers of this rental market and are dedicated to leveraging this knowledge to maximise the investment returns for our clients. For more information about the services offered by Hive please contact us at today on 1300 882 326.