6 reasons Peregian Beach is Queensland’s new boom suburb

While once seen as Noosa’s smaller, quieter sister, this coastal suburb is booming thanks to its beachside position, great eateries and amenities, relaxing lifestyle, and enviable weather.

Peregian Beach is quickly becoming one of the most sought-after locations on the Sunshine Coast, and for good reason.

While Sunshine Beach remains the area’s most expensive suburb, prospective buyers are flocking to surrounding coastal towns which offer just as much in terms of lifestyle as some of the bigger suburbs.

“Peregian Beach has the perfect mix of chilled coastal living and sophistication. It has a very relaxed beach village vibe, while still offering outstanding dining and shopping options,” says Deborah Pescott, General Manager of Lotteries Commercial and Investments at RSL Art Union, who are currently giving away a multi-million dollar property in the area.

So, from its great weather to the fantastic shops, delectable eateries, proximity to Noosa, and of course, that beach, here are six reasons why Peregian Beach is fast becoming the boom suburb of Queensland.

1. Property prices continue to grow

In just a 10-year period, the small coastal town in Australia’s sunshine state had a population increase of 31%, driving up interest and values of rentals and properties across the area.

Investors had a 17.4% increase across their rental properties in the last year alone, while overall house prices have continued to rise roughly 10% year-on-year, making it an attractive destination for an investment property.

2. Strong demand for rental properties

Located within the sunshine pocket of Australia, Angus Moore, economist at realestate.com.au notes it’s no surprise Peregian Beach is the new boom suburb up north.

“The Sunshine Coast has always been a very popular area with strong migration from elsewhere in Australia,” he says.

The wider region remains a popular hotspot with Australians looking for a lifestyle change.

Peregian Beach is no exception to this trend, with strong demand for properties in the area expected to continue, while the rental markets remain “extremely competitive” in much of Southeast Queensland and the Sunshine Coast.

“People, particularly from Sydney and Melbourne, moved up to Southeast Queensland for a variety of reasons,” Angus says.

“Part of the story was just being closer to places like beaches, national parks, and larger dwellings that you can find in some of the more affordable areas in Southeast Queensland relative to Sydney or Melbourne.”

This demand for properties could work in the RSL Art Union property prize winner’s favour, because if they choose to rent out the property, they can do so for an estimated $109,200 per annum – that’s $2,100 straight income a week in rent.

The winner could also choose to sell it all and become an instant millionaire.

3. Great weather

“The Sunshine Coast has always been somewhere that people have moved. It has been very popular for the better part of a decade,” Angus says, noting it’s not hard to see why people flock to the coast with the most.

Indeed, the weather is a large attraction, with winters only getting down to an average of 19°C and summers around January averaging around 27°C with an average of 239 dry days a year – perfect for those days lounging by the beach or pool.

“Obviously the amenities the Sunshine Coast offers in terms of beaches, weather, and lifestyle are attractive to many people,” he adds.

“That’s part of why we see such strong demand to move there.”

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The incredible weather is a drawcard for many buyers.

4. No hustle and bustle

The area is also known for its laidback vibes, surrounded with idyllic beaches, natural parks, artisan shops and markets and thriving music scene.

For those looking to make a permanent move, the area offers the beachy lifestyle with local amenities like grocery stores, public transport, education providers, sports clubs, and nearby medical practitioners all located within the Peregian Beach area.

Pescott says Peregian Beach has always been a favourite beachside destination, with its combination of great weather and peaceful lifestyle.

“It has everything you could ever want for a fantastic coastal lifestyle – a great beach, the fabulous shops and eateries of Peregian Square, and all the restaurants and cafes of Noosa are only 15 minutes’ drive away,” she says.

5. Proximity to Noosa

For those who want to enjoy the best of quiet coastal living with the option of a larger and more established hub close by, Noosa is just a stone’s throw away.

One of Australia’s most sought-after holiday destinations, property values in Noosa went up by 60% between 2020 – 2022, and with Peregian Beach just a 12-minute drive away, it could be an indication of what’s to come for the burgeoning coastal region.

Offering a range of attractions and amenities including Noosa’s National Park and Farmer’s Markets, a range of eateries along Hastings Street and Noosa Junction, and prime areas for boating across the Noosa River, it’s the perfect way to enjoy the touristy location from a relaxing base.

And thanks to RSL Art Union’s property prize where the lucky winner will win a Tesla Model 3 electric car valued at $79,510, you’ll be driving up to Noosa in style, while keeping it charged up with the charger unit already installed at the property.

Pescott is a fan, saying: “It’s such a quiet drive on the road, quite zippy and super stylish.”

6. Million-dollar views

Perhaps one of the most exciting things about Peregian Beach is the amazing beach house and a Tesla Model 3 valued at over $4.5 million that is currently up for grabs in RSL Art Union’s Draw 407.

Set over two levels, this stunning property is the quintessential modern coastal home, with the styling taking inspiration from the architecture and surrounding environment.

There’s an abundance of natural light and a sense of spaciousness throughout the home, while the furnishings make it an entertainer’s haven – not to mention the wellness studio, equipped with Reformer pilates gear to help keep your body and mind in shape.

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The incredible views are included in this stunning home.

But it doesn’t stop there – you’ll enjoy 180° ocean views through the floor-to-ceiling glass doors and windows at the rear of the home, while downstairs, you’ll find a custom-made pool table, the wellness studio, a saltwater in-ground pool, fire pit, elevated deck and built-in barbecue.

It’s an amazing prize and it could be yours for just a $5 ticket. And it’s not just the winner’s life that will be changed forever – Every ticket purchased supports veterans and their families.

Article source: Queensland Property Investor

Morris Group to Develop Townsville’s First Luxury Hotel

Hospitality developers Morris Group have revealed images of the first luxury hotel in Queensland’s tropical north city of Townsville.

The $88-million Ardo is under construction on Townsville’s foreshore. The resort development includes “world-class dining”, a day spa and a rooftop pool deck with uninterrupted views to Magnetic Island and the Coral Sea.

Morris Group founder Chris Morris said Ardo would put Townsville on the map as a luxury destination in North Queensland’s tourism industry.

“We know that North Queensland has so much to offer as a destination, so there is huge demand for domestic and international visitors to travel here,” Morris said.

“But what we’ve discovered is there is still a gap in the market for luxury accommodation, so what we’re doing with Ardo is building on what we already do so well, providing another opportunity for high-end experiences in this very special part of the world.”

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Townsville is home to about 200,000 people and the gateway to the Great Barrier Reef. 

Morris said the rooftop restaurant, Marmor, would capitalise on the region’s top-quality meat and seafood with a contemporary Australian cuisine, while a Japanese restaurant was mooted for the ground floor.

The 132-key hotel would be nestled alongside Morris Group’s other Townsville resort, The Ville, which Ardo guests would also be able to access– including the iconic oceanside swimming pool and swim-up bar, gym and casino.

“While The Ville provides relaxed, tropical surroundings and casual sophistication, Ardo will offer a luxury accommodation experience for travellers seeking a more high-end stay,” Morris said.

“With Ardo joining The Ville, and the Townsville Entertainment and Convention Centre on the Breakwater, what we’ve created will enhance the precinct, and become the region’s leisure and entertainment hub.”

Morris Group’s collection of boutique accommodation offerings also includes Orpheus Island Lodge, Mt Mulligan Lodge and Beechmont Estate, as well as a fleet of superyachts.

Bookings will open for Ardo later this year, and the hotel is due to open at the end of 2023. 

Article source: Queensland Property Investor

‘High demand for prestigious coastal homes’: development pushes towards sell-out

A boutique project that sold 70 per cent of its residences prior to officially hitting the market is inching closer to becoming a sell-out.

Ninety-two per cent of apartments in Cube Developments’ high-end Oasis at Bokarina are now sold, with four out of 56 apartments remaining on the market.

This includes two penthouses, ranging in size from 191sqm to 242sqm and boasting rooftop terraces and private plunge pools, starting from $3.5 million.

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The development includes 56 apartments plus luxury amenities.

Cube Developments director Scott Juniper said high demand for prestigious properties in the region was evident.

“In a market where there is high demand for prestigious coastal homes, buyers are taking quick action to avoid missing out on the limited supply,” he said.

“Our sales team had 40 appointments booked on the first day of Oasis’ soft launch, 25 of which sold that very same day.

“There’s a strong sense of urgency among potential buyers and we’ve observed a significant level of enthusiasm from people who want to secure a prime piece.

“We’re delivering an exceptional project on one of the last remaining beachfront blocks on Bokarina Beach to offer an unparalleled lifestyle, and buyers responded well to this vision.”

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An ensuite in one of the units at Oasis in Bokarina.

Positioned with ocean views, Oasis includes a lap pool, open-air resident dining, gym, outdoor beach shower and gardens.

Set across six levels, it has two- and three-bedroom units, plus six two-level penthouses.

The project tallied close to $50 million of sales within a week of its soft launch in April last year, with Cube saying the majority of buyers were local residents and from wider South-East Queensland.

The remaining apartments start from $1.65 million.

Completion is expected by September 2024.

Article source: Queensland Property Investor

Milestone for $1b bypass: project expected to be completed next year

Work is progressing on the $1b Gympie bypass, which will enable travellers to skirt the town and ease congestion within it by late next year.

Construction is well underway on the bypass, which is officially known as the Bruce Highway Upgrade – Cooroy to Curra, Section D.

The bypass should enable long-range travellers to avoid 53 intersections and 106 property accesses.

It’s also set to ease traffic in the town, with half the amount of heavy vehicles expected on local roads.

The final concrete pile was recently poured for the project’s 42 bridge structures.

With 575 piles now in place, works on all bridges on the bypass were underway or complete.

The Keefton Road underpass, Bolcaro Road overpass, Noosa Road overpass and the recently opened Flood Road interchange bridge are now all open.

The project is jointly funded on an 80:20 basis, with the Australian Government contributing $800 million and the Queensland Government $200 million. It’s expected to be completed in late 2024, weather permitting.

The Federal Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King said the upgrade had reached a milestone.

“The construction of these bridges is crucial to the flood immunity of the project,” she said via a State Government statement.

“When completed, this new section of the National Highway will stand 27m above the regular Mary River water height in Gympie, at its lowest point.

“The new bypass is being built to a height that would have remained operational during events like the devastating floods of early 2022.”

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Construction of one of the bridges.

Queensland Transport and Main Roads Minister Mark Bailey said the bridges would be a major part of the new route.

“There are 42 bridges at 23 locations throughout the 26km Gympie bypass project,” he said.

“If each of the 575 piles were placed end to end, it would span over 5km.

“This is over 15 times taller than Q1 in Surfers Paradise (Australia’s tallest building at 322.5m).

“The bridges will cross waterways, the North Coast Rail line and local roads.

“The project will also deliver a safer, more comfortable highway experience with two lanes travelling in each direction separated by a concrete median.”

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Bypass plans include new roads and bridges.

The Federal Assistant Minister for Regional Development Anthony Chisholm said the bypass would be of benefit to Gympie and travellers.

“Infrastructure projects like this will assist in providing continual access to crucial services for the Gympie region,” he said.

“The Australian Government is proud to partner with the Queensland Government to deliver much-needed infrastructure.

“The bypass will increase efficiency and reliability of the Bruce Highway.”

Article source: Queensland Property Investor

Airbnb hosts revert to long-term rentals as rising costs of living hits bookings

Property owners are leaving the short-term accommodation market like Airbnb in favour of long-term renting as the rising cost of living dampens appetites for holidays on the Gold Coast, according to a property management firm.

Australian Bureau of Statistics census data suggests one-in-10 properties on the Gold Coast are empty, while about 10 per cent of the city’s population are either homeless or living in unaffordable housing.

There are more than 11,000 registered Airbnb properties on the Gold Coast according to council data.

The director of property management firm Manage My BnB, Linda Hildingsson, said she had noted a decline in short-term rental bookings “with each rates rise that we’ve had over the last six months”.

“Easter was nearly 40 per cent down on last year,” Ms Hildingsson said.

She said of the 140 short-term letting properties her business manages about 50 have converted to long-term renting.

“They just weren’t booking out at all,” she said.

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Surfers Paradise has been a popular location for short-term rentals like Airbnb. (ABC Gold Coast: Dominic Cansdale)

She said prices for beachfront properties increased from $350 to $500 in 2022 but have since fallen.

“We’re just not seeing that anymore,” she said.

“Prices have declined a little bit, maybe 20 per cent from last year, but we’re seeing an upswing in bookings for the later part of this year.”

Ms Hildingsson said some landlords are switching to the long-term rental market because it provided better certainty.

“The market moves with inflation and rate rises. It takes a little while,” she said.

“My clients have been used to such high income of late, and then you go ‘look, we’ve got to lower it a little bit’.”

‘I lost my income’

Investment property owner Courtney Brown said her two bedroom unit in Kirra has been “consistently booked” over the past four years.

“I’ve made good money on it,” she said.

“I’ve probably had it at 85 per cent occupancy for the whole four years.”

While she would charge between $85 to $200 a night, depending on the season, Ms Brown said she had decided to lease it out on the long-term rental market.

“It’s been actually an emotional decision because it means I can’t go there, my kids can’t holiday there anymore,” she said.

“I’ve held out as long as I really can.”

She said since the start of the year she had noticed a significant downturn in her Airbnb bookings.

“I lost my income from my unit. It was paying my mortgage and my rates and my body corporate. Now it’s not covering anything,” she said.

“People aren’t spending, people aren’t going away as well because that’s more of a luxury.

“As it’s become really quiet I looked at my account statement [and said] ‘I don’t have the money to cover this’.”

‘High highs to low lows’

Holiday Property Services, a cleaning company for short-term accommodation on the Gold Coast, has seen occupancy rates among its clients drop by between 60 to 75 per cent.

“We were sitting at over 90 per cent from August through to February this year, and that’s I think just coming out of COVID. People needing to get out and book a holiday,” said client liaison officer Cathy Dillon.

“We’ve gone from high highs, to such low lows.

“Owners are removing their properties from the short-term rental platform and putting permanent renters in their properties to try and cover costs.”

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Despite more short-term rentals re-entering the long-term rental market, vacancy rates are still tight. (ABC Gold Coast: Dominic Cansdale)

Ms Dillon said “people are just fearful that this may go on for the next 12 months”.

“It’s another interest rate hike, another interest rate hike, another interest rate hike — people are scared,” she said.

Ms Dillon said her business “is locking in, holding on”.

“We’re looking at ways how we market extra services, also reducing overheads, just to tighten things up a bit,” she said.

Councils consider change

It costs about $8,000 to register a short-term letting with Gold Coast City Council.

Mayor Tom Tate said that due to council concerns that owners were listing their properties without paying the registration fee and the higher annual rates, council officers will be going “door-to-door”.

“It’s almost like [parking inspectors], but we’ll monitor water consumption, car parking. We’ll have data to be able to back us up,” he said.

Cr Tate said if people were “intending to make a business out of it, pay a business rate”.

Last week, Brisbane City Council announced it will hike rates for short-term accommodation by 50 per cent.

Byron Shire Council has moved ahead with plans for a 60-day annual cap on short-term holiday letting in an effort to address the region’s housing crisis.

While rental vacancy rates on the Gold Coast remain among the tightest in the country, Cr Tate said he had not considered introducing a similar cap.

“I would rather let the market dictate,” he said.

“People have already invested to do that. I don’t want to pull the rug from under them.”

A spokesperson for Airbnb said “neither Airbnb nor our host community is opposed to short-term rentals being regulated”.

“We support the introduction of statewide regulatory frameworks. We have previously voiced our support for statewide registration for the short-term rental sector, as well as a mandatory code of conduct,” the spokesperson said.

“Airbnb provides information to our host community regarding applicable local laws and regulations. We provide information and education materials through our Responsible Hosting website.”

Article source: Queensland Property Investor

More Australians move to regional areas for better jobs and lower cost of living

The Regional Movers Index’s March 2023 Quarter Report has found that the major cities are experiencing unprecedented levels of migration between major cities and regional areas. The Regional Movers Index was formed in partnership between the Commonwealth Bank of Australia (CBA) and the Regional Australia Institute (RAI) to analyse movements to and from Australia’s regions.

Regional Movers Index: Population flows from capital cities to regional Australia

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Source: Regional Movers Index.

Flight to regional Australia

Australians from major cities like Sydney and Melbourne are increasingly packing their bags for regional areas. At the same time, more people are doing the opposite, with movement from regional areas to cities at its highest point in five years.

Capital-to-regional migration increased by 7.9%, the third-highest rise in the past five years. Sydney accounts for 90% of all net capital outflows. Meanwhile, net outflows from Melbourne jumped from 44% to 51% from 12 months to March 2023. More people moved into Perth and Brisbane, which experienced net inflows of 26% and 24%, respectively.

The highest proportion of people leaving from capital cities went to regional Victoria and Queensland, responsible for 43% and 29% of net outflows, respectively, from 12 months to March 2023.

Most capital city movers went to regional Victoria and Queensland, responsible for 43% and 29% of net outflows, respectively. On the other hand, regional NSW dropped in popularity, with its net capital city outflows dropping from 41% to 23%.

More jobs, cheaper housing, lower cost of living

Paul Fowler, Commonwealth Bank Executive General Manager for Regional and Agribusiness Banking, states that the nationwide rise in movement stems from the high demand for labour in regional areas.

Regional centres like Victoria’s Greater Geelong and Queensland’s Townsville are among the top growing regional hotspots, teeming with business and job opportunities.

“Regional centres are buzzing with business activity and investment, offering an abundance of opportunities to people who are seeking to leave the strain of cities to take advantage of the benefits of regional living,” says Fowler.

Regional Australia Institute (RAI) CEO Liz Ritchie says that more Australians are moving because jobs have become more flexible and living in capital cities has become too expensive.

“While this mobility was super-charged by COVID, we are seeing thousands make the move, not only from the cities to the regions, but within regions and more recently, there has been an uptick in the number heading back to the cities,” says Ritchie.

Ritchie believes that the popularity of regional areas is here to stay.

“Recent RAI research shows one-in-five metropolitan Australians are wanting to make the move to regional Australia with cost of living cited as the key reason as people try and source more affordable housing and a way of living.”

Liz Ritchie, RAI CEO

“Cost of living pressures are also boosting greater movement within the regions themselves, as regional movers also search out places with more available and affordable housing.”

The cost of living is one of the primary reasons fuelling inter-regional migration, causing it to rise by 9.2% in the March quarter, averaging 12.6% over pre-pandemic levels. The growing acceptance of remote work, cheaper rents, and lower home prices have seen Australians flee to the regional areas.

However, the relative affordability of the regional areas may only stay for a short time. The sudden and acute migration influx into these smaller cities and towns has caused home prices and rents to surge disproportionately compared to the capital cities, already experiencing record growth.

Article source: Queensland Property Investor

Masterplans Pave Way for Brisbane’s Next Chapter

Brisbane City Council’s masterplan for South Brisbane’s Kurilpa precinct could change the nature of the city, according to the city’s property professionals.

The Kurilpa Sustainable Growth Precinct Plan temporary local planning instrument was passed in Brisbane City Council earlier this month and could make way for buildings as tall as 90 storeys if approved by the state government.

It will remain in for up to two years to ensure that any new applications lodged for taller residential buildings in the Kurilpa Sustainable Growth Precinct area meet green design and community benefit standards.

These changes are likely to become a permanent fixture, according to managing director of Brisbane development consultancy Bluebird Property Riye Arai-Coupe.

“Considering the significant efforts invested in creating the Kurilpa TLPI and the likely positive impact it will have on improving housing supply, the benefits will become evident and I expect that the changes will eventually become permanent,” she says.

“Needless to say, this would of course involve further evaluation, feedback from stakeholders, community consultation, and a comprehensive assessment of its effectiveness in due course.”

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▲ Kurilpa Precinct Sustainable Growth Precinct Map as determined by the Brisbane City Council.

Kurilpa is the first precinct planning exercise delivered through Brisbane’s Inner City Strategy. It will prompt major change in the typology of buildings on the inner southside and extend what is already there, says senior lecturer in urban and environmental planning at Griffith University Tony Matthews.

“The whole point is to extract as much floor space as possible out of the existing urban land area.

“Buildings might be comparable to the Meriton tower across the river, and we should expect much taller and narrower buildings and this will be quite a visual change,” he says, as calls for more slender towers in Brisbane increase.

Chief executive of developer Goldfields Lachlan Thompson says that the plans for urban renewal would enhance the livability of existing projects such as its 33 Manning apartment project in Milton.

“The best place for high-density development is at the intersection of public transport, employment, and open space. The council’s Kurilpa rezoning strategy nails that trifecta by helping transition the old industrial footprint of South Brisbane into a modern residential, commercial, and retail hub,” he says.

“Goldfields hopes these reforms will help attract more private and public investment into Central Brisbane and accelerate planning application assessments and approvals.

“It is an exciting time for Central Brisbane and we await the release of additional precinct plans for Albion, Woolloongabba, and other important transport hubs.”

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▲ A render of Goldfields’ 33 Manning in Milton.

Bluebird’s Riye Arai-Coupe says that these precincts provide a major opportunity for developers.

“While there are still a significant number of challenges to effectively unlock new developments in the current climate, the increasing of potential density, together with planning certainty, will assist in improving the viability of new developments,” she says.

“This is particularly welcomed at a time where developers are otherwise struggling to balance design and planning parameters with ongoing construction cost escalation.”

Wolter Consulting Group executive director Natalie Rayment, who spoke at The Urban Developer Brisbane Residential Summit earlier this month, said it was part of the council’s aims to develop workable and livable precincts.

“The council drafted a local planning instrument, Walkable Brisbane Strategy, which aims to create the 15 minute city concept and pump lifestyle amenities into each key neighbourhood,” Rayment said.

“There’s about eight significant precincts that have been identified to roll out.”

Green credentials

Under the plan, residential building above existing heights will be required to meet the Green Building Council of Australia’s five-star Green Star rating and include more greenery, as a result of the introduction of a higher green plot ratio.

“What they are doing is saying they want better environmental credentials, in part, to offset to concerns about the extra height,” says Griffith University’s Tony Matthews.

“They want people to know that ‘we’re going to build tall but high quality’.”

It has also been suggested that the remaining industrial areas of the Kurilpa precinct, focused around Montague Road, will be phased out as part of plans to turn the area into a ‘world class cultural district’.

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▲ Kurlipa remains home to industrial businesses including dairy company Lactalis and recycling business Visy Glass.

Hope Street will be a destination for dining, entertainment and retail in combination with public space under the rail viaduct, linking Melbourne Street to the redevelopment on the key development site between Montague Road and the river.

This move away from industrial marks the end of an era, according to Matthews.

“It was heavily industrial before the Parklands were built. Everything that has happened there since has been posti-ndustrial urban development and the area around Montague is the last of the industrial development there.

“It’s just not suitably located anymore in terms of transport to have that level of industrial development.

“In a sense you can look at it as the final piece of urban renewal tapestry.”

Goldfields’ Thompson says that the changes in sustainability requirements will help Brisbane compete with Melbourne and Sydney, and will also mean higher taxes and valuations, inevitably changing the makeup of the suburb.

“Linking sustainability requirements with height limits is an innovative reform, which will help Brisbane catch up with the Green Star market credentials of Australia’s southern capital cities. The reform will also allow local property offerings to better compete on national and international markets.”

“The rezoning of local land and height limits will trigger significant property revaluations resulting in higher values and land tax bills for landholders. This will likely accelerate the departure of industrial and other low-density landholders.”

Anti-sprawl approach

The changes were first announced earlier this year as part of the council’s Sustainable Growth Strategy, which Lord Mayor Adrian Schrinner called its “anti-sprawl approach to housing”.

One of the major issues Schrinner raised this year was that “going up in height levels in Kurilpa is an alternative to all the greenfield development” as it aims to deliver 10,000 homes in the area.

“Most councils are meeting their housing outcomes and targets set by the state government through greenfield development, most councils around us are doing that. We’re taking a different approach,” he said at a council meeting this month.

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▲ Brisbane City Council precinct plans focus on areas with major venues for the Brisbane 2032 Games and that are rich in infrastructure.

These are lofty ambitions, but potentially do not engage with the complexity of the issue, says Griffith University’s Tony Matthews.

“This is seen as a classic binary planning choice: we can go up or out, or, if you don’t want urban sprawl then you want urban density, and that means you have to have height–but it’s much more complicated.

“What’s missing is the preference of the people who live in the space.

“The reality is that there’s a lot more to be taken into account of, including things like buyer preference and where they are willing to live. Not everyone wants to live in the inner city, often there’s a lot of reluctance for families to live in apartments as well.”

Goldfields chief executive Lacklan Thompson says that while the rezoning of Kurilpa will continue to transition Central Brisbane into a residential, employment and social hub, it would take years before it reaches its full potential.

“The Docklands in Melbourne was rezoned last century and it is still a work in progress,” he says.

When it comes to developers, there’s also the question of appetite for a major project such as this, when they are already facing interest rate and construction industry-related pressures.

“The most significant challenge for the delivery of larger residential towers in South Brisbane will be the availability of appropriate builders and subcontractors for these larger projects,” says Arai-Coupe.

“But we are facing this challenge across the entire industry.

“To support the delivery of housing, which is now a well-discussed issue across the State, we need to look to broader planning and tax reforms, to beyond our borders to increase our construction labour force, and to proactive and collaborative industry innovation.”

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▲ Kurilpa is one of the precincts the council is focusing on, followed by the City Centre, Albion and Newstead. Image: Urbis

But the fact is, that Brisbane City Council is running out of land rapidly, said Griffith’s Tony Matthews, a symptom of its move away from a country town, and the Council are attempting to alleviate this pressure.

“The council know more people want to live in Brisbane and are keen to accommodate them, but so much development has already happened at scale and density, so they have to tap into what they have.

“Brisbane hasn’t been a sleepy country town in 10 years. It’s an active metropolis and one of the fastest growing in population terms, and it will never go back to that.”

Article source: Queensland Property Investor