Queensland is set to experience a “once in a generation” infrastructure boom in the lead-up to the 2032 Olympics.
According to Dr. Nicola Powell, author of Domain's Queensland Spotlight Report as a result, infrastructure across Gold Coast, Brisbane, and Sunshine Coast will vastly improve and there will be a clear roadmap and timeline for the housing infrastructure to be implemented over the next decade.
This will also provide assurance to buyers and business owners that proposed developments will indeed take place as and when forecasted.
Dr. Powell, Senior Research Analyst for Domain, explained that big infrastructure projects leave a legacy behind helping to lift the population and benefit the local community in the long term.
She said that an influx of capital and subsequent job creation, which is expected to be the equivalent of 91,000 full-time jobs in Queensland, in the lead up to the games will be an economic force for South East Queensland.
As a part of this cash injection, we will naturally witness significant demand for housing, especially as we prepare to welcome skilled workers to the state.
According to Dr. Powell, what we can forecast is an increased demand for rental properties to host short-mid term workers, which naturally presents opportunities for investors to capitalise on the strong rental demand.
There is no denying that Queensland has recorded a bumper year in the property market with soaring property price growth, high internal migration, strong demand, and a promise of long-term infrastructure development.
That combined with relative affordability, lifestyle, and the opportunity to work from anywhere paints a very compelling picture of why the Sunshine State is in the property spotlight and will continue to be.
Dr. Nicola Powell, Chief of Research & Economics, Domain commented:
“With the spring property season underway we expect to see more homes come on the market.
It’s been a strong trend over the past few weeks, with more homeowners starting to think about listing their homes for sale and taking the step of getting their property appraised.
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We expect this trend to continue, especially as interstate and international borders reopen, allowing people to move and transact property more easily.
We know south-east Queensland has always been a popular location for overseas buyers, this is likely to be stronger as we navigate life post-pandemic.
There is no doubt Queensland will remain a hotspot for buyers now and into the future, and as a result we expect prices to continue to rise.”
Cat Riddle, Communication Officer, Queensland Tourism Industry Council said:
“Queensland has long been an attractive market for holiday and leisure seekers due to our unbeatable climate and lifestyle.
What has really come to the fore in recent times are the opportunities to make a significant lifestyle shift and enjoy the Queensland way of life year-round.
This sentiment really shines through when analysing local property market trends and witnessing the demand and market growth for homeowners and investors across the state - an unprecedented increase in interest and transactions from local, domestic and foreign buyers who are eager to call the Sunshine State home.
Factoring the significant shift and re-prioritisation of lifestyle factors many are experiencing as a result of the pandemic, paired with our exciting lineup of infrastructure and development projects due to Brisbane’s 2032 Olympic success, Queensland continues to strengthen its credentials as both a short and long term location that truly offers something for everyone.”
Source: Read the full report- Domain's Queensland Spotlight Report.