Yes, life is lush with uncertainty at the moment, but one thing is for sure: The 2032 Olympics loom large on the horizon in Brisbane and surrounding areas. And despite question marks posed by variants of the coronavirus, analysts have been hopeful that the possibility of border openings in 2022 will only increase the buzz around commercial developments around Queensland.
This regional optimism builds on a generally positive national outlook for commercial real estate at the moment. Rates of return on industrial property across Australia are expected to beat regional competition, including in Hong Kong, some analysts say.
So what are some areas worth noting as the New Year gets underway? Let's have a look:
Regional lifestyle driving growth
Throughout the global pandemic, myriad city dwellers have been relocating to the coast for a lifestyle change. The growth in remote work and education coupled with the opportunity to be outside in an active lifestyle has fueled many Australians to relocate to locations such as Surfers Paradise, Burleigh Heads and Broadbeach.
This trend is expected to continue and possibly accelerate, particularly around Brisbane. At all price points, residential real estate is booming. Coupled with the expected growth related to the Olympics — as well as the steady mining industry — in addition to the lifestyle benefits, areas like Surfers Paradise are only set to grow.
The scheduled 2032 Olympics are serving as an impetus for many large-scale projects that will serve as catalysts in the sector. These include massive rail projects in Brisbane that will spur follow-on developments including co-designed housing and other public spaces. The rail project itself is already seeing $4 million per day invested, government officials told Brisbane Development.
This means there will be plenty of tangential spaces and opportunities to invest in East Brisbane in particular, with follow-on opportunities for all kinds of investors and businesses.
With in-migration from around Australia — plus the pent-up demand from abroad waiting for the public health situation to ease — coupled with the economic boom ahead of the Olympics, demand for workspaces is also increasing in Queensland.
This makes office spaces of all sorts an attractive area for buyers to designate attention. White collar workspaces in addition to retail are expected to slowly return to and surpass pre-pandemic levels in and around Brisbane. And as the retail sector in particular grows, with it comes a need for warehouses and other storage facilities, analysts at Smart Property Investment say.
The specialists at Ray White Surfers Paradise also have our fingers on the pulse of Queensland trends and are excited to see the positive trends in commercial growth in our area. If you would like to talk about upcoming opportunities and marketplace trends, please reach out to us anytime. We are always delighted to help you maximise your investments and make the most of the moment.