New infrastructure and amenity is a key driver of property markets.
It attracts more people to an area – build it and they will come, as they saying goes.
This increased demand usually translates to price growth, as long as the supply of property is limited, which it certainly is in Brisbane’s inner eastern suburbs including Bulimba, Balmoral, Hawthorne and surrounds.
There are many projects planned, proposed or underway in Brisbane, but which will impact the suburbs in the inner east?
This project involves the redevelopment of 20 hectares of surplus Department of Defence land on Bulimba’s riverfront into housing.
It would also include a neighbourhood centre with a mix of amenity, an Australian Rules football-sized oval, public parkland and possibly a marina linking to Moreton Bay.
While there is a masterplan for the Bulimba Barracks, since the Apollo Road site is yet to be sold to a developer the exact details of the project are not set in stone.
But we can be certain that the project, when it goes ahead and if carefully considered, will transform Bulimba for the better.
It will strengthen demand and amenity in Bulimba and surrounds, especially when considered in conjunction with the gentrification already occurring in the northern part of the suburb, with housing projects being built on former industrial land.
The new Barracks development will provide a huge boost to the local area in many ways, says Alex Donnan, Ray White Bulimba Sales Associate to Michael Clarke, with more cafes, restaurants, entertainment and parks with access to the river.
“It will also provide a boost to current shop owners on Oxford Street with a higher local population,” he says.
While this $3 billion project is taking shape on a circa 9-hectare riverfront site in the CBD, it will have a flow-on effect to other parts of Brisbane.
Queen’s Wharf is a huge development that will result in the creation of an entertainment precinct centred around a new casino. It will also have accommodation in the form of five hotels and three residential apartment buildings, as well as retail, restaurants, cafés and a moonlight cinema.
With such a diverse offering on such a big scale, Alex says the Queen’s Wharf project will positively impact the whole of Brisbane, including the inner east.
It will help put the city on a world standing and make it more attractive to visitors and migrants – both domestic and international – and it will also draw people to Queensland’s capital for employment opportunities.
There will be thousands of initial construction jobs, notes Alex, with an estimated 8000 jobs upon completion of the project in 2022.
With a boost to the economy in the form of a $4 billion contribution to the gross state product, it’s also expected Queen’s Wharf will create further jobs in Brisbane through the flow-on effect.
More people in Brisbane means greater demand for property, and while this demand will likely be focused on neighbouring suburbs first, Alex says river suburbs – including Bulimba – will also see a positive impact.
“This is due to the easy access to the CBD with CityCat services, which will benefit both employees of the project and people looking to enjoy its entertainment.”
In addition to Queen’s Wharf, proposed CBD projects including the Brisbane Live entertainment precinct, which would include a $450 million arena built on top of the Roma Street railyards, and mixed-use development Brisbane Quarter will also create a bigger offering for our city, draw more people to Brisbane and have a flow-on effect to other parts of the city.
Projects proposed on this front in Brisbane include Brisbane Metro and the Cross River Rail.
The former consists of a metro system running on two lines from Eight Mile Plains to Roma Street and Herston to the University of Queensland. The desired effect is to reduce CBD bus congestion and redirect buses to improve services in the suburbs, which would be beneficial for accessibility in the inner east.
The Cross River Rail is a proposed 10.2-kilometre rail link from Dutton Park to Bowen Hills, which is designed to cater for population growth, but is less likely to impact upon Bulimba and surrounds.
Meanwhile, other projects simply mooted for the inner east are potential bridges, including:
• Three linking the CBD, Kangaroo Point, New Farm and Bulimba, known as the Wilson Triple Jump;
• A green bridge linking Bulimba to Teneriffe;
• A bridge connecting Bulimba to Hamilton.
An RACQ survey earlier this year invited Brisbanites to have their say on where they wanted transport infrastructure to be built, and these were found to be popular options.
While these bridges would benefit Bulimba by improving accessibility and reducing congestion – which would in turn increase demand to live there and lead to property price growth – they are merely proposals, with no plans for them to come to fruition in place.