There's a reason Brisbane has overtaken Canberra and Melbourne for house prices, writes Ellen Fanning, who found herself in the city's cut-throat property market last year — competing with too many newcomers for a limited supply of homes.
So, you still think of Brisbane as the sprawling, steamy, sleepy backwater in Australia's deep north? The place you can cash in your family home in Sydney or Melbourne and buy one of those cute little wooden workers' cottages on stilts with big verandahs and still have plenty of cash left over?There's such a shortage of houses and units that anyone with the means to buy – locals, along with the 116,260 new arrivals from overseas and interstate last year – is camping out in crappy...
The original terrazzo bathroom, complete with pink toilet, basin and bath, was drafty and barely functional. The shower floor would fill up with water, as the old metal drains under the slab had rusted away and collapsed. "A few years ago, if you made half a million dollars, that was enormous . Now, if you're not making $500,000 on your investment in two years, it's not worth selling.""In terms of apartments, I've never seen the market so strong," Charman said.
What's changed is the economy. Brisbane is booming. By the time Brisbane has hosted the 2032 Olympic and Paralympic Games, the city will be well on its way to supersizing its economy. The superlatives roll on: Home to the largest health clusters in the southern hemisphere. Named by the World Economic Forum as a global Advanced Manufacturing Hub.
In August, the $3.6 billion Queen's Wharf development will open — 35 metres above street level — eventually bringing more than 50 new bars and restaurants to the inner city."The potential here is off the charts," said Heidi Cooper, chief executive of Business Chamber Queensland, citing the Olympics and the energy transition as major drivers of economic growth."Attracting and retaining workforce is the number one challenge for our members.
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