- Confidence in QLD has risen from 144 to 147 index points in ANZ/PCA survey
- A golden decade of opportunity likely if Brisbane hosts Olympic Games
- Fridays in the City campaign raised activity on Queen St Mall by 12.5%
The many new property developments springing up in the Sunshine State are testament to the continued strength of the Queensland property sector.
From residential to commercial, everything seems to be running hot.
Residential
Covid-related regional migration brought on sea changes, with 11% of Australia’s regional migration heading off to the Gold Coast and a further 6% to the Sunshine Coast.
In terms of local government areas, migration to Noosa saw rises of 49% and 44% more to the Southern Downs.
It is no surprise, then, that the Gold and Sunshine Coasts have been looking more like construction coasts lately. We have reported on at least 13 new developments across the month of June, and much the same in May.
Commercial
Residential is not the only area running hot, investors are also cashing in on commercial deals.
APN Industria sold a property in Queensland for a 24% premium, Dexus snapped up $130 million in medical developments and a car park, a shopping centre will be going up in Yeerongpilly, $21 million was invested in a mental health facility, and EG acquired an industrial facility for the same amount.
That was just June.
Survey results for QLD: Confident
The Property Council conducted a survey recently, and the results showed the property industry is confident of “yet another boost in positive sentiment.”
“Confidence in Queensland had risen from 144 to 147 index points over the past quarter, with 100 considered neutral. As the largest private sector employer, maintaining confidence within the property industry will be crucial to the state’s economic rebound as Queensland emerges from lockdown,” said the PCA in a statement.
Property Council Queensland Executive Director, Jen Williams, said that despite the current lockdown, conditions remained favourable for most sectors of the industry, and it was vital this positivity continues.
While there is confidence in the market, there is some concern about whether the state can capitalise on it.
Ms Williams said the survey “highlighted the linked issues of land supply and affordability.”
“This pressure in the residential market and positivity across the industry more broadly has exacerbated the emerging issue of staff shortages. Queensland is not only reporting a shortage in terms of the trades and skills needed on construction sites, but more broadly in terms of the professional services and white-collar workers who service the industry more broadly.”
The recent Fridays in the City campaign run in Brisbane seemed successful. At one point the council used popular games such as Pokemon Go to bring more visitors into the city.
The six-week push for more CBD goers saw an uptick of 12.5% in activity in the Queen Street Mall and surrounds.
Regardless, the state is likely to experience a “golden decade of opportunity” leading up to the 2032 Olympic Games, with Brisbane still the odds on favourite to host.
