REIQ CEO Antonia Mercorella on What’s Next for Brisbane’s Property Market
After five years of booming apartment construction, Real Estate Institute of Queensland chief executive Antonia Mercorella says Brisbane is now entering a new era of game-changing mixed-use development that has the potential to propel the city into a sophisticated lifestyle destination.
Brisbane’s real estate market is in the midst of a dramatic transformation, and combined with the Queensland government’s $45 billion infrastructure pledge, Mercorella says it’s exciting times ahead for the Sunshine state capital.
The Urban Developer spoke with Mercorella about what’s next for Brisbane’s transitioning property market.
REIQ CEO Antonia MercorellaREIQ CEO Antonia Mercorella
TUD: Brisbane’s project pipeline: What’s new in Brisbane?
AM: The $3 billion Queen’s Wharf Project, Howard Smith Wharves, the new Brisbane Airport Redevelopment, the $5.4 billion Cross River Rail, the Brisbane Quarter and the new $350 million Herston Quarter are all developments changing Brisbane’s city skyline and creating dynamic economic and vibrant community hubs.
However, probably one of the most exciting projects to be unveiled is the Brisbane Live projectwhich, if successful, will deliver an exciting Maddison Square Garden-type venue and precinct right in the heart of the city.
Related reading: Why the Slowing Property Market is a Good Thing
Queens Wharf, Brisbane
TUD: Brisbane’s growing city: How is it changing?
AM: Queensland is home to more than five million people – and this figure is expected to grow. We’re seeing more people moving here in ever increasing numbers.
Queensland has overtaken Victoria as the state receiving the highest number of interstate migrants. Overseas migration to Queensland is the highest it’s been in more than a decade and this is driving demand for accommodation.
In addition, the way we live is changing.
Queenslanders have embraced apartment living, choosing to live in smaller spaces closer to work and entertainment precincts. According to CoreLogic, more than 17 per cent of Queenslanders live in apartments, higher than Victorians at 15 per cent. Of course, New South Wales leads the pack, with 22 per cent.
Related reading: ‘Perfect Storm’ in Brisbane’s Misunderstood Apartment Market
TUD: Brisbane’s inner city apartment market – where to next?
AM: Much has been made of the soft inner city apartment market. But will that continue? Or will value rebound as migrants move in and scoop up the bargains to be found?
The inner city apartment market is patchy but if you do your research there are good opportunities to be found. Albion, Bowen Hills and Brisbane City unit markets have grown in median unit prices over the past 12 months while Fortitude Valley eased 1.2 per cent.
