A number of major projects together are helping to drive Brisbane's prosperity, according to JLL's Andrew Ballantyne.
Brisbane and the rest of South East Queensland is tipped to see plenty of growth in its economy and employment in the near future.
SEQ’s property market is expecting tremendous property investment growth that offers better value for short-term and long-term investments.
“In another sign of confidence in the Brisbane CBD office leasing market, the resource sector is in expansion mode," said JLL Australia’s Andrew Ballantyne.
According to JLL’s latest report, Brisbane recorded a net absorption of 28,900m2 in the last quarter of 2019.
Then, 44,900m2 over 2019, higher than the 20-year average of 27,100m.
Healthcare, education and training, scientific services and construction are key industries in driving the economy not only in SEQ but in the entire state of Queensland.
Hamish Bowman of Ray White New Farm used a weather metaphor to explain the positive outlook for Brisbane.
"Brisbane hasn't got any bad weather coming," said Mr Bowman.
"It is clear sailing ahead."
Mr Bowman explained with the new infrastructure projects underway, the inevitable investment and employment prospects were looking good.
"We have the second runway with no curfew being built, the cross river rail, the casino, the James Street precinct (to name a few)," said Mr Bowman.
"Mining is on the improve, employment is increasing and commercial spaces are being filled."
Hamish Bowman of Ray White New Farm. Photo: Ray White New Farm.
Mr Bowman said all these drivers are happening at the one time, including the fact that five million Australians are downsizing their homes.
"That is 20 per cent of the population," said Mr Bowman.
"When I hold open homes, 70 per cent of people who are coming are grey nomads.
"They are selling their big family homes and moving to inner city Brisbane, where there is low maintenance but room for the grand kids."
Mr Bowman said it wasn't just the baby boomers who were putting their dollars in property in Brisbane.
"First home buyers are coming as well," said Mr Bowman.
"That market was oversupplied but is now stable."
For first home buyers and middle income earners, the confidence to buy into the market has been helped along with the First Home Loan Deposit Scheme or FHLDS.
In this program people are able to apply for a loan that requires a deposit of as low as 5 per cent (lender’s criteria apply).
In regards to employment, one of the fastest-growing industries in Brisbane is construction.
Just recently, the Brisbane Metro fleet and infrastructure project commenced and is believed to create at least 165 jobs in construction.
Another 185 new job vacancies will be available once opened.
The Department of Jobs and Small Business is predicting more construction jobs in 2020.
Another strong indicator is the growing numbers of developments, residential, commercial and integrated projects throughout SEQ.
Jessica Mayes, Director of Iconic Recruit, based in Bowen Hills in Brisbane deails specifically with employment in the property industry.
"As more stock is coming onto the market, agencies are needing more people to sell it, along with the ground staff to support them," said Ms Mayes.
"As there are big growth plans in Brisbane, many of the property institutions will see it get busier towards the end of the year as well.
"Property has been low for some time and now there is a more positive outlook in the market."
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