Why The 2020’s Are Shaping Up To Be A Huge Decade For SEQ

Why The 2020’s Are Shaping Up To Be A Huge Decade For SEQ

10 July 2021

If you live in South East Queensland, then you have probably noticed the place has gotten a lot busier over the past 12 months, as a surge in interstate migration has given the Queensland economy a much needed shot of adrenaline.

Although the retail and hospitality sectors have struggled through a stop-start 12 months punctuated by lockdowns and tough restrictions on social gatherings, elsewhere things are booming. Construction is through the roof. Real estate has gone bonkers. The roads are busier than they have ever been. It might seem strange given the dire state of affairs elsewhere in the world, but against all the odds, Brisbane (and Queensland as a whole) is potentially on the verge of a period of amazing growth and prosperity. Here’s why.

THE ENVY OF THE WORLD

Given the extensive Covid-19 issues in almost every major city in the world, Brisbane is unique in a number of ways and for this reason seems the have dodged a massive bullet. It is spread out, with a comparatively low population density sprawling out over a massive metropolitan area. The abundance of space on offer, with a large percentage of the population inhabiting detached dwellings in leafy suburbs, has made controlling the spread of Covid-19 much easier for the Queensland government, who have not had to deal with the overwhelming effects of the virus that other major cities, even in Australia, have suffered and struggled through. Whereas the likes of New York City and London (among others), have struggled to contain the spread of Covid-19 with their massive and densely packed populations, Brisbane has managed it quite effectively.

It is the place everyone now wants to be – And for perhaps the first time, it’s not just because of the great weather.

BRISBANE 2032

It is now basically a formality that Brisbane will be announced the winner of the 2032 Olympic games bid. As mentioned previously, Brisbane has become the envy of the world and for this reason alone, is the perfect choice to host the largest sporting event on the calendar. But there is more to the story than just Brisbane’s teflon-like ability to avoid sticky Covid situations – It also has a warm, friendly climate and a track record of staging major sporting events successfully. The 1982 Commonwealth Games in Brisbane were a massive success and kickstarted a monumental growth phase for South East Queensland, while the Gold Coast repeated the feat 36 years later by successfully hosting the 2018 games. Expo ’88 was also a major footnote in Brisbane’s history, as were the 2001 Goodwill Games and the G20 Summit in 2014.

Brisbane also has significant existing infrastructure, including large capacity stadiums and aquatic centres, negating the need for heavy investment in new facilities which would likely become abandoned once the games were completed.

The official announcement, assuming it happens, will be huge for Brisbane and Queensland and will likely kick-start the largest growth and development phase in its history.

GAME CHANGING INFRASTRUCTURE UNDERWAY

Even before the Olympic bid, Brisbane had a raft of major development projects underway. The massive Queens Wharf development is now well progressed, seeking to transform a large and previously forgotten section of the CBD into a vibrant, word-famous tourist destination. Cross River Rail will see inner Brisbane’s first major rail project for more than a century and combined with the Brisbane Metro project, will revolutionise transport and travel in the inner city.

But the Olympic games announcement, should it occur, will surely kickstart an explosion of further development projects across SEQ – Big ones. These would likely include the much vaunted Brisbane Live development at Roma Street, an across-the-board upgrade of Motorway network, and a major revamp of Brisbane Airport including a brand new international terminal. Should it occur, this monumental explosion of development and investment will create much needed jobs, boost real estate values, and provide fuel for the economy well into the 2030’s and beyond.

A recent proposal for a brand new integrated Airport terminal would surely be greenlit should the 2032 be officially awarded to Brisbane.

With all this in mind, it’s hard to see anything but a bright immediate future for Brisbane and Queensland, despite the doom and gloom elsewhere.

‘Til next time, ciao 🙂

Lee Knutsen

Article by Lee Knutsen

Co-founder & Managing Director of House, Lee Knutsen first entered the real estate industry in 2006 as a residential sales specialist. After more than a decade as a sales agent…

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