One of Queensland’s largest property developers has said the level of investment and development in the state’s biggest city will soon see it surpass Melbourne and Sydney as the best city in Australia to live.
Grow Consulting Group says Brisbane’s central districts have been undergoing a facelift in recent years while renewal projects in urban areas have pushed the city’s development to a new level.
Managing Director Ayda Shabanzadeh says the city’s new shopping centres have made Brisbane competitive with Melbourne and Sydney – traditionally Australia’s main cities.
“Trendy new restaurants, bars and shops with a distinctive international feel are being established in a number of urban inner-city Brisbane areas including South Brisbane, Milton, Fortitude Valley and Teneriffe,” said Ms Shabanzadeh.
“So, as well as traditional shopping and dining hubs like Bulimba and Paddington, residents now have a much wider choice of dining, shopping and entertainment precincts, all within easy access of transport.
“Sydney and Melbourne’s trendy precincts, like Chapel St and Surry Hills, are starting to look tired in comparison to Brisbane’s new offerings.”
Ms Shabanzadeh cited the AU$1.4 billion (£965 million) worth of investment in residential property alone in the area as proof of the city’s growing reputation.
“Property values in Brisbane are up 2% to a median of AU$432,250 [£300,000] which is not surprising given the great opportunities currently available and the increasing population.”