At a population growth rate above the national average, Moreton Bay has become the third-largest council area in Australia (around 2.8%). The population of 470,000 is expected to grow to almost 700,000 by 2041 and economically, the region has numerous specialised precincts – all of which need to grow with it! These include:
- Industrial: More than half of the state’s industrial land is concentrated along the Bruce Highway in the cities of Brendale, Narangba and Burpengary as well as specific precincts in Clontarf, the Hills District and Caboolture.
- Tourism: Redcliffe, the Peninsula, Bribie Island, and the hinterland, including Samford, Dayboro, and Woodford, are all popular destinations for tourists.
- Retail: Caboolture, Caboolture Lakes and Strathpine serve as the region’s major retail and urban centres.
- Agriculture: A major industry that occupies a large portion of the northern portion of the region.
- Residential: In the southern part of the region, residential neighbourhoods offer low-cost housing options.
Developments in industrial, retail, and commercial sectors are already underway in the region, however the viability of development needs to be taken into consideration when contemplating future sites.
Development feasibility is essential to ensure that the region remains attractive to businesses and supports job creation in the area. Some of the most important elements that influence property development in a region include:
- Capital costs (land and construction)
- Market pricing
- Supply and demand conditions
- Personal preference
There are numerous projects underway or planned, with the major ones set to assist with not only the population growth, but also employment growth.
*Disclaimer: This article is for general information only and should not be relied on as advice. You should consider your personal situation and seek advice that is specific to your circumstances before making any decisions based on this information. If there are any issues you would like us to discuss with us arising from this article, please contact us*