2017 has been a great year for all things retail, with a number of large projects being approved and constructed across the south east. To look at where the popular areas of growth in retail and other commercial properties are, we thought we’d take a look at where people are moving to.
Affordability in South East Queensland is enticing record levels of interstate migration as well as rising interest from investors and first home buyers, which is drawing retail opportunities everywhere from the many already active retail hubs to new projects in suburbs with generally lower amounts of retail outlets.
The oversupply of inner city apartments has lowered house prices, attracting more people and in turn – creating more opportunity for retail property growth.
Queensland is evolving as an investment hotspot, with high demand in the Ipswich and Logan Areas. Both these areas are seeing increased population growth, which creates demand for new retail opportunities. Developers are cluing onto it already, with many new projects on the cards for both areas.
The industrial sector is also benefiting thanks to the influx of online retailing, with demand for small warehouses and large-scale distribution centres. With the high demand also comes demand for surrounding retail precincts.
In Brisbane there are some large projects in the works, like Queen's Wharf, Brisbane Airport Redevelopment, Howard Smith Wharves, Brisbane Quarter and Brisbane Live that will present great retail opportunities in the future. The Gold Coast is also showing some great opportunities coming to fruition, like the $1.2 billion Spirit tower (southern hemisphere’s tallest building)and its sister 103 storey Orion tower set for Surfer’s Paradise, the $37 million first stage of the Evandale development featuring a stage and amphitheatre performance venue and art gallery, a $1 billion industrial estate in Yatala, and other smaller projects. A $150 million redevelopment of Ipswich CBD has also recently been revealed.
On the Sunshine Coast, major new infrastructure projects like the redevelopment of Maroochydore city centre; the expansion of the Sunshine Coast Airport; and a new business, technology and retail precinct adjacent to the University of the Sunshine Coast are all driving the property market.