The construction sector has been one of the driving forces behind Brisbane’s unstoppable upward trajectory, predicted to grow 41% by 2031. Brisbane’s unprecedented population growth is driving demand for housing and propelling the city rapidly rising property technology.
Global property markets are facing a range of hurdles that are shaping demand and investment decisions. Brisbane’s unique characteristics make it resilient to three of these challenges in particular:
- Hybrid and remote work: While other cities grapple with the long-term implications of the COVID-19 pandemic, the data shows that Brisbane residents are optimistic – they want to come back to the office. With attendance at 75% of pre-COVID levels, on top of already high occupancy rates, Brisbane is a thriving market for office space.
- Land constraints: Unlike Sydney, Singapore, or Auckland, which are constrained by natural barriers and have historically progressed greater infill development, there are still significant development opportunities to be found in Brisbane through inner-urban and suburban areas.
- Cost pressures: Construction is facing rising costs in many economies, due to the availability of materials and labour. While Brisbane is not immune to this, the sector is supported by all three levels of government.
Brisbane Economic Development Agency (BEDA) supports property and construction businesses by providing local innovation pathways to strategic partnerships, giving companies a competitive advantage over its national counterparts.
The property and construction industry is changing – and Brisbane is at the forefront of its evolution.
