Brisbane’s Casino Attracts Asian Investors
A look at how Brisbane’s forthcoming casino is bringing international buyers to our local property market.
The Queen’s Wharf redevelopment project on the banks of the Brisbane River is set to revitalise the city with interest from Asian investors. In an Expo 88 style facelift, which saw the creation of Southbank and the city’s cultural hub, Chinese investors are choosing Brisbane as Australia’s new world city.
The casino, luxury hotels and a shopping precinct are set to increase the liveability and desirability of the CBD and the Brisbane region as a whole. Managed by Star Entertainment Group the project has drawn Asian investor interest through key partners in Hong Kong – Far East Consortium and Chow Tai Fook.
Due to the increased Asian investment interest in Brisbane, Asian buyers are purchasing, as well as keeping a keen eye on, surrounding local real estate. In 2015 over 30,000 new apartments were built in Brisbane’s CBD and city fringe, with many purchased off-the-plan by Asian buyers.
Popular suburbs for Asian-based residential investors include Bowen Hills, Newstead, Fortitude Valley and Herston as well as the CBD for commercial purposes. The Queen’s Wharf project comes as real estate prices in southern states fall and investors look elsewhere for more sustainable and lucrative alternatives.
With a median house price $100,000 less than Melbourne and $300,000 cheaper than Sydney, Brisbane’s been labelled an affordable and upcoming investment hotspot. Over the next decade, buyers may experience great returns and value for money on their properties due to the forthcoming casino boom.
In anticipation of this, despite the Queen’s Wharf redevelopment project not due to finish until 2021, Asian-based investors are securing their place in the local market.
