As Australia’s population continues to rise, our major cities are becoming more populated. Real estate and new developments are beginning to appear as the demand increases.
Real estate specialist Michael Bleby describes the housing market in Melbourne among the top preforming in Australia. In 2019 key projects will begin to arise both small and large around the city.
These developments include:
-A $1 Billion 55-storey commercial tower at 435 Bourke Street.
-An Urban river swimming project names “Yarra Pools” in Yarra River’s Northbank.
– The first stage of Southbank Boulevard has now started.
– The Green Spine: The development is likely to be at 118 City Road in Southbank, Melbourne.
Domain.com describes Sydney as Australia’s most-hyped and most expensive real estate market. Sydney is ranked in the top 20 most expensive places to buy a property in the world. Even the Sydney suburbs are beginning to take on the cities extravagant price bracket.
In 2019 new developments are beginning to arise including:
-Walsh Bay Renewal Project
-Sydney Park Skate Space
-Sydney Fish Markets 2.0
-The Defining Landmark of North Sydney, 100 Mount Street.
Brisbane’s property market is continuing to grow. The oversupply of units in Brisbane is approaching equilibrium as renters move towards new apartments closer to the inner-city. In South Brisbane 1225 units were listed within a three-month period towards the end of 2018.
As Brisbane continues to grow more development projects arise.
These developments include:
-Brisbane’s Queen’s Wharf project
–Mt Coot-tha Eco-adventure experience (Zip-line Project)
With Adelaides wine regions and lower house prices the city is appealing to first home buyers. Houses are considered to be more affordable when compared to other states with the median unit price of $421,000 according to realestate.com.
-$250 million development of the GPO Exchange tower is expected for completion in the later months of 2019.
Perth is an appealing city in terms of living and real estate due to its cheap rent, costal areas and new and upcoming developments. According to realestate.com, with a median rental price of $495 per week Perth certainly creates a strong appeal for renters when compared to other major cities.
-Western Australian Museum
-Perth City Link- Will connect the CBD with Northbridge
-Perth Stadium- 60,000 seats
-Elizabeth Quay- Transformation of the iconic Swan River
Hobart is the capital of Australia’s island state, Tasmania. With its cooler temperatures, heritage charmed mixed with a modern lifestyle it is clear to see why it is becoming a popular tourist destination as well as a growing hot spot for home buyers.
It is seeking to be a high budget year in 2019 for the Hobart development industry:
– $689 million redevelopment of the Royal Hobart Hospital
– $45 million Crowne Plaza located in Liverpool Street
As the capital of Australia new developments are continuing to arise in Canberra. According to Han Nguyen 2018 saw many new developments beginning to appear around the city and new proposed plans being put on the drawing board.
In 2019 many new developments will occur in Canberra including:
– A multi-use development with up to 1200 apartments in Canberra’s city centre.
-A multi-storey mixed-use commercial and residential development that is proposed to take over the vacant black at the Campbell shops.
– The construction of a $200 million aged care facility
– Stromlo’s $36.6 million leisure centre
With each of the major cities continuing to grow many developments will continue to rise to accommodate for the growing population in these areas. These developments will assist in generating tourism for the cities as well as being appealing for investors and home buyers.
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