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Investment.

Queens Wharf Priority Development Area Approved.

January 1, 2019
Horaay Group Australia

Brisbane is set for a massive jobs boost with the Queensland Government formally adopting the development scheme for the renewal of the Queen’s Wharf Brisbane Priority Development Area.

The $3 billion Queen’s Wharf Brisbane Integrated Resort Development will deliver a world-class tourism, leisure and entertainment precinct for Queensland.

Deputy Premier and Minister for Infrastructure, Local Government and Planning Jackie Trad said the Queensland Government, developed the scheme which will support up to 2,000 jobs during construction and 8,000 ongoing jobs.

“This development will transform and rejuvenate the under-utilised south-western edge of the Brisbane CBD, attract significant investment to the city and most importantly, create jobs for Queensland families,” Ms Trad said.

The Queen’s Wharf Brisbane Priority Development Area development scheme provides the planning framework for the assessment of the Destination Brisbane Consortium proposal.

Public submissions to the development scheme supported the area redevelopment, the Government’s commitment to sub-tropical design and heritage protection and the delivery of improvements to the pedestrian and cycling network in the Priority Development Area.

“We invited the community, residents, and business operators to view the proposed development scheme and we received 37 written submissions. Some amendments were made to the proposed development scheme as a result of issues raised in these submissions,” said Ms Trad.

Queen’s Wharf Brisbane was declared a Priority Development Area on 28 November 2014 to facilitate the planning and delivery of an integrated resort development including a casino and other related development on the site.

All development applications will now be assessed against the development scheme.

The final Development Scheme also includes provisions for a Design Advisory Panel to assist in delivering a high-quality project for the benefit of all Queenslanders and visitors.

“This part of our city is one of the most culturally and historically significant sites in Brisbane, and the Design Advisory Panel will help ensure that Queen’s Wharf is a civic landmark,” Ms Trad said.

The Design Advisory Panel will be chaired by the Queensland Government Architect, and members will be drawn from the Queensland Urban Design and Places Panel.

Source: News Release, Brisbane Development, 01, February, 2016

https://brisbanedevelopment.com/queens-wharf-priority-development-area-approved

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Perth, Brisbane and Adelaide housing affordability best in 20 years.

December 18, 2018
Horaay Group Australia

The latest Housing Industry Association (HIA) quarterly index reveals that housing affordability is at its highest level in 20 years in all of Australia’s capital cities, with the exception of Sydney and Melbourne. Residential property in Perth, Brisbane and Adelaide hasn’t been this affordable since 1997, according to a peak industry body.

“It is often overlooked that affordability conditions are favourable in the markets outside of Sydney and Melbourne,” said HIA senior economist Shane Garrett.

“Housing prices are more affordable in the other 6 capital cities today than has typically been the case over the past 20 years – primarily due to very low interest rates.”

HIA Affordability Index for 5 largest capital cities, December Quarter

The HIA affordability index measures mortgage repayments as a proportion of typical earnings in each market.

Perth is now Australia’s most affordable capital city, with an average monthly mortgage repayment of $2,194 representing 27.5% of gross average earnings, the Urban Developer reports.

City Average monthly mortgage repayment % of gross average earnings
Sydney $4,559 67.5%
Melbourne $3,566 48.2%
Adelaide $2,160 32.4%
Brisbane $2,466 32.2%
Perth $2,194 27.5%

“The HIA Housing Affordability Index saw a small improvement of 0.2% during the December 2017 quarter indicating that affordability challenges have eased,” Mr Garrett said.

During the December quarter, out of the 5 biggest cities, the largest improvement in affordability occurred in Sydney (+3.1%), followed by Brisbane (+1.4%) and Perth (+1.3%).

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