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Advocacy Group Fights for Development Priority for Suburbs

As development projects continue to pour into Brisbane CBD, an advocacy group is fighting to make suburban areas such as Chermside, Springwood and Ipswich become the priority for funding and infrastructure projects.

Suburban Alliance believes that policymakers are overlooking the suburbs as they continue to focus on urban renewal. The city has achieved great strides in urban development in the last 15 to 20 years, but throughout those years, the suburbs have been neglected.

Ross Elliott, a property industry figurehead, noticed that while the number of jobs in the suburbs accelerated faster than inside CBD, this has not translated to similar increase in development projects in the suburbs.

Mr Elliott believes that there should be more focus to turn suburbs such as Chermside, Ipswich, North Lakes and Springwood into centres for education, employment, health, business and technology.

Master-planned business park projects in Eight Mile Plains and Cannon Hill are just two examples of business hubs being built outside the CBD. Mr Elliott thinks that creating such suburban hubs would help address property affordability issues across Queensland.

As Property Supply Increases, More Chermside Lessors Offer Free-Rent Incentives

More and more lessors in Chermside are offering enhanced tenancy incentives just to lure prospective tenants.

A growing number of property owners in Chermside are providing some free rent to attract prospective tenants. This comes as a result of stronger housing supply in the suburb and the rest of Brisbane.

A year ago, property investors were giving away freebies such as gift cards or electronic gadgets to lure would-be tenants. But now, lessors are offering so much more for the tenant. Reports have it that the rent-free incentives in some of the best developments in the area can run as long as four weeks.

New Apartment Projects for Chermside

The property supply is expected to further expand as new construction projects get underway.

Chermside is reported to have one of the highest concentration of apartment properties approved for construction in the Brisbane area. According to a research study conducted by Momentum Wealth, there are a total of 704 apartment projects approved for construction in Chermside.

Other suburbs with the biggest number of approved apartments include South Brisbane with 2,084 projects, Brisbane City with 1,731, Newstead – Bowen Hills with 1,493 and West End with 846 projects in the pipeline.

The increasing volume of housing property construction is expected to affect rental income and capital growth for investors. However, the increase in construction projects is not likely to cause an oversupply in the real estate market as the number still falls within the 10-year average.