Property prices are tipped to hit a $A1 million median as the city attracts a skilled workforce from other states
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Australia has a new urban destination for those seeking a high quality of life — and it’s not Melbourne or Sydney.
A new report released by Deloitte Access Economics has revealed Brisbane as the best ‘city swap’ location to live and work. It follows on from the east coast capital being named as one of the 50 best places in the world by Time Magazine, the only Australian capital to make the list.
The State of the Cities Report by Deloitte Access Economics reported the city offers significant advantages to businesses and workers alike, with a $25 billion infrastructure pipeline in play to support the city’s rapid population growth as well as a track record of processing development applications 38 percent faster than other cities. Commercial rents are also appealing compared with the southern cities, averaging $450sqm less than similar centres in Australia and internationally.
For workers, commute times are minimised with less congestion on the roads and trains more likely to run on time compared with other Australian cities.
The report also found that Brisbane’s economy is set to grow by 68 percent to $275 billion in the 20 years to 2041.
Clearly, it is not news to those seeking to enter the Brisbane market, with CoreLogic data released this week showing the Queensland capital is now the second most expensive residential real estate market in the country, second only to Sydney. Prices rose by 1.4 percent during May, bringing the median property price to $843,231. Only Adelaide experienced a higher growth rate in home prices in May at 1.8 percent.
Those price increases look set to continue as Brisbane experiences the fastest growing working age population among Australia’s major centres, growing 7.7 percent compared to an average of 4 percent across major cities. The Domain House Price Report released earlier this year predicted the median house price Queensland capital would hit $1 million in the next 12 months.
While demand for housing in the city is strong, it would appear the workforce is there to support it.
Lead Partner at Deloitte Access Economics, Pradeep Philip, said Brisbane offered significant growth opportunities for businesses, innovators, and investors.
“Brisbane is the definition of a growth stock, with clear opportunities for innovators, investors and businesses across Australia and internationally in the years to come,” Mr Philip said.
“This is evident in Brisbane’s talent market, where it has the fastest growing working age population among Australia’s major centres, with 7.7 percent growth against an average of 4 percent across major cities.
“This, combined with Australia’s highest ranked university, a 32 percent increase in university graduates in the past five years, and the highest state-wide rates of technical and trades education attainment in the country, positions Brisbane with a highly competitive, skilled, and growing workforce.
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The new Brooklyn Tower, a mix of luxury condos and rentals, rises from the historic Dime Savings Bank building.
3 min
Listing of the Day
Location: Downtown Brooklyn, New York
Price: $16.75 million
Boasting 360-degree panoramic views across New York City, this new 92nd-floor penthouse is the highest residence in Brooklyn.
The full-floor apartment stands atop the new Brooklyn Tower, which encompasses 143 condos and 398 rentals in the heart of downtown Brooklyn, said Katie Sachsenmaier, senior sales director, Corcoran Sunshine Marketing Group.
The condos begin on the 53rd floor, and the penthouses begin on the 88th floor. This one, Penthouse 92, is the only full-floor penthouse.
“The building is coming into its own now,” she said. “It feels very busy when you step into the lobby.”
Developed by Silverstein Properties, the building at 85 Fleet Street rises from the historic Dime Savings Bank building, according to a news release.
It was designed by SHoP Architects with interiors curated by Gachot Studios, and it is the borough’s only super tall skyscraper.
Penthouse 92 features custom interiors by Brooklyn-based Susan Clark of design firm Radnor, Sachsenmaier said. “Her selections have made it really beautiful. It feels very warm and inviting.”
Architectural details include 12-foot ceilings, European white oak floors in a custom honey stain, mahogany millwork, bronze detailing and floor-to-ceiling windows.
The eat-in kitchen features Absolute Black stone countertops, an island with seating, oil-rubbed bronze Waterworks fixtures and integrated Miele appliances, according to the listing.
The primary en suite bathroom showcases large-format Honed Breccia Capraia marble. There is also a separate laundry room as well as a wet bar and a butler’s pantry.
The views are spectacular, Sachsenmaier said. “If you’re standing in the living room, you take in the Statue of Liberty and all the way up through Midtown. On a clear day, you can see the planes take off at LaGuardia (Airport).”
Moving around the apartment, you see south over the harbor and then north and east over the whole city, she said.
From the front door, “you’re immediately greeted with the expansive living room and the view,” she said. “It’s really the first thing you see.”
The primary suite features a dressing room, multiple walk-in closets, two bathrooms (one with a cedar sauna) and southwest-facing windows, Sachsenmaier said. “You get those really beautiful harbour views.
The amenities will be ready by the end of summer, she said. A Life Time club will occupy the entire sixth and seventh floors, and an outdoor pool deck wraps around the dome of the bank building.
Stats
The 5,891-square-foot home has four bedrooms, five full bathrooms and one partial bathroom.
Amenities
Residents will have access to over 100,000 square feet of exclusive indoor and outdoor leisure spaces.
Fitness company Life Time will manage an array of amenities that include a 75-foot indoor lap pool, outdoor pools, a poolside lounge and atrium, a billiards room, a library lounge, a conference room, a theatre with a wet bar, a children’s playground and playroom and limited off-site parking.
The Sky Park offers an open-air loggia with a basketball court, foosball, a playground and a dog run.
Neighbourhood Notes
Downtown Brooklyn is at the centre of a number of neighbourhoods, including Fort Greene, Cobble Hill, Boerum Hill and Brooklyn Heights. The tower has access to 13 subway lines, 11 commuter trains, the city’s ferry network and 22 Citi Bike stations.
“You can walk to Fort Greene Park in less than 10 minutes,” and Dekalb Market Hall, which has a Trader Joe’s, a Target and a food hall, is “right next door,” Sachsenmaier said.
Agent: Katie Sachsenmaier, senior sales director, Corcoran Sunshine Marketing Group
