Small developments to plug city’s shortfall
Small developments to plug city’s shortfall
Posted on Wednesday, May 29 2013 at 3:46 PM
A researcher says infill development will be necessary to cover property demand in an improving Brisbane market.
The National Property Research Company (NPR Co.)
has released information showing the Brisbane Local Government Area (LGA) will
require more dwellings than any other LGA in southeast Queensland.
According to NPR Co., the Brisbane LGA will
require 156,000 new dwellings by 2031 and 88 per cent will come from infill
development.
“We need to find ways to create affordable medium
and higher density communities that offer lifestyle benefits across a range of
age cohorts.”
NPR Co. say post-GFC recovery was
hampered by the 2011 flood, but recent infill projects in inner-city areas such
as Fortitude Valley, Bowen Hills and South Brisbane bode well for the market.
“NPR Co. believes that the
Brisbane property market has turned the corner and although it could be slow
and patchy, the outlook is for positive growth. In some areas where supply is
high there may be a glut of stock to work through before prices improve but
volumes are expected to start improving.”
Matthew Gross, managing director
at NPR Co, says it’s good government policy to promote infill development through
town planning.
“They want to use the existing infrastructure
to its maximum possible potential. By increasing the densities around key
economic and development area and transport nodes, they get more bang for their
buck out of existing infrastructure.”
Gross says a new town plan should be in place
by the end of 2013 and there will be opportunities under the proposed changes.
“Probably
the fact that we’re now moving away from planning based on GFA (gross floor
area) and looking more closely at form and function with increased heights – so
projects where you might have only previously been able to do two storeys you
might now be able to get into three storeys.”
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