The Brisbane property market is set to prosper, largely due to the strength of the local council, according to a leading property adviser.
“I just feel that Brisbane is about to turn the corner finally,” director of property company Smart Property Adviser Kevin Lee said.
Infrastructure projects driving capital growth are more likely to come to fruition in Brisbane than other capital cities, according to Mr Lee.
“The key difference between Brisbane and Sydney is that Brisbane [LGA] is the second largest metropolis on the planet,” he said.
Only the city of Los Angeles has more people living under one city administration, he said. By contrast, Sydney has 39 councils within its borders.
This streamlined structure means Brisbane City Council has a faster decision-making process than other capitals, Mr Lee said.
“In Brisbane, you have one administration, one set of rules, one interpretation of those rules and one very big budget. In Sydney, we talk about getting things done. We talk and talk until people die,” he said.
“Up there, their answer is ‘What would it take, what do we need, get it done’.”
The Brisbane market has been struggling for some time due to natural disasters and slow economic conditions, Mr Lee said.
“They’ve been in a state of flux for some time now due to the flood. Then they had a couple of cyclones in other parts of Queensland.
“It’s taken the state a long time to recover,” he said.
Brisbane’s stronger economy, new government and appealing lifestyle would also help revive the market in coming years, he said.
Source : Smart Property Investment (8 January 2014)