There are many multi-million dollar projects happening in and around Brisbane at the moment, that are starting to create jobs and more importantly get our Economy rolling again.
One of the biggest would have to be the addition of a second runway to the Brisbane Airport and you would hope so too, at a total cost of around $1.3bil.
The project is due for completion in 2020 and after 8 years in the making, will become Australia’s largest aviation construction project.
It has already provided hundreds of construction jobs and by 2035, it is expected to generate up to 8,000 new jobs and generate an additional $5billion dollars to the Brisbane Economy.
To put that into perspective that is almost half the economic output of a Regional town like Toowoomba or more than a third of the output of the Sunshine Coast economy.
The huge project will increase Aircraft capacity to around a staggering 110,000 movements per hour and Brisbane is set to become the gateway to the rest of the country, in particular Asia.
I have explored this topic previously and asked Is Brisbane about to become the playground for China?
There has been a huge amount of interest from areas like China and Taiwan with a number of their local Airlines already commencing flights into Brisbane.
Some of Chinas business community along with the upper and middle class will now have a direct line to Brisbane and the flow on effects for Business, Tourism and Education will be huge.
Again, this will have long lasting effects on our economic growth, which has sorely been lacking.
You see up until this point all the signs are heading in the right direction, employment levels, along with interstate and overseas migration are back to the strongest levels in almost a decade.
Even mining and are exports are showing signs of life!
But as the graph shows below, our Economy has been in decline over the last 5 years and this is the final piece of the puzzle for Queensland to really start moving again.
A flashback to 2016 highlights the issue with the Brisbane economy growing at a third the rate of our bigger capitals and Regional Queensland barely registering on the radar.
Both economies are well short of the Australian average.
Queensland property prices have also been very much the same.
While most areas of Brisbane overall have performed average, regional centres have really struggled.
All the while Sydney and Melbourne continued to register double digit growth on average in their house price growth as their economy grows from strength to strength.
While all the key pointers are heading in the right direction, it is the Queensland Economy that needs to kick into action.
Many local experts have been commenting recently that without the higher economic growth our house prices cannot reach anywhere near the heights of a Sydney or a Melbourne.
While their property prices have lead the nation, it has been their respective economies that have kick started this growth.
The new Brisbane runway will boost the economy of Brisbane by up to $5billion dollars, around 50% and upwards of the growth of some regional towns.
While it may be just one project, it will have a significant impact and together with many larger projects starting to pop up, it will finally give the Economy a significant boost.
It will then only be a matter of time before property prices follow.