Joel Davis,
Strategic Director at Image Property.
New scheme to increase jobs in Moreton Bay
[lwptoc]More jobs are on the way for the Moreton Bay region with a temporary planning mechanism to allow for faster business growth.
The State Government recently signed off on a temporary policy for the Narangba Innovation Precinct (East) to help drive economic recovery through greater jobs creation.
The measure will mean that businesses in the precinct can more easily build new office or storage spaces on existing land to expand their operations.
The precinct is a major contributor to the Moreton Bay economy and is one of the few industrial areas that caters for large, hard-to-locate industries such as waste handling, recycling, and agriculture manufacturing.
Image Property Burpengary agent Jeanny Boyd says the policy will benefit many locals employed at the precinct, as well as local homeowners, landlords and tenants.
“The Narangba Innovation Precinct has been around since the 1970s and employs thousands of people,” she says.
“Allowing businesses to more quickly expand on existing land is yet another feather in the cap for the booming Moreton Bay region.”
The Moreton Bay region has been experiencing strengthening demand from buyers over recent years, Ms Boyd says.
Indeed, according to the Real Estate Institute of Queensland, the median house price in Moreton Bay increased 13.4 per cent to nearly $450,000 over the five years to March this year.
And in suburbs such as Burpengary and nearby Narangba, the median house price increased 14.1 per cent and 13 per cent respectively over the same period.
Of course, these rising property prices remain affordable compared to many other parts of the Greater Brisbane region, Ms Boyd says.
“There is no question that it is this housing affordability that is driving population growth in the Moreton Bay region,” she says.
In fact, the region is one Australia’s growing areas with the population expected to increase from about 460,000 to 690,000 by 2041.
Even before then, the Moreton Bay council area is expected to have a population size greater than Tasmania by 2031.
The temporary planning measure for the Narangba Innovation Precinct will be in place for two years and will help existing business expand sooner rather than later.
Indeed, sixth-generation family-owned manufacturers Packer Leather are just one of the businesses in the precinct who will now be able to act on plans for expansion.
“We’ve been proudly operating for over a century now and want to ensure our manufacturing can continue at the highest standard,” owner Lindsay Packer says.
“The first stage of upgrading our operations includes development of a leatherwork hub and makerspace, which will support extensive TAFE Queensland training.”
