Brisbane’s New Wave: Major Development Projects Set to Reshape the City

The green light has been given to a string of major development projects across Brisbane, propelling suburbs from South Bank to Bowen Hills into the next phase of urban transformation ahead of the 2032 Olympic Games. Among the most high-profile is the multi-stage redevelopment of Shafston House in Kangaroo Point, which received final council approval last week and is now set to transform the city’s riverside profile with luxury apartments, a boutique hotel, and new public spaces.

This surge could not come at a more pivotal moment. Brisbane’s population has swelled by more than 55,000 in the last 18 months according to ABS estimates, stoking fierce competition in a housing market already grappling with record-low vacancy rates. The cross-river influx—much of it from NSW and Victoria—has prompted city planners and developers to accelerate delivery of new dwellings and commercial space, promising a wave of investment but raising questions in neighbourhoods where infrastructure and character are under pressure.

Kangaroo Point, Fortitude Valley Leading the Charge

On the Southside, the Shafston House project (located at 23 Castlebar Street) will blend modern high-rise design with the historic sandstone mansion at its heart. The plan includes a central green corridor accessible to the public and 148 premium units priced from $1.2 million. Meanwhile, north of the river, a new 35-storey apartment tower from Lendlease has broken ground at the intersection of Ann and Brunswick Streets in Fortitude Valley, featuring 250 dwellings, ground-floor retail, and a rooftop terrace aimed at luring first-home owners and young professionals.

The planned Vertical Sports Precinct on Montague Road in West End moved closer to reality last month after the state government allocated $110 million for construction, part of the Olympic-ready infrastructure blitz also visible at Albion’s breakfast creek precinct and the Gabba stadium redevelopment. All up, the city is tracking more than 30 proposals for residential towers over 20 storeys, according to Brisbane City Council’s application tracker.

Amid the building boom, long-term residents and advocacy groups like Save Our Riverfront have raised concerns about encroachment on public space and heritage sites—especially as the Shafston plans include new restaurants and a private marina. Council maintains that strict urban design guidelines are being enforced to balance growth with green corridors and public access along the riverfront.

What the Numbers Say—and What’s Next for Buyers and Renters

Data from CoreLogic shows the median price for a detached home in wider Brisbane reached $782,000 in June, up 6.2% year-on-year. Newly completed apartments in inner-city projects like Midtown Centre (41 Edward Street, CBD) have been selling off-the-plan for $690,000 to $1.8 million, reflecting strong demand from southern-state migrants and investors anticipating Olympic-related appreciation over the next six years. Rents have also continued to climb, with the average two-bedroom unit in West End now topping $630 per week according to recent PropTrack figures.

City Hall has flagged plans for further upzoning in selected infill corridors to address chronic supply shortages, while developers are lobbying for faster approvals. However, locals should expect new projects to face more intense community scrutiny, especially where density, traffic, and skyline impacts are at stake. UrbanGrowth QLD spokespersons say the coming months will bring updated neighbourhood plans for Chermside and Woolloongabba, aiming to balance affordability targets with premium lifestyle projects.

For would-be buyers or renters, experts recommend keeping a close watch on projects around major transport hubs such as Cross River Rail’s Boggo Road and Roma Street stations. Pre-sales and off-the-plan stock may offer relative value over existing homes—if you can wait for delivery. And with construction costs starting to stabilise, more developers are expected to launch mid-market apartment releases in early 2027, hoping to capture pent-up demand from newly arrived professionals and downsizers alike.