HOMEOWNERS in suburbs earmarked for Brisbane’s underground bus and train project may gain more than just a faster commute to work.
According to property industry experts, new infrastructure is a major catalyst for home value growth.
Diana Howes, managing director of Brisbane-based property research firm Resolution Research, said past trends showed suburbs with public transport under construction often fetched double-digit annual growth rates compared to the 3.4 to four per cent average.
“What we’ve seen through an analysis of the Northern Busway, South East Busway and Airportlink is that values remain relatively stagnant during (the early stages of) construction,” she said.
“It’s flat in the first two to three years but escalates in the last two.
“In the last two years, including the year when it’s completed, you get much higher rates of growth.”
She said investors would likely make a push in the underground bus and train suburbs once they felt “confidence and certainty” around the development.
“Certainly the level of infrastructure spending is a key driver for people looking to invest in Brisbane,” she said.
“As we see increases in parking costs in the CBD and more congestion on our roads, (transport infrastructure) is becoming a critical consideration particularly across the rental market.”
Belle Property Bulimba agent Jonathan Harper-Hill said he predicted the project would turn Woolloongabba into a “property hotspot”.
He said the suburb, which is set to receive one of the underground bus and train’s three stations, would become a viable alternative to other inner-city locations such as New Farm.
“I think it will put Woolloongabba on the map for people who weren’t considering it in the past,” he said.
“Major infrastructure improvement leads to more confidence in residents and buyers.
“As time goes on, the suburb will become more and more desirable so any time from now is potentially a fantastic opportunity for buyers.”
Woolloongabba resident Dianne Clarke is currently selling her home at 16 Quarry St and believes the project will make homes like hers more attractive for investors, even though she is already near Park Rd train station.
“I think it will be good for the area,” she said.
The underground bus and train project is set for construction in 2015 to 2020.
It will run from Bowen Hills to Dutton Park with stations at Roma Street, George St in the CBD, and Woolloongabba.
Original article published at www.news.com.au by Melanie Burgess, The Courier Mail 22/11/2013
Two city properties to be resumed for intersection upgrades
The land will be taken from the Coronation Hotel at 254 Brisbane St.
The council needs to resume the land to allow for a 3m-wide verge and the realignment of pedestrian crossings.
The hotel building will not be affected.
The council also plans to resume land from a small block of shops at 55 Brisbane St to allow for the creation of a continuous north-south road connection between Warwick Rd and Bremer St, and create an alternative link to East St.
Originally Published: www.qt.com.au
How train lines are driving property prices
A train on the new Redcliffe Peninsula line. Source: Supplied
HOW access to train lines are driving property profits.
Redcliffe residents waited more than 130 years for a train line, and now that it’s here it is raising interest in the peninsula and its property market.
The Redcliffe Peninsula was cut off from the rest of the southeast’s rail network, until the long mooted train line finally opened in late-2016.
Locals can now hop on a train from any of Redcliffe’s six train stations, and that has become a juicy selling point for the area’s real estate agents.
General manager at LJ Hooker Redcliffe, Kylie Loof, said the new train line was often a topic of discussion from a certain type of buyer.
“The people that are talking about it are from other states,” Ms Loof said. “They ask ‘is it close to the new train line?’.”
The interstate interest makes a curious disparity, Ms Loof said, as many locals still kept old travelling habits from before the line opened.
She said many locals still drove across the bridge to get to Shorncliffe Station to catch the train, a tactic she said could save a bit of time on a commute to Brisbane.
She estimated that before the line opened, only about 30 per cent of investors in the area would be from interstate.
“Now it is about 50/50,” she said.
In peak times, the train from Redcliffe can take the best part of an hour to reach Brisbane’s CBD, which might sound a lot for the average Queensland
But for one Sydney-based investor, the announcement of the train line helped him invest his hard earned cash in what he predicts will be a strong growth area.
Take Ekanayake, 29, has purchased three investment properties in the past two years, looking at long-term growth.
“Being from Sydney, whenever a major infrastructure with trains gets announced there is a massive growth in the area in terms of real estate,” Mr Ekanayake said.
He predicted that there would be a time when more and more Redcliffe residents would use the train, and this would be a positive for property owners.
He pointed to other changes in the area, including the new University of the Sunshine Coast campus which will open in Petrie in 2020.
“Once you’ve got 10 to 20,000 more students in the area, the value of that train line is going to be more significant,” he said.
So far growth has been modest across the Redcliffe area since the track was announced back in 2010.
In the suburb of Kippa-Ring, which has the benefit of being close to the bay and the train line, the change in the median price for a house over the past five years was 19.9 per cent.
Nearby Mango Hill had slightly stronger growth over the five years at 22.6 per cent, but it was still modest compared to booms in Sydney and Melbourne.
With interstate migration to Queensland very strong, especially in the state’s southeast, Mr Ekanayake predicted the area was due for a boost.
“There has been so much media attention on the Sydney and Melbourne markets, but once Sydney starts to cool off, which it is, it is Brisbane that takes off,” he said.
“Brisbane is almost half the price (of Sydney) so right now there is a huge gap, and that gap has got to close.”
Harcourts Redcliffe owner Steve Hawley said you could see the changes in the Redcliffe area just by looking at the skyline.
“We are seeing a lot of new townhouses and multistorey developments, there are a lot of cranes out and about,” Mr Hawley said.
“We’ve been a sleepy town for that long so it is time to move ahead.”
Originally published: moretoninvestor.com.au
Fast Rail from Brisbane to Sunshine Coast Could Become a Reality
A consortium of planners has developed the confidential plan according to The Courier-Mail.
The plan, North Coast Connect, would be the first rail link between Brisbane and Maroochydore. It would create 200km of fast rail saving about two hours’ travel time on a return trip.
The project has been submitted by Stockland, Smec, Urbis and KPMG, and reportedly has the backing of 26 Queensland federal parliamentarians, who are demanding the Prime Minister give Queensland a majority slice of $10 billion set aside under its National Rail Program.
It is understood the project has been short-listed by the Government.
[Related reading: High-Speed Vision for Five New Cities Connecting Canberra, Sydney Melbourne]
Member for Fairfax Ted O’Brien, who has been driving the project on behalf of the LNP, said that the “Team Queensland” parliamentarians “are going after this one hard”.
“With $10 billion available from the Turnbull Government, we need to be advocating for billions, not millions,’’ O’Brien said.
“Fast rail means people can live, work and play where they want, without the stress of excessive commuting times.
“It will expand job and study options, enable more lifestyle choice and build an economically strong and user-friendly southeast corner.
“If we can get fast rail, as opposed to standard 100-year-old rail, we’ll see people wake up in Nambour at 7 o’clock and be at their desk in Brisbane by 8 o’clock.
O’Brien said the project could cost anywhere between $3-$5 billion, and would have the potential to create thousands of jobs, relieve pressure on the Bruce Highway and revitalise Nambour.
Stage 1 would include an upgrade of the existing line from Brisbane to Beerburrum. Stage 2 from Beerburrum to Nambour would entail new rail and upgrades of existing rail, and Stage 3 from Beerwah to Maroochydore would include a 40km spur line branching off the North Coast Line.
North Coast Connect is the only Queensland fast rail project to be short-listed along with 10 others vying for three business cases that the Commonwealth will consider funding.
Originally Published: sunshinecoastinvestor.com.au
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