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Good news for suburbs along Brisbane’s underground bus and train tunnel

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Brisbane Investor,Property Management, Real Estate Brisbane, Mortgage Broker Brisbane, Brisbane property market, housing sales, Investment properties, Housing market, Rental Properties, public transport, bus and rail tunnel

HOMEOWNERS in suburbs earmarked for Brisbane’s underground bus and train project may gain more than just a faster commute to work.

Brisbane Investor,Property Management, Real Estate Brisbane, Mortgage Broker Brisbane, Brisbane property market, housing sales, Investment properties, Housing market, Rental Properties, public transport, bus and rail tunnel

According to property industry experts, new infrastructure is a major catalyst for home value growth.

Deal sealed on $5b underground tunnel

Newman unveils underground plan

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

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Infrastructure

Council resumes houses to deliver $40 million road upgrade

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Council resumes houses to deliver $40 million road upgrade

Artist’s impression of the Murphy and Ellison roads upgrade.

Photo: Brisbane City Council

More than 25 property resumptions are required to widen a road that carries 37,000 motorists a day in Brisbane’s north.

The $40 million upgrade to Murphy and Ellison roads at Geebung would require Brisbane City Council to resume nine homes as well as parts of 17 other properties.

The council’s infrastructure chairwoman Amanda Cooper said the council had already started the resumptions.

“We obviously have to widen the corridor and to widen the corridor we have to acquire some land,” she said.

“Council is already in discussion with all of those nine property owners and they have been working very productively with council, three of those are already complete.”

Source: www.brisbanetimes.com.au

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Infrastructure

Vision Released of Brisbane’s Underground Metro Station

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Vision Released of Brisbane’s Underground Metro Station
A first look at Brisbane Metro’s $315 million underground station at the Cultural Centre has been provided through the release of designs for the station at South Brisbane.

Fly-through vision of the station has been released by Brisbane lord mayor Graham Quirk who was joined by federal Urban Infrastructure and Cities Minister Paul Fletcher.

The new station will be built on a parcel of land owned by the state government near the intersection of Grey and Melbourne Streets, and link Brisbane Metro passengers with the cultural precinct.

Metro vehicles will be linked to Victoria Bridge via an underground tunnel which will reduce congestion at the Melbourne and Grey Streets intersection.

Brisbane City Council released the fly-through vision of the station even though it is still in discussions with the state government about buying parcels of the land for completion of the station.

The lord mayor has said council has money put aside for the land parcels if they are not gifted by the government, which could cost up to $30 million.

Vision Released of Brisbane’s Underground Metro Station

The council has committed to funding two-thirds of the $944 million Brisbane Metro project with the federal government announcing it was committing $300 million as a funding boost in the 2018-19 federal budget.

The budget granted Queensland $5.2 billion for infrastructure projects but the Cross River Rail project failed to receive any funding which topped the Palaszczuk government’s funding wish list.

State treasurer Jackie Trad criticised the federal coalition for failing to pay Queensland the attention it deserves on the back of jobs growth that has accounted for one third of that across the country.

Vision Released of Brisbane’s Underground Metro Station

The Metro will include two lines – one that runs from Eight Mile Plains to Roma Street and another that will stretch from the Royal Brisbane Women’s Hospital to UQ Lakes.

The design of the Metro vehicles has yet to be determined with several proposals being considered, though specially licenced drivers will be required.

“You can’t drive it with a bus licence, you can’t drive it with a train licence – it’s a stand-alone vehicle which will require special licensing in terms of the driver,” Cr Quirk said.

Construction of the Brisbane Metro is expected to start in 2019 and be completed by 2022.

Council has invited residents and stakeholders to have their say on the Brisbane Metro draft Design Report until Friday 25 May 2018.

Source: theurbandeveloper.com

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Infrastructure

Which projects will make the biggest difference to Brisbane’s market?

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Which projects will make the biggest difference to Brisbane’s market?
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