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How train lines are driving property prices

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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
commuter.

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.

This home at 4 Lydia Court in Deception Bay that recently sold is just a quick drive from the new train line. Source: Supplied

This home at 4 Lydia Court in Deception Bay that recently sold is just a quick drive from the new train line. Source: Supplied

Although the properties, at Scarborough, Kallangur and Deception Bay, have not experienced immense growth in recent years, he believed this would change.

“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

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Infrastructure

Design work to ease Everton Park traffic

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everton park

The project, known as the Everton Park Link Road, will provide a new connection between South Pine Road, north of Kedron Brook Creek, to Stafford Road, east of Mountridge Street.

“We are getting the planning work underway now so motorists can benefit from safer commutes and less traffic sooner,” Member for Ferny Grove Mark Furner said.

“The existing intersection of Stafford Road and South Pine Road already carries heavy traffic and is surrounded by several shopping precincts.

“Building this new link will provide better access to local shops, and a better journey for motorists.

“This important upgrade is part of a wider traffic management strategy in the city’s north west, which includes improvements already made on Samford Rd where traffic times have been cut by five minutes.

Read more:  Climate a leading cause as UN finds global hunger rises again

“We want Queenslanders spending less time stuck in traffic, and more time doing things they enjoy.”

Transport and Main Roads Minister Mark Bailey said the upgrade would also include provisions for bike riders and pedestrians, ensuring all modes of transport were considered, and active and healthy transport options were provided for the community.

“Traffic improvements will be made to existing surrounding roads as part of this project with a refined concept plan expected to be released in the coming months,” he said.

“We are planning to engage with the community regarding the design and seeking feedback, so there will be plenty of opportunities to find out more over the coming year.

“Geotechnical, environmental and public utility plant investigations will soon start on site.

“We will, of course, also be talking to residents and business people near these works to keep them informed.”

Construction is expected to start in late 2019, and the project will support 54 jobs.

Source: miragenews.com

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Infrastructure

Queensland’s $46 Billion Infrastructure Boom

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Queensland’s $46 Billion Infrastructure Boom

The Palaszczuk Government has released an update to its 2018 State Infrastructure Plan as it aims to roll-out a total of $45.8 billion worth of infrastructure over the next four years.

The second part of its State Infrastructure Plan (SIP) focuses on a range of infrastructure spending with its updated release, outlining the $11.6 billion of infrastructure investment to be rolled out in 2018-19, which aims to support up to 38,000 jobs.

Economic forecaster Deloitte Access Economics said that the outlook for engineering construction in Queensland is better than it has been for some time.

“Rather than wallowing in cash from a strong property market and asset privatisations as NSW and Victoria are, the Government is relying more heavily on raising new tax revenue and increasing debt to fund this infrastructure,” Deloitte’s quarterly Business Outlook report said.

Up to 65 per cent of the Queensland’s infrastructure budget is allocated outside of the greater Brisbane area, explained Minister for State Development, Manufacturing, Infrastructure and Planning Cameron Dick.

“Programs like the Queensland Transport Roads and Investment Program 2018-19 to 2021-22 outlines $21.7 billion in transport and road infrastructure over the next four years, estimated to support an average of 19,200 direct jobs over the life of the program.

Queensland’s $46 Billion Infrastructure Boom

The $5.4 billion Cross River Rail project, the biggest state funded infrastructure commitment in more than a decade, will be delivered in partnership with the private sector, explains Dick.

Infrastructure Association of Queensland chief executive Steve Abson said the infrastructure investment strategies update provides the private sector with confidence to invest in their Queensland operations.

With it now required to be “actioned collaboratively by all levels of government and the private sector”.

Seven new projects have been added to the Building Queensland (BQ) infrastructure pipeline, including upgrades to the centenary motorway and Sunshine Motorway, and a third track to be added to the Gold Coast rail line between Kuraby and Beenleigh.

Queensland’s $46 Billion Infrastructure Boom
Seven new projects have been added to the Building Queensland infrastructure pipeline, including a third track on the Gold Coast railway line to be further investigated

BQ Infrastructure Pipeline Report which presents priority infrastructure proposals under development by the Queensland government, shows 18 proposals from the pipeline has received funding commitments from state government since June 2016.

These include upgrades to the M1 from Eight Mile Plains to Daisy Hill, and Varsity Lakes to Tugan, the Beerburrum to Nambour Rail Upgrade, the Lower Fitzroy River Infrastructure Project and the New Performing Arts Venue.

A rise in interstate migration is seeing more people moving to Queensland, according to the Deloitte’s Business Outlook report, which says the sunshine state now has the third-fastest rate of population growth behind Victoria and the ACT.

The report said that Queensland is “well and truly” through the worst of its mining construction downturn as eye-watering house prices south of the border are sending more “economic refugees north to Queensland”.

Source: theurbandeveloper.com

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Infrastructure

Brisbane Set to Receive Australia’s Largest Performing Arts Venue

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Brisbane Set to Receive Australia’s Largest Performing Arts Venue

A new $150 million theatre to be built on the heritage-listed cultural precinct at South Bank will be funded in part by the Queensland government.

The Labor government will allocate $125 million in the Queensland budget and the Queensland Performing Arts Centre will contribute the remaining $25 million for the 1500-1700-seat theatre, which will be built on the Playhouse Green site.

The addition of the proposed venue would make QPAC the largest performing arts space in Australia.

The Queensland Premier said the new venue would support the state’s four home companies – Queensland Ballet, Queensland Symphony Orchestra, Opera Queensland and Queensland Theatre – by providing access across five QPAC venues.

“Building a new theatre is a must to ensure we can keep attracting even more big shows and more visitors to our capital city,” Premier Annastacia Palaszczuk said.

“A national design competition would be undertaken to deliver an outstanding architectural solution for the new theatre.”

Brisbane Set to Receive Australia’s Largest Performing Arts Venue

Cuba’s Ballet Revolución recently played at Brisbane’s QPAC, the Queensland Ballet is one of the state’s four home companies that calls QPAC home.

The new theatre has been scheduled for completion in 2022 and would represent the largest investment in the arts since the Gallery of Modern Art was completed in 2006.

The state opposition has criticised the announcement, instead getting behind a market-led proposal by Sydney-based Foundation Theatres.

The proposed $100 million theatre on the old State Library site adjacent to Queen’s Wharf which would have required $25 million in taxpayer funds.

“The LNP has been calling for a new theatre for the last three years,” Dr Rowan said.

“It’s staggering that taxpayers are going to fork out for this theatre when a privately-funded proposal has already been lodged.”

On the weekend the Premier insisted that proposal was “still in play”.

“If they still want to pursue that they can,” Palaszczuk said.

Deputy Premier Jackie Trad said the new theatre would be a wonderful addition to the Queensland Cultural Centre that last year saw 6.5 million visitors.

“The new theatre will further enhance visitor attraction to the Centre, and with the growth of our local companies, we want as many visitors and tourists to experience our local artists and performing arts product as possible,” Trad said.

“QPAC schedules over 1000 performances annually and saw 1.3 million people through its doors in 2017.

“Its current theatres are nearing capacity, however with the addition of this new theatre QPAC would become Australia’s largest performing arts centre with the potential to welcome an additional 300,000 visitors each year when fully operational from 2022.”

Source: theurbandeveloper.com

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