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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

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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