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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

City Deal a $58bn ‘Game Changer’ for Southeast Queensland

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City Deal a $58bn ‘Game Changer’ for Southeast Queensland

South-east Queensland could be green-lit for the biggest “city deal” in Australia, with a $58 billion proposal to guide its growth, and the prime minister announcing his support for the major plan.

With a focus on supporting diverse sectors within the region including housing and planning, tourism, manufacturing and education, the SEQ City Deal could also pave the way for government-owned land to be opened for development.

Queensland deputy premier Jackie Trad this week released Transforming SEQ, which highlights 35 “opportunities” that could be considered as part of the future City Deal, including six “game changers” for the region.

“Modelling by KPMG has shown a SEQ City Deal could stimulate an increase of up to $58 billion in our economy by improving the productivity and competitiveness of the region,” Trad said.

‘Game Changer’ for Southeast Queensland

Prime minister Scott Morrison will be meeting with the SEQ Mayors and Queensland government to discuss the proposal this week.

The City Deal, which involves all three levels of government — council, state and federal — would see government working on priorities to drive the SEQ economy.

Under a City Deal plan, all three levels of government sign an agreement to set the priority infrastructure projects and initiatives.

City Deal a $58bn ‘Game Changer’ for Queensland

Integrated land-use planning approach?

Property Council chief executive Ken Morrison described the announcement as “a game-changer for the region.

“Our growing cities and urban regions are the engine rooms of the Australian economy,” Morrison said.

“The city deal model brings together all levels of government around the same plan to boost productivity and jobs through targeted investment in city-shaping projects and infrastructure.”

Property Council Queensland director Chris Mountford said the council has been collaborating with state government and SEQ councils for nearly six years on the potential for a city deal.

“The State and local governments have also agreed in principle to a more coordinated integrated land-use planning approach,”

“Opening up under-utilised government-owned land for development has also been agreed as a clear opportunity to unlock economic activity, create jobs and build business confidence.”

City Deal a $58bn ‘Game Changer’

Growing population

The region’s current 3.5 million population is forecast to increase to 5.3 million within the next 25 years, ultimately requiring an extra 800,000 homes and additional one million jobs.

Focus has been placed on the recently released people mass movement study which identifies the impact of the expected population growth on the region’s ability to cope with future transport demand.

Minister for Cities Alan Tudge said he, along with the prime minister, will be meeting with the SEQ Mayors to discuss the Deal.

“We need to cater for this rising population and the SEQ City Deal will be a huge step forward,” Tudge said.

South-east Queensland is already home to over two-thirds of the state’s population.

The region is home to nearly one in every seven Australians.

The agreement marks the second city deal for Queensland following the policy being first established in Townsville.

So far, city deals have been developed for Western Sydney, Townsville and Launceston, and a further four more are currently under negotiation in Adelaide, Hobart, Perth and Geelong.

 

Source: theurbandeveloper.com

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Infrastructure

Government considers sinking old trains for a rollingstock reef

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Government considers sinking old trains for a rollingstock reef

Queensland’s old trains could be sunk in Moreton Bay to create the state’s newest artificial reef.

Queensland Rail’s fleet of old electric multiple units (EMU) are being progressively replaced with the New Generation Rollingstock, which are being fixed to comply with disablity laws after being described as flawed “from day one”.

However, rather than end up on the scrap heap, a proposal is being considered by the government to turn a few of the old trains into an underwater tourist attraction in south-east Queensland.

A petition, lodged in the Queensland Parliament, is calling for a small number of the fleet of 87 EMUs to be reused as an artificial reef in Moreton Bay when they are retired.

Transport Minister Mark Bailey said he was happy to look at the idea.

“I like the idea of seeing these old trains support new life as artificial reefs in Moreton Bay or somewhere else appropriate along our coast and have previously requested Queensland Rail to examine it further,” he said.

“That said, any plan to sink trains to the sea floor would need to be carefully considered from an environmental, maritime, tourism and cost perspective.”

Queensland’s Department of Environment and Science has advised Queensland Rail it would consider a proposal to use two or four retired EMU or inner-city express [ICE] train units for an artificial reef.

Decisions would have to be made on whether the site would be used for marine life or also as a dive site.

Depth, access, stability in storms and maintenance would also need to be considered.

It is understood the department preferred to use artificial reefs constructed from highly productive, stable, purpose-built reefs with expected life spans of more than 30 years over scrap metal.

old trains for a rollingstock reef

No firm proposals have been received and no funding has been committed to the project or a feasibility study.

Greens MP Michael Berkman, who sponsored the petition, said supporting the voices of constituents was a great part of his job.

“The wrecks at Moreton Island are an amazing tourist attraction, and another artificial reef that commemorates Brisbane’s well-loved trains is definitely worth considering,” he said.

“The state and federal government would need to conduct a rigorous environment impact assessment, and traditional owners should get final say, but a “rollingstock reef” could be a beautiful addition to Moreton Bay.”

Rail lobbyist Robert Dow said the retired EMU trains were currently being stored in stabling yards.

“As to suitability for a reef, I’m not in a position to say either way, but my gut feeling is they’re too fragile and I don’t think they’d last too long in the ocean,” he said.

“They’re not like a ship, a ship is designed to be in the sea to a certain degree.”

There are several artificial reefs in Queensland, including at Moreton Bay, the Great Sandy Marine Park, ex-HMAS Brisbane, and ex-HMAS Tobruk.

Dive operators declared the sinking of the ex-HMAS Tobruk a “stuff-up” after it landed on its side, although the Queensland government said a report showed it could still be accessed by beginner divers.

Source: moretoninvestor.com.au

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Infrastructure

Shortlist Unveiled for New QPAC Theatre

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The shortlist of firms competing to design the Queensland Performing Arts Centre’s (QPAC) new $150 million theatre has been revealed after an expressions of interest campaign.

The five shortlisted consultants will now go on to develop concept designs for the new 1500-seat theatre, with the successful applicant to be announced later this year.

The Palaszczuk government promised $125 million in the Queensland budget to a new theatre, with QPAC to contribute the remaining $25 million.

When realised, the new theatre will make QPAC Australia’s largest performing arts centre, with the potential to host an extra 300,000 visitors each year.

 

“Today’s announcement of the shortlist marks another important step for the new venue, which will further Queensland’s artistic talent and increase our ability to tell unique and important stories for this and future generations,” Minister for the Arts Leeanne Enoch said.

The shortlist:

  • M3 Architecture/ARM Architecture
  • Richard Kirk Architects
  • Wilson Architects
  • Blight Rayner
  • Cox Architecture

“With QPAC nearing full capacity, this new theatre will ensure our state’s four home companies, including Queensland Ballet, Queensland Symphony Orchestra, Opera Queensland and Queensland Theatre, can continue to grow and will enable them to perform in front of audiences that will be double their usual size,” Premier Annastacia Palaszczuk said.

All submissions in the expressions of interest process were assessed by the tender evaluation committee against criterion including capability and capacity, relevant experience and local benefits.

 

Source: The Urban Developer

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