BUILDING OUR FUTURE (A SIX-PART SERIES)

PART 5: Brisbane on track for boost in property sales

Building Our Future is an ongoing series that shines a spotlight on several new infrastructure projects happening in and around Brisbane – both now, and in the future. Throughout the series we breakdown a different development; what it is and why is it beneficial for Brisbane etc… as well as what it means for the local world of real estate.

This week we take a look at the Cross River Rail project.

What is the project?  

The proposed Cross River Rail line will run between Dutton Park and Bowen Hills - two major Brisbane suburbs - and deliver services to stations at five key locations: Boggo Road, Woolloongabba, Albert Street, Roma Street and Exhibition showgrounds.

Construction works are anticipated to commence during early 2018, and the project will take five years to finish. Upon completion it is anticipated that this city-changing addition to the South East Queensland public transport network will provide huge benefits to Brisbane, South East Queensland and the state.

For more information on the project, head to  http://www.crossriverrail.qld.gov.au/ 

Why is the development needed?

The Queensland Government considers the Cross River Rail a high-priority infrastructure project that will effectively address capacity constraints in the network and make Brisbane even more competitive on the global front.

The benefits to Brisbane

According to several reports, Brisbane has not made any major rail infrastructure investments within the inner-city or river crossings since 1996; this has resulted in significant pressure on the congested inner-city network.

Scheduled to commence operation in 2023, the new Cross River line will provide a new north-south rail connection across the Brisbane River, which is designed to provide superior inner-city capacity and connectivity to the north and south.

And it seems Brisbane CBD shows no signs of slowing down and time soon.

According to  http://www.crossriverrail.qld.gov.au/, employment in SEQ is forecast to increase from 1.4 million fulltime equivalent jobs to almost 2.2 million by 2031, meaning there are likely to be 1.2 million public transport trips into the Brisbane metropolitan region each day.

This forecasted population and employment growth for Brisbane is anticipated to lead to a further increase in both private vehicle and public transport congestion - just another reason why the government has placed such a strong priority on pursuing the rail project.

All-in-all, the Cross River Rail has become an important part of the Queensland Government’s vision to cater for future growth, expose more economic opportunities and make Queensland a more internationally competitive state.

The good news for investors

According to  http://www.crossriverrail.qld.gov.au/, Cross River Rail is the “natural and necessary next step and will be a catalyst for urban revitalisation in Australia’s New World City”.

One could safely assume that, once completed, this catalyst will add significant value to local Brisbane real estate and thus create high demand for Brisbane CBD property.  

Plus, like all infrastructure projects, there is also the strong economic boost that a project of this magnitude brings during construction. In our experience this is always great news for investors as when the economy goes up, it generally means that property sales and rental leases follow suit.

If, like the SEQ public transport system, you would like to revitalise and transform your investment strategy with a piece of Australia’s New World City, contact Hannah and the team at HSBP on 0419 782 133 – we would love to help!