The Queensland government will fast-track $66 million in civil work approvals for a number of major projects across the state, as part of a push to kick-start the economic recovery from the coronavirus recession.
State development minister Kate Jones said eight key projects will be approved in order to drive up employment and leverage more than $330 million in private sector investment.
“All of these projects will play a critical role in the state’s economic recovery, creating long-term jobs and diversifying and strengthening our economy,” Jones said. “We want to see cranes in the air and boots on the ground to provide certainty for the construction industry and help move the state further along on the path towards economic recovery.”
As part of the approvals, the state government expects more than 1,000 construction jobs will be created during the next 12 months and more than 1,700 in the long-term.
Topping the list is a $17 million total investment into future stages of the Carseldine Village masterplan development in the northern suburbs of Brisbane. The project sits on the former QUT campus, and the funding will ensure that civil works are completed on time so upcoming stages can be released and built over the next three to five years. The development, once complete, will include 900 homes, commercial and retail buildings, as well as several new green/open spaces.
Another project to be given approval priority will be stage one of the Northshore waterfront development which is set to transform an expansive edge of the Brisbane River at Hamilton into a future business hub. This is a massive project, and is likely to make the Northshore region even more sought-after in the coming years.
Funding has also been provided for civil works ahead of the redevelopment of two new priority development areas at inner-city suburbs, Oxley and Yeronga. The Oxley PDA is proposed on the 19-hectare site of the former Oxley Secondary College and the proposed uses include retirement and residential care facilities up to six storeys, an educational establishment up to six storeys, detached dwellings, a community facility and the relocation of an existing childcare. The three-hectare Yeronga site is currently occupied by the old Yeronga TAFE site and proposed uses include residential up to three storeys, including affordable housing, a new community centre, small-scale retail and improved active and public transport.
The Sunshine Coast Industrial Park at Corbould Park in Caloundra will also be brought forward for stage two approval while the Lumina health and knowledge precinct at the Gold Coast will also see future capacity considered for additional co-working and laboratory space.
Last month, the state government announced the creation of the $200 million Building Acceleration Fund initiative, formed to deliver multi-million-dollar infrastructure projects.
The funds will be made available in mid-September to eligible developers, councils and industry for infrastructure projects that generate private sector investment and assist in the post-Covid economic recovery.
Queensland planning minister Cameron Dick also last week released details of the state government’s $13.9 billion infrastructure investment for 2020-21.
The program includes $6.1 billion in transport infrastructure projects across Queensland, including the Ports of Gladstone and Townsville, Cross River Rail, Bruce Highway, Pacific and Ipswich motorways and a range of regional roads.
What does this mean for you?
With these areas set to receive major infrastructure upgrades (and several receiving facelifts, as is the case in Carseldine), investing might be something worth considering. Of course, buying now will mean you have to live with the construction for a few years, but it’s a small price to pay for a property whose value will likely grow quickly once the new development is established. If you don’t want to buy right this very second, you could also look at projects in these regions that are due to be complete in the coming years.