By now you would have heard about the Queensland Government’s Cross River Rail project. In this article we want to give you, the buyer, a simple overview about what this project is and what it means for property. By the end of the article you will have an idea of what benefits this project will bring and which areas will see the most benefit. This is definitely something to keep in mind if you are on the hunt for a new apartment.
It is worth mentioning that even though the most talked about property benefit when new infrastructure is being built is price growth, this is an inherently difficult thing to predict. We aren’t going to make any representations about what exactly is going to happen to property prices in these areas. However, there is lots of evidence that suggests infrastructure does have a positive impact on real estate values. This is particularly true when a long term view is taken and when it is accompanied by plenty of jobs, population growth, great entertainment, retail precincts and schools.
The Cross River Rail is a proposed new train line for Brisbane. It is about 10km long, which includes 6km of tunnel that goes under the river and CBD. The project will include 5 new stations at Boggo Road, Woolloongabba, Albert Street, Roma Street and the Exhibition Showgrounds. All up, the project is predicted to cost around $5 billion – more than three times the Legacy Way Tunnel.
With large projects like this, there is always the possibility that they won’t go ahead. Particularly with such an expensive project, a lot hinges on many levels of government working together with each other and the private sector.
Increased transport is great for cities and great for suburbs. It means that people can get in and out of areas with ease. This is becoming particularly important in Brisbane, where congestion is increasing and finding a car park in the city is increasingly difficult.
Major infrastructure projects like railway lines and tunnels generally bring about new waves of development in the surrounding suburbs. In the case of the Cross River Rail, these suburbs are already undergoing urban renewal processes, so the new train stations will only serve to strengthen the progress that has been made over the last five or so years. It is likely that if the project goes ahead, Woolloongabba, Dutton Park and Bowen Hills will see more shops, bars, cafes and offices built and they will become hubs in their own right.
For property owners, these are important because they drive demand for houses and apartments. When demand is high, prices tend to rise!
The Cross River Rail will most likely benefit the suburbs that have stations in them. Most notably, people who are living in Woolloongabba, Dutton Park and Bowen Hills will potentially notice a significant change in the area.
These are suburbs that are already experiencing rapid growth, with massive, multi million dollar mixed-use residential, retail and commercial precincts currently under construction. These suburbs are quickly turning into urban hubs and the Cross River Rail will only serve to support this. It will allow residents of these areas easy access into the city, as well as letting people who don’t live there come in to enjoy the new shops and eateries that will soon be built.
As a general rule, there will be high demand for properties that a near train stations, but not necessarily on top of them. So smaller projects that sit just outside the main activity areas in these suburbs could perform as well and perhaps even better than the large master planned projects that will spring up immediately around the stations themselves.
At Property Mash, we independently review every new apartment building in Brisbane. We do this to make it easier for people like you to get an objective view of apartments that are for sale, instead of the marketing spin that most people are subjected to.
If you’re interested in buying a property in one of the areas that the Cross River Rail will be built in, make sure you read our reviews to get a good idea of what they’re about.
You may want to look at buildings in or near Woolloongabba such as Linton, The Wellington or Princess Regent. Or maybe Baxter Street and Belise in Bowen Hills. The aptly named Boggo Road development is one that will definitely benefit from the proposed Boggo Road Station, too.