Article: Infrastructure prompts property rebound

[ozbob]

From the Brisbanetimes click here!

Infrastructure prompts property rebound

Infrastructure prompts property rebound
MARISSA CALLIGEROS
December 31, 2009 - 5:28AM

Brisbane's inner-city will attract investors and up-graders staging a strong comeback in the property market in 2010, according to experts.

Property analyst Terry Ryder said suburbs within five kilometres of Brisbane's CBD would blossom in 2010, with new infrastructure developments like the Clem7 and the Northern Busway.

He said the Clem7 would help prospects in the emerging urban renewal precincts around Bowen Hills and Newstead.

And urban renewal projects, which Mr Ryder described as one of the great successes of Brisbane's real estate market, would generate a hive of activity in the new year.

"Woolloongabba is a suburb waiting to be discovered. It's awaiting a gentrification period, much like Bowen Hills on the northside. Both suburbs have a mix of public facilities, and industrial and residential areas close to the city," he said.

"Woolloongabba has got a lot of potential with Queenslander cottages so close to the city, the busway and soon the Clem7 Tunnel."

The suburbs expected to be next year's best performers have not differed greatly from 2009, as buyers expected to hunt in Albion, Lutwyche and Wooloowin for well-built apartments, most of which are priced below $350,000.

"These suburbs will benefit from the Northern Busway, the Clem7 tunnel and the duplication of the Gateway Bridge which will be completed in 2010," Mr Ryder said.

"Activity was focused on the lower-end of the market in 2009, but 2010 will be more about the middle- market, with people buying their second, third, or fourth home, and a return of investors."

The outcomes of the Henry Tax Review, handed to the Federal Government just before Christmas, would also encourage more people to invest in property, Real Estate Institute of Queensland CEO Dan Molloy said.

"Next year will be the year of investors," Mr Molloy said. "We can look forward to a steady market state, with opportunities for both buyers and sellers."

First home-buyers

Mr Molloy said activity among first home-buyers would slip slightly, but warned their presence in the market should not be discounted.

"Providing first home-buyers are doing their budgets and factoring in butter for increases in interest rates, we would still expect to see them account for their historical average of 20 per cent of buyers in the market," he said.

First home-buyers may be edged out of the inner-city market, but Mr Ryder said investor and first home-buyer bargain-hunters should look towards the burgeoning Ipswich corridor.

He said further interest rate rises in the new year would do little to hamper a recovery in the Brisbane market, although investors would jump back on the buyer band-wagon in the March quarter as the property rally raised fears of an interest rate hike.

The QBE Lenders Mortgage Insurance Housing Outlook released earlier this year predicted Brisbane would have a shortage of 33,000 new dwellings by June next year.

Although the housing squeeze may not have a marked effect on house prices, with the median house price expected to increase just one per cent to $425,000.

But QBE LMI forecasted median house prices would rise 15 per cent by 2012.

Toowong: "epicentre" of Brisbane property

Mr Ryder suggested Toowong would soon emerge as the "epicentre" of Brisbane's future property market, with Brisbane City Council's proposed Northern Link tunnel and the State Government's hopes for a Western Bypass Tunnel, from Toowong to Everton Park.

He said a decrease in prices from 10 and 15 per cent in the past year was no reason to shy away from the inner-west suburb.

"Toowong currently presents strong buying opportunities because prices fell in 2009, but the long-term growth record - and the long-term prospects - of the area are good," Mr Ryder said.

Houses would be priced below $650,000, while apartments would remain about $310,000. he said.

"Toowong has very solid credentials: the dwelling mix is about 50/50 between houses and apartments; the area has a young demographic; and there's plenty of rental demand because the university is close by," Mr Ryder said.

He said the Western Suburbs Transport Strategy would buoy demand for property in the suburb.

"Completion of two tunnel projects will give Toowong residents vastly improved road links to the north and north-east, while the proposed rail upgrade will improve transport links to the CBD.

"This will be a hot-spot of the future."

[Jon Bryant]

When the Clem 7 turn on the exhaust fans and the towers start spewing out black soot then the property values in the areas will decline.  They have along the M5 and Lane Cove tunnels in Sydney.  I heard the Lord Mayor say on TV the other day that the towers "were not his cup of tea".  Nice how he is happy to have an ugly obtrusive structure in someone else's neighbourhood.

The quote "completion of two tunnel projects will give Toowong residents vastly improved road links to the north and north-east" also highlights one of our major problems.  Our real estate and development industry activity promote car use and road construction.  They are very neutural about public transport but get very excited about freeways, tunnels, bypasses like they are gifts form the gods.

[#Metro]

I think the towers are nice actually.
I hate yucky grey buildings- blight on the landscape.

What is interesting is that properties near the busway actually increased consistently more than properties further away from the busway. In other words, there is a positive spillover effect. I guess the same could be said for properties next to the Eastern Busway and Nth Busway alignments. The faster trip times also mean that access to cheaper houses in the suburbs becomes easier. This is a good thing.

The Doomben line is dormant. It is very close to the city; if only the industrial land could be buffered and screened and perhaps an extension to Hamilton (rename line to the Hamilton/Portside line). I never really understood how a rail line so close to the city can have such few passengers. How is that possible?

[O_128]

I think the towers are nice actually.
I hate yucky grey buildings- blight on the landscape.

What is interesting is that properties near the busway actually increased consistently more than properties further away from the busway. In other words, there is a positive spillover effect. I guess the same could be said for properties next to the Eastern Busway and Nth Busway alignments. The faster trip times also mean that access to cheaper houses in the suburbs becomes easier. This is a good thing.

The Doomben line is dormant. It is very close to the city; if only the industrial land could be buffered and screened and perhaps an extension to Hamilton (rename line to the Hamilton/Portside line). I never really understood how a rail line so close to the city can have such few passengers. How is that possible?

because the area has a very high proportion of high income earner who can afford to drive. An extension to hamilton wouild be such a good investment i think the issue is how to cross KSD.

[#Metro]

Kingsford-smith drive already has a rail crossing and a track parallel to it.
It is discontinuous at the point where Remora Rd would have crossed it.

1. Electrify
2. Put in a car park, position a station near/beyond Hamilton Park.
3. Publicise

The industrial port is being wound down and put up for the Northshore Hamilton development, overseen by the Urban Land Development Authority. A BIG possibility for a TOD.

Why waste time driving up and down KS Drive and battling traffic/overhanging busway when there is already a rail line there waiting to be used? The Hamilton Portside Line.... sounds chic already...

[O_128]

Kingsford-smith drive already has a rail crossing and a track parallel to it.
It is discontinuous at the point where Remora Rd would have crossed it.

1. Electrify
2. Put in a car park, position a station near/beyond Hamilton Park.
3. Publicise

The industrial port is being wound down and put up for the Northshore Hamilton development, overseen by the Urban Land Development Authority. A BIG possibility for a TOD.

Why waste time driving up and down KS Drive and battling traffic/overhanging busway when there is already a rail line there waiting to be used? The Hamilton Portside Line.... sounds chic already...

what i mean is no one would allow a level crossing over KSD

[ozbob]

Cutting, underneath the road might be the go ...

[#Metro]

Map of KS Drive crossing

Hamilton North Shore area (currently port)

As an alternative, an extension could be constructed to taking the rail line right into the heart of the port development (e.g. Parallel with Macarthur Ave).There are even potential stabling yards nearby.

[O_128]

Sigh until we can get a competent government this wont happen. And the worst thing is that it wouldnt be a massively expensive project though duplicating the doomben line would be a good idea

[#Metro]

The land is worth so much, the sales might be more than enough to pay for an upgrade, duplication and new stations.

[O_128]

The land is worth so much, the sales might be more than enough to pay for an upgrade, duplication and new stations.

even if the land is sold but the developer must incorparate the station that would save 25million