BRISBANE SUBURBS TO BENEFIT FROM INFRASTRUCTURE
Written on the 28 April 2014
BILLIONS of dollars worth of infrastructure projects is in the pipeline for Brisbane, creating property hotspots around the city according to Place Advisory.
Brisbane City, Spring Hill, Woolloongabba, Dutton Park, Toowong, St Lucia, Indooroopilly, Hamilton and Nundah have been named as suburbs to watch.Director Lachlan Walker (pictured) says council has delivered several major projects in the past few years, with no signs of slowing down.
“The current infrastructure pipeline has more than $47 billion worth of major projects in various stages, all of which will further enhance the attractiveness of the city, drawing in both owner occupiers and investors.“But while we know Brisbane as a whole will benefit, we can certainly pinpoint some particular suburbs that will benefit more than others from infrastructure planned or underway - and by benefit we mean see a marked increase in demand to live there, resulting in greater price and rental growth,” he says.
Walker says the BaT Tunnel, a double-decker public transport system between Dutton Park and Spring Hill, will accommodate the growing number of workers commuting to the CBD over the next 20 years.While Legacy Way is expected to almost halve peak travel times between the Western Freeway and the Inner City Bypass.
“Inner western suburbs such as Toowong, St Lucia, Indooroopilly, Taringa and Mt Coot-tha will reap the greatest benefits from this tunnel as it will cut out the use of major roads such as Coronation Drive and Milton Road, which can get extremely congested in peak traffic.”Brisbane Airport is constructing a new parallel runway to boost flights to the city, also increasing the popularity of surrounding suburbs Hamilton and Nundah.
The Indooroopilly Shopping Centre redevelopment is in its final stages, expanding the plaza and attracting an array of new restaurants.“With the redevelopment aiming to bring a quality of shopping that’s currently lacking in the western suburbs, it will benefit the entire area, including Indooroopilly itself, as well as Toowong, St Lucia, Taringa, Graceville, Chelmer, Sherwood, Fig Tree Pocket, Jindalee and Kenmore.”
Walker says it’s important to strike “before prices take off too much” however improvements to the area will bring ongoing benefits to the local market.