Locations set to benefit from the infrastructure boom
We reveal key locations likely to benefit from the nation’s multi-billion dollar infrastructure spend.
Forget water views or leafy streets. These days, infrastructure can play a big role in a suburb’s appeal, increasing accessibility and liveability, while often creating the jobs that fuel demand for local housing.
Our state-by-state round-up shows the neighbourhoods where major infrastructure projects are planned or underway.
To the north of Brisbane, the Sunshine Coast is celebrating the recent opening of the Sunshine Coast University Hospital. It’s Australia’s first major new hospital for more than 20 years, and hospital beds are scheduled to rise from 450 to 738 lby 2021. The project is set to give the local economy a boost and be a catalyst for residential development.
In regional Queensland, Toowoomba can boast Australia’s newest airport – the Wellcamp Airport, which is making it easier for tourists and business travelers alike, to visit this part of the state. Toowoomba will also benefit from a new 41-kilometre range crossing that will enhance the city’s livability.
New South Wales
Penrith, located 50 kilometres from Sydney’s CBD, is set to be a key beneficiary of Sydney’s second airport at Badgery’s Creek – a short 24 kilometres away. Due to open in 2026, the airport is expected to support almost 28,000 direct and indirect jobs by 2031. With federal and state governments funding a $3.6 billion road investment program for Western Sydney, Penrith could be set for big things in the future.
To the north of Sydney, the Central Coast region will benefit from the $3 billion NorthConnex project. Due to be completed in 2019, the NorthConnex will feature two 9-kilometre tunnels linking the Hills M2 Motorway to the M1 Pacific Motorway, saving Central Coast motorists up to 15 minutes in travel times to Sydney. Combined with a population that’s set to grow by 21% over the next 18 years, the Central Coast looks set to shine.
Canberra residents will see a total infrastructure spend of $2.9 billion in their city over the next few years, and the suburb of Belconnen is well-placed to benefit from the newly constructed University of Canberra Hospital opening July 2018.
To the north of the Canberra CBD, in the new estates of Gungahlin, the suburb of Taylor will become even more family-friendly, with a brand new primary school set to open its doors in 2019.
Frankston, in Melbourne’s south-east is the focus of a whole banquet of new infrastructure projects including the redevelopment of the city centre. By the end of 2018 Frankston will have a brand new station, and the newly completed EastLink motorway is already seeing many businesses relocate to the south-eastern suburbs to make the most of the motorway. To date, Frankston boasts a new yacht club with further plans to improve the waterfront, and plans are also on the drawing board for a multi-million dollar expansion of Franklin Hospital with the potential to create 1,000 new jobs.
Victoria’s regional city of Geelong is about to hold even more appeal for families. Several new schools are planned for construction including the proposed Hamlyn Views School, Armstrong Creek School and Armstrong Creek Secondary College. This is in addition to a number of Geelong’s existing schools scheduled to benefit from upgrades. Add in a proposed high speed rail link to Melbourne and it’s easy to see why Geelong’s population is expected to swell by 87,000 by 2036.
Hobart has already enjoyed property price gains of 12.7% over the past 12 months, and there’s plenty of infrastructure projects underway that could further boost the city’s economic wellbeing. A $40 million runway extension at Hobart Airport will support tourism growth, and the relocation of a number of faculties of the University of Tasmania to the Hobart CBD will breathe fresh life into the city.
Adelaide is a hub of infrastructure activity, and a key recipient has been the inner city suburb of Bowden. This former industrial site is being redeveloped into a 21st century urban village, and Bowden even comes complete with a newly opened rail station. The suburb’s redevelopment is creating more than 2,200 jobs.
To the south of Adelaide, the suburbs of Aldinga and Sellicks Beach are likely to reap the rewards of a new school designed to accommodate 1,500 students upon completion.
Perth’s southern suburb of Baldavis has enjoyed rapid population growth over the past five years, with more than 3,100 people choosing to move to the area every year. Local families will celebrate the opening of a new primary school in 2020. The $16 million project is already underway, with the school set to cater for 430 students on completion.
To the south of Perth, the regional city of Bunbury has received a green light for a multi-million dollar ring road, part of a broader infrastructure package that incorporates the Australind rail service, Bunbury Waterfront and Bunbury Port. The ring road itself will allow greater freight access to expand local industry and create jobs.
Darwin is earmarked for a number of key infrastructure projects including a new water park, and a new luxury Westin Darwin hotel due to open to guests in 2021. A new ship lift facility, due for completion in 2021, will help to put Darwin on the map as a maritime maintenance and servicing hub.
Talk to your Aussie Broker about the home loan or investment property loan that could help you buy in an area enjoying an infrastructure makeover.
You may also be interested in Know what you’re buying before you spend, Biggest property boom winners and what’s next in the cycle and James Symond’s Quarterly Market Outlook: June 2018