Brisbane Metro Boom Suburbs

16th May 2018

IF you live in these suburbs you may well have heard the ka-ching as Federal Treasurer Scott Morrison announced massive funding for Brisbane.

Budget 2018 has locked in the Queensland capitals next boom suburbs, according to one of Australia’s major real estate agencies, with realtors expecting the $300m Brisbane Metro infrastructure project to be a windfall for homeowners.

LJ Hooker head of research Mathew Tiller said the congestion-busting infrastructure project would “reinvigorate suburbs along the alignment” of the project with a rise in sales predicted along the inner north and south of the city.

“This brings suburbs like Upper Mount Gravatt and Eight Mile Plains in the city’s south and Kelvin Grove and Herston in the north closer to the CBD through increased ‘show-up-and-go’ public transport services,” he said.

“While the Queensland Government is prepared to go it alone in the funding of the Cross River Rail project, the Brisbane Metro is the Federal Government’s preferred public transport solution for the city, and the two-tier commitment will provide investors with significant funding.

“As the population growth of our major cities aggravates congestion, lessening the time we commute to work will deliver tangible value to property owners.”

The funding came at a time when some of the suburbs had seen “subdued growth”, he said, with Upper Mount Gravatt houses growing 2.5 per cent in the 12 months to January to $625,000 and Eight Mile Plains up 1.3 per cent growth to $780,000.

He said the funding “could be the catalyst for the areas to catch up with neighbouring suburbs including Mount Gravatt East (11.6 per cent growth to $658,000) and Mansfield ($676,250 for 7.3 per cent rise)”.

Suburbs that were going backwards in terms of growth in the inner north were expected to see a jump, including Kelvin Grove where houses underperformed last year falling (-7 per cent) to $771,500 and Herston which went backwards (-4.7 per cent) to $820,000.