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By Fiona Hamann
February 4, 2018
There are some massive infrastructure projects in various stages of development happening across the country, with some cities experiencing above-average economic and population growth as a result. Procore takes a look at seven cities set to reap significant benefits in coming years through massive infrastructure improvements.
Geelong has steadily been outperforming Melbourne and the rest of Victoria in terms of population growth and property value increases. It is the only regional Victorian city to record double-digit house price growth in the past year, according to Domain’s State of the Market report for 2017. Despite double-digit growth, it remains an affordable place to live, with property prices significantly cheaper than in Melbourne.
The City has benefitted from a significant $128 million upgrade to its hospital and is currently the subject of a collaboration between Deakin University, Geelong Regional Alliance (G21) and the City of Greater Geelong to create a strategic vision for its economic future based on capitalising on existing resources and infrastructure and reducing the reliance on government investment.
Even though manufacturing and car facilities have closed in recent years, Adelaide is benefitting from many huge investments.
The government is spending more than $1 billion over the next few years on numerous projects around the expansion of the airport including expanding the southern end of the terminal and building a 250 room hotel and office complex.
The airport project is expected to more than double tourist numbers into Adelaide, which will, in turn, create significant opportunities for job growth.
Another billion dollars is being invested in upgrading the Adelaide Riverbank on the Torrens River, Adelaide Oval, Convention Centre, Casino, and festival Plaza, among other things.
The Royal Adelaide Hospital was completed in 2017 and is lauded as being one of the most technologically advanced hospitals in the world. It also holds the title of being the world’s third most expensive building coming in at $2.4 billion.
Around 6,000 new jobs will be created through the new contract as Australia’s submarine building hub, with plans to include patrol boat and frigate building in the future. Estimates suggest this will bring in around $39 billion into the economy.
For years, Adelaide has had slow to negative growth in terms of property prices. However, some areas near the airport such as Plympton have experienced growth rates of around 8.5% in the 12 months to July 2017.
A CBRE Western Sydney agent described Liverpool as being positioned to become the "future capital of Sydney's south-west amid a spate of new projects in the area”.
The City has had continuous population growth and low unemployment levels for some years, making it attractive for families.
Current and future transport works include the extension of the metropolitan line from Bankstown to Liverpool – making it a 35-minute commute from Liverpool to the Sydney CBD. The new Badgerys Creek airport is in development which is creating construction jobs as well as future employment opportunities.
“The median sales price for houses in Liverpool, NSW in the last year was $817,500 based on 104 home sales. Compared to the same period five years ago, the median house sales price for houses increased 101.6% which equates to a compound annual growth rate of 15.1%,” according to realestate.com.au:
Price growth at that level is more akin to the types of rises you might see in Sydney CBD, inner west or Eastern Suburbs.
Wollongong is fast becoming known as a thriving university town with the lifestyle to match. Most recently $16.5 billion was invested in a purpose-built facility for Wollongong University. A new hospital costing around $90 million was opened in 2016, and there is a $200 million investment into a new shopping precinct north of the Crown Street precinct.
The West Dapto Master Plan has been prepared to guide the development of the release area over the next 30 to 40 years. The expansion will include approximately 19,000 new dwellings, over 50,000 people and create around 8,500 jobs. New infrastructure will be required to support growth and address issues around flooding, transport, social, cultural and recreation needs, and facilities and open space.
Property prices have grown a staggering 15.54% in the 12 months to July 2017 (source: CoreLogic).
5. Sunshine Coast
In October 2017, realestate.com.au predicted: “Sunshine Coast real estate prices will skyrocket on the back of rising infrastructure spending, industry growth, jobs and lifestyle.
Analysis of region’s market over the past 12-months revealed 14 suburbs where housing achieved capital gains of 10 percent or better, with Buddina, Forest Glen, Meridan Plains and Noosa Heads all breaking the 13 percent barrier.”
Some of the projects already undertaken have included the new $1.8 billion University hospital and $5 billion Aura shopping development by Stockland. In the pipeline are: the expansion of the Sunshine Coast Airport to deliver direct access to the region from more Australian and international destinations; new residential developments which will house around 50,000 people and; a business, technology and retail precinct adjacent to one of Australia's top-ranking universities, the University of the Sunshine Coast.
6. Brisbane Metro
Brisbane is set for a massive overhaul in the next few years, including a revamp of the CBD and the Queen’s Wharf development, which will see $3 billion pumped into 50 new restaurants, outdoor cinema, six hotels and a six-star resort, as well as a new highrise and enormous green spaces the size of 12 football stadiums.
The project will create around 2,000 construction jobs and more than 8,000 future ongoing jobs.
House prices in Brisbane hit record highs in September 2017, with some suburbs in the sought-after inner-city ring increasing by more than 20 percent in the last year.
7. South Eastern Melbourne
This area has benefitted from significant transport infrastructure spending including upgrades to transport from Melbourne’s CBD. Some projects already completed include The Eastlink Freeway, which shortens the commute significantly and the $115 million Bayside Rail Project. The area has already benefited from an $80.9 million investment in Frankston Hospital.
With these projects putting the area in closer proximity to the city, South Eastern Melbourne has experienced an influx of people, which in turn has driven property prices in places such as Frankston by around 19.5% according to CoreLogic.
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January 9, 2018