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Federal Government Spends On Rail

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The Federal Government has promised to kick in $1.6 billion in funding to help pay for a 37km rail line which will run from Beerwah to Maroochydore. The long-awaited project, which will improve links between the Sunshine Coast and Brisbane in time for the 2032 Brisbane Olympics, will connect the new Maroochydore CBD with the existing Beerwah station via new stations at both Caloundra and Kawana. To go ahead, the $3.2 billion project requires the State Government to match funding, although it has not yet made an announcement on if it will do so. Once built, the new rail line would pick up and deliver passengers into the heart of the new Maroochydore CBD which is already under construction. It will help service the proposed convention and entertainment centre in the heart of the city. The rail project is tipped to create about 9500 jobs in the Sunshine Coast region. Local MP Ted O’Brien says the deadline to complete the project is the 2032 Olympic Games

Gold Coast In Line For Rail Spending

The Federal Government has also committed to a $1.7 billion upgrade of the Gold Coast to Brisbane railway line. The hope is that it will also be completed before the 2032 Olympic Games. It includes 19km of rain line between Kuraby and Beenleigh with the aim of significantly reducing commute times between the Gold Coast and Brisbane. No funding was allocated in the announcement to extend heavy rail from Varsity Lakes to the Gold Coast Airport which some had been hoping for. Gold Coast City Council acting Mayor Donna Gates says while they welcome the upgrade there is still more needed. “We all welcome (it) but the real projects we want Federal support for, within our city, are GreenHeart, light rail Stage 4 and our evolving arts and cultural precinct,” Gates says. The Council is seeking the extension of light rail to Coolangatta. In February the State government committed $1.1 billion to deliver faster rail services ahead of the 2032 Olympic Games.

 

Quote of the Week

“This trend (auction sales) is not isolated to just one city, we’re seeing it across Australia and spreading from the higher-priced suburbs into the middle and outer suburbs.”
Domain’s Chief of Research and Economics Dr Nicola Powell

 

Budget To Boost Home Ownership

More first home buyers will be able to enter the property market following the Federal Budget commitment to double the number of places in the Home Loan Guarantee scheme. The scheme has already helped 60,000 Australians buy a home since it was introduced in January 2020. The budget announcement means there will be 50,000 places on offer a year. The scheme helps first homebuyers to purchase a new or existing home with a deposit of as little as five per cent. Other commitments to housing including 10,000 guarantees each year under a new Regional Home Guarantee from 1 October 2022 to 30 June 2025. There will also be 5000 guarantees each year from 1 July 2022 to 30 June 2025 to expand the Family Home Guarantee, which helps single-parent homes with children buy their first home or to re-enter the housing market with a deposit of as little as 2%. The First Home Guarantee will be expanded to 35,000 commitments per year

 

Negative Gearing To Stay

Changes to negative gearing have been ruled out by both major political parties in the lead up to the Federal Election, according to the Real Estate Institute of Australia. The REIA reveals it has a commitment from Labor, who had flagged removing negative gearing in the leadup to the last election, that it would retain negative gearing it if were to win the election this time. REIA president Hayden Groves says this should give people the confidence to keep investing in the Australian property market. He says almost a third of Australians live in rental properties and changes to negative gearing would not just affect investors but renters. Groves says suggestions by Labor that it will reform stamp duty if it were to win Government is also reassuring. “Without national leadership to phase out this antiquated tax, it will just be a promise of reform from the introduction of the GST in the year 2000 that remains undelivered,” Groves says

 

Owners Confident In Prices

Property owners are still confident in the value of real estate with a new survey revealing most believe values will increase this year. The LocalAgentFinder Real Estate Sentiment Report surveyed 1003 property owners with 81% saying they expect property prices to increase this year with almost 60% predicting an increase of more than 10%. LocalAgentFinder chief executive Richard Stevens says the survey shows Australians were still quite bullish about the market’s prospects in the short term. The survey also found Covid is still affecting people’s buying decisions with 27% revealing they had considered moving because of Covid’s impact on their lifestyle. It also found those who had already moved to coastal areas are happier than those who moved inland. “This confidence is likely generated from the remarkable resilience of the property market through the pandemic and many may feel that this is likely to continue with the easing of restrictions as Australia opens back up,” Stevens says

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