A billion-dollar plan to increase rail services between the Gold Coast and Logan City by the 2032 Olympics is set to result in property resumptions. The existing rail corridor will need to be widened to accommodate the upgrades, with state and federal governments committing $356 million to duplicate the line between Kuraby and the Gold Coast. The upgrade is designed will allow faster and more frequent trains services. Public consultation is already underway and will run until October. Plans released this week show 20km of new tracks between Kuraby and Beenleigh stations and the upgrading of train stations. Two stations in Logan will also be relocated, with Loganlea Station moved 300 metres to be closer to the Logan Hospital ,while the Trinder Park Station will be moved further north. The existing stations at Kuraby, Woodridge, Kingston, Bethania, Edens Landing, Holmview and Beenleigh stations will all be upgraded and five level crossings will be removed.
Gold Coast Stage III Rail Starts
Major works on the light rail Broadbeach to Burleigh line are expected to start before Christmas. Council briefing notes reveal the third stage of the light rail project is supported by many local businesses. It reveals the early works agreement started in June and covered planning, design and service investigations. About 26,000 newsletters have been delivered to businesses and residents in the area and contractor John Holland has been visiting local operators asking for feedback. Future works include surveying and inspection of footpaths, installing environmental monitoring instruments to check for water table levels and noise, and potholing more than 1000 locations throughout the corridor. State MP for Mermaid Beach Ray Stevens says the first two stages of the light rail system were popular additions in terms of public transport infrastructure, but he wants proper build
Quote of the Week
“There is not enough supply in the established housing market and that’s what causes house prices to go up. Households may be reluctant to put their house on the market if there is a limited supply, …so it becomes a vicious circle.”
Australian Housing and Urban Research Institute director Steven Rowley
Investors Buying Sight Unseen
New research has revealed one in nine Australians are prepared to buy a property without doing a physical inspection of it. As COVID lockdowns continue, real estate agents report many buyers inspect properties virtually and make offers based on that. With border closures and stay at home orders preventing buyers from doing a walk through, many are still able to organise for building and pest inspections to be done to help reassure them about what they were buying. The survey by Canstar found Australians are less likely to buy a car, pet or even rent a property without having seen it in person first. Pent up demand for properties is leading to increased prices and strong auction clearance rates, despite lockdowns and restrictions. Sydney has consistently recorded auction clearance rates around 80% in recent weeks, compared with around 50% at the same time last year. According to SQM Research, up to 90% of those sales are being finalised before the property can even make it to auction da
Family Guarantees Help FHBs
Young people may be saving more but many still need family help to get into their first home. Rising property prices might be good for those who already own a property, but for those trying to buy their first home, it means the deposit they require keeps rising. According to Canstar Blue, those struggling to achieve the required deposit are using a family security guarantee. With a family member acting as guarantor, first home buyers have more borrowing power and can avoid paying lenders mortgage insurance. Guarantees mean family members don’t have to fork out any money directly to the borrower and once the home’s equity reaches 20% the guarantor can apply to the lender to be released from the obligation. Many parents are living in properties worth a lot more than they owe on it. They can use that equity to help their children enter the property market. But parents are warned that they should weigh up the risks and obligations carefully before committing
