A new economic plan by the Queensland government has identified major infrastructure priorities in the state over the next 10 years.
According to founder of Hotspotting.com.au Terry Ryder, infrastructure is a major growth driver for real estate.
“The three Rs of real estate – roads, rail links and river crossings (including bridges and tunnels) – can transform the appeal of a location by improving accessibility,” he said.
The new plan identifies 100 reforms, actions and programs to boost economic growth in Queensland.
Residential construction is identified by the plan as a key priority, with the government predicting property investment will increase in the coming years.
“Assisted by lower borrowing costs, rising rental yields and accelerating house price growth, dwelling investment is likely to grow faster than previously expected in 2013/2014 and 2014/2015,” the plan stated.
The strategy intends to boost construction by streamlining planning regulations, improving land supply, facilitating infrastructure projects and addressing issues surrounding housing affordability.
Major public works are another key focus of the plan.
One project is the Toowoomba Second Range Crossing (TSRC), which would increase access to the Surat Basin region.
“The TSRC is one of the government’s top three infrastructure priorities,” the plan stated.
“It provides the missing link from Surat Basin - where an estimated $30 billion worth of mining and development projects are now planned or underway - to international gateways and the labour and services market in south east Queensland.”
The government predicts the project will increase the productivity of the Toowoomba region by $2.4 billion in net present value over the next 30 years.
Another major undertaking is the underground bus and train project in Brisbane.
“New underground stations will be built at Woolloongabba, George Street and Roma Street, ensuring the project is a critical link in south east Queensland's public transport network,” the report stated.
The plan also highlights areas for economic development, including the Flinders Gilbert Agriculture Zone, the Galilee Basin Development Strategy and the Western Cape Resources Cluster.
In the Galilee Basin in western Queensland, for example, the state government plans to improve water, power and rail access and support infrastructure development in the area.
The plan would make rail access available to the region to allow for mining projects to get underway.