The government has made a raft of promises about infrastructure spend which, if followed through, will have a knock on impact to property prices in surrounding suburbs. Here are the key projects investors need to keep in mind.
The release of 2019’s budget introduced a slew of changes to transport infrastructure. It was a mix of new funding injection plans and confirmation that existing proposals have been budgeted for in the 2019/20 financial year.
A significant investment consideration is a “record transport infrastructure investment” of $100 billion over the next decade, which could see accessibility of properties, job sites and delivery routes improve.
It was announced in the budget that new road and rail projects will target “the worst affected areas” around the country while “strengthening” freight and supply chains for Australian businesses.
Of the major projects underway, $9.3 billion will be spent on the Melbourne to Brisbane Inland Rail, $5.3 billion will go towards the Western Sydney (Nancy-Bird Walton) International Airport and $5 billion has been dedicated to the Melbourne Airport Rail Link.
The budget also includes an increase of $1 billion to $4 billion for the Urban Congestion Fund (including $500 million for a new Commuter Car Park Fund), and an increase of $3.5 billion to $4.5 billion to fund the Roads of Strategic Importance.
Meanwhile, a fast rail plan was also announced in the budget, including a $2 billion fast rail plan from Geelong to Melbourne.
Fast rail business cases were also announced, including for:
$7.3 billion will be spent on new projects in New South Wales, including:
$6.2 billion has been dedicated to Victoria, including:
$2.6 billion has been dedicated to new projects in South Australia, including:
Meanwhile, $1.6 billion will be spent on transportation developments in Western Australia, including:
Further, the coalition will spend $622 million on new projects in the Northern Territory, including $492 million for the Roads of Strategic Importance fund.
$313 million has been dedicated to new projects in Tasmania, including $210 million for the Roads of Strategic Importance fund, $68 million for the Tasmanian Freight Rail Revitalisation Program and $35 million for the Urban Congestion Fund.
Meanwhile, $50 million has been set aside for the Australian Capital Territory.