What The Queensland 2018 Budget Means For The South East

Queensland released their 2018-19 state budget and there were some exciting announcements for infrastructure projects around the State that will underpin further population, economic and house price growth:

Infrastructure

Completing the Gateway Motorway North project: The budget includes the final $43 million to finish the project widening the motorway to six lanes by December 2018.

Additional $16 million towards the $71.4 million government contribution to the $850 million Yeerongpilly Green transit-orientated development next to the Queensland Tennis Centre.

Centenary Highway: $14.9 million for the second overpass of Centenary Highway on Sumners Road at Mt Ommaney.

$2.4 million to upgrade the Eight Mile Plains bus park and ride station.

$16.6 million towards the $24.8 million on projects to diversify North Stradbroke Island.

Gold Coast Highlights

$2 million to begin planning the third stage of the Gold Coast Light Rail project, south from Broadbeach towards the Gold Coast Airport.

$500,000 to open a new fire and rescue station at Pimpama.

$2.4 million for a new police station at Arundel.

$70 million in 2018-19 to begin the Mudgeeraba to Varsity Lakes Pacific Motorway upgrade.

$8.4 million to finish the upgrade of the road into Lamington National Park.

$13.9 million towards $21 million needed for repairs to Gold Coast-Springbrook Road.

Sunshine Coast highlights

$160.8 million over four years to double the Beerburrum to Nambour rail line. The federal government allocated $390 million over five years.

$15 million to push ahead with the final design for an undersea telecommunications cable into the Sunshine Coast, with links to Brisbane.

$42 million for new safety barricades on the Bruce Highway between Brisbane and Gympie.

$1 million to study upgrade of Lake MacDonald Dam.

$11.7 million towards $15.8 million for a new district police station at Caboolture.

$1.3 million towards a new police station at Kilcoy, with a total cost of $2.1 million.

Logan region highlights

$50 million to start work on the $190 million upgrade of the Pacific Motorway around the Gateway merge near Rochedale. Work will finish in November 2020.

$17 million to begin the eventual $749 million widening of the Pacific Motorway between Eight Mile Plains and Daisy Hill.

$16 million towards $20 million to widen the Mt Lindsay Highway from Browns Plains to Beaudesert.

$4.3 million towards the $21 million upgrade of Greenbank Bus Park and Ride.

$1 million towards the $3 million for a new rural fire station at Yarrabilba and Logan.

There is also great positivity in these markets, as evidenced by Queensland’s tallest residential tower, the $1.2 billion “Spirit”, will rise almost 300 metres above the Gold Coast and inject $1.84 billion into its economy.

Chinese-backed developer Forise Holdings said the 89-storey residential apartment tower, offering 479 residential dwellings, will create a new landmark for the city.

The project of mass proportions will include an unprecedented 2700sq m of residential facilities, a 1800sq m four-bedroom penthouse said to cost $38.8 million, rooftop facilities and include three levels of ground floor retail.

About $44 million will be put toward underground works alone, with the development estimated to provide 945 jobs a year during the initial construction phase in what is considered one of the nation’s most complex projects.

Some great positives for the Queensland market, as it ramps up its infrastructure, economic and population growth after a few quiet years while its southern neighbours, Melbourne & Sydney went ahead.

GDP: Australia's economy grows at fastest pace in nearly two years

Australia's economy grew at the fastest annual pace in almost two years as it entered its 27th year of growth without a recession

The SMH reported that Gross domestic product (GDP) expanded by 1 per cent in the first quarter, from an upwardly revised 0.5 per cent in the December quarter, data from the Australian Bureau of Statistics showed on Wednesday.

Annual growth jumped to 3.1 per cent from the December quarter's 2.4 per cent.

The result just beat market forecasts of growth of 0.9 percent for the quarter and 2.8 percent on-year, pushing the local dollar up a quarter of a cent to $0.7665.

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Have a great weekend and catch you next week!

Warm Regards,

Troy Gunasekera

National Manager

Property Club