Property values in Brisbane suburbs that are serviced by rail have jumped by 10.3% in the 12 months to December 2009, according to PRDnationwide Research. This is compared to a 7.7% increase in property values for suburbs not serviced by trains.
Easy commuting to the Brisbane CBD has been the catalyst for strong price growth in these suburbs, according to PRDnationwide research analyst Josh Brown. "As traffic congestion worsens, Brisbane's railway suburbs are booming, with rising property prices and increased demand from city workers," he said.
"Population growth in Brisbane is surging ahead and the capacity of roads to cater for the influx of residents, particularly during peak traffic times, is such that alternative methods of transport are in high demand. With the increasing costs of fuel, parking and traffic congestion, buyers are seeking areas of convenience and high amenity, negating the need for frequent car usage. This has created an increased demand for suburbs located along or within close proximity to major train lines, as opposed to suburbs without train stations."
Brown added that the suburbs that are well supported by rail services will continue to perform strongly. "Continuing urban sprawl in Brisbane, coupled with an increasing number of people seeking a haven away from a busy city life, has prompted strong demand for property in areas away from the inner city yet still close to major transport corridors," he said.
Among the top performers were suburbs close to the North Coast Rail Line, which saw a 17.2% spike in growth over 2009 to $566,750. Pinkenba Rail Line suburbs racked up 16.7% growth to record a median price of $857,500.
Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker