The light rail has driven up housing prices in the surrounding areas by as much as 30%
New public transport systems have boosted housing prices in surrounding areas, according to authoritative research by Griffith University, the Sydney Business School and the University of Queensland. The investigation team studied the housing price from 1996 to 2016, mainly focusing on the comparison between the housing price within 800 meters and 800 meters away from the railway station, and having found that: in the past 20 years, the housing price on the Gold Coast has improved remarkably, but the housing price around the railway station has increased by 30% more than that in other regions! And the fastest growth was during the early planning period.
In addition, Dr Cameron Murray, an economist at the university of Queensland, calculated the total value of land prices along the light rail line in a value-biased way and found that the closer to the railway station, the more obvious the increase.
Murray said: “I found that after a year of light rail operation, the value of land within 400 meters of the station increased by 7% compared to areas between 400 meters and 2,000 meters.” “This growth is an additional benefit to the owners of these areas from the government's investment in urban transportation.” he said.
(figure 1: Gold Coast public transport legend)
figure 2: Gold Coast light rail system legend
- Stage 1: Broadbeach to Griffith University – completion and operation in 2014
- Stage 2: Griffith University to Helensvale – completion and operation in 2017
- Stage 3A: Broadbeach to Burleigh Heads – estimated completion time in 2021
- Stage 3B: Burleigh Heads to Gold Coast Airport – estimated completion time in 2024
- (West Route 1): Nobby beach to Robina (train station to stadium)- estimated completion time in 2030
- (West Route 2): Broadbeach to Nerang train station, along Metricon Stadium- estimated completion time in 2030
- (North Route 2): Griffith University to Harbor Town
Other routes:
- (Line D)：Main Beach to Palm Beach
- (Line C)： Surfers Paradise to some sections of Bundall
Urban light rail system is undoubtedly the largest and most successful infrastructure project of Gold Coast in recent years. Data show that the operation of light rail in stage 1 and stage 2 has so far carried more than 31 million passengers, and the number of daily passengers continues to rise, which can be said to have greatly changed the way some residents travel.
Australian Gold Coast media Bulletin reported that the state government formally identified the specific long-awaited stage A platform for the light rail in stage 3 last week, with a total of eight stations from Broadbeach to Burleigh Heads. In addition, 3B will continue in the same direction from Burleigh to the Gold Coast airport.
It is reported that the total investment in the stage 3A of the light rail system is AUD$660 million, which is jointly undertaken by the federal government and the Gold Coast government, including a feasibility study of AUD$10 million.
Stage 3A will start from Broadbeach South station and end up near the Burleigh Bowls grass bowling club. In the way, it will stop at Mermaid Beach, Mermaid Beach South, Nobby Beach, Miami North, Miami, Christine Avenue, Second Avenue Burleigh and end up at the Burleigh Heads station.
Since the opening of the light rail system, the value of surrounding land has increased continuously, with the increase value reaching 1/4 of the total cost of 1.2 billion Australian dollars in the first stage and the net value increasing by more than 300 million Australian dollars.
Developers' demand for development along and around the light rail system is strong, and its sources of development demand are very strong, including local, interstate and overseas investors.
Then, in order to seize the opportunity in advance and get the advantages of investment around the light rail, I will recommend a few selected real estate projects which will be near the light rail station in the future or have already been located near the light rail stations:
Magnoli boutique apartment & townhouse
the surrounding route:
(Line D)：Main Beach to Palm Beach
Property types: 12-storey apartment&townhouse
Room type: one-bedroom/ two-bedroom/ three-bedroom apartments & three-bedroom townhouse
apartment price range：$395,000-$936,000
the price of townhouse：$835,000
estimated settlement date：2020
location：Palm Beach
Waterpoint Residences
The surrounding route:
(North Route 2): Griffith University to Harbour Town
Property types: water view apartments with permanent property right
Room types: one-bedroom/ two-bedroom/ three-bedroom
Price: one bedroom + study over $349,000
Two bedrooms + study over$449,000
Three bedrooms +study over$550,000
Location：Biggera Waters
The Star Residence coastal view apartment
The surrounding route:
Stage 1: (Broadbeach North) Broadbeach to Griffith University
Property type: coastal view apartment with permanent property right
Room types: one-bedroom/ two-bedroom
Price: over $467,000
Location：Broadbeach
VUE Townhouse
The surrounding route:
(West Route 1): Nobby Beach to Robina (near train station and stadium)
Property type: townhouse with permanent property right
Room type: three-bedroom
Price: over &599,000
Location：Robina