The Federal Government announced on Monday that it’s committing a further $1.15bn ($2.75bn total) towards the funding of the Sunshine Coast Direct Rail Line.
This will positively impact property prices on the Sunshine Coast.
QLD State Government has already committed $2.75bn to fully fund the $5.5bn 1st Stage of the Direct Rail Line. Stage 1 will see a 19km dual track built from Beerwah to Caloundra with 2 new stations located in Nirimba and Caloundra. Once complete, journeys from Caloundra to Roma Street (Brisbane CBD) will see around 45 mins less than driving in peak hour with trains to go as fast as 140km/h in some sections.
From here, further works will take place to deliver future stages of the line to Birtinya & Maroochydore, with stakeholders driving to have the Birtinya connection delivered in time for the 2032 Olympics to accommodate travel to the Birtinya Olympic Venues.
- Joint funded 50/50 by State & Federal Government totaling a $5.5bn infrastructure spend for Stage 1.
- The 19km dual track will be the longest spur line in QLD’s South-East passenger network.
- Planned future stages of the line are expected to go from Caloundra to Kawana then onto the new CBD in Maroochydore.
Construction of the project is due to commence in 2026.
Summary
Sunshine Coast continues to expand it’s population with around 370,000 residents currently. Supply of dwellings to rent or own is very tight, with strong competition driving up prices and rents/
Investors are flocking back to the market buoyed by the ongoing possibility of continued capital growth as prices continue to increase nationwide, whilst national dwelling approval rates hit a near decade-low.
This has intensified competition amongst both homeowners and investors, leading to a shrinking rental market forcing further upward pressure on rents as homeowners eagerly secure available properties. We take pride as a builder developer in continuing to build and deliver the best value, high quality apartments to these severely undersupplied markets.
Locally, the suburb of Birtinya has seen a 10.8% increase in weekly rents over the past 12 months, while Maroochydore rents have increased almost 16% during the same period, with vacancy rates in both markets hovering around their respective long-term average of 1%.
Home prices are on the rise in a substantial 88.4% of suburbs nationwide. Specifically, a remarkable 93.8% of regional QLD markets saw year-on-year increases up to February 2024.
Home loan commitments totaled $26.50 billion in February 2024, marking a significant 13.3% increase in lender activity compared to the previous year. Notably, the investor share surged by 21.5% year-on-year.
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