How will Brisbane’s BaT project benefit investors?
A long-awaited public transport project from the Queensland government that is set to transform the inner city of Brisbane has just moved a step closer to getting off the ground.
The new revised plan for the Brisbane Bus and Train (BaT) project, which will provide improved public transport services for the region, has been released by the government.
In the plan, the government details how it will demolish and rebuild the Brisbane Transit Centre and construct the BaT tunnel underneath.
Many Queensland rental property owners have kept an eye on this project during the planning stages – and for good reason. Not only will it help cut down congestion throughout the city, but it will support future growth of the region too.
What is the BaT project?
Once complete, the BaT project will be a 15 metre wide tunnel that delivers both bus and rail together across the Brisbane Rover. Approximately 160 buses will travel through the tunnel per hour per direction by 2021, which will significantly cut down traffic congestion around the city. Commuters from around Beenleigh, the Gold Coast, Loganlea and surrounding suburbs will be able to enjoy faster travel times to and from the city centre.
Job boost for Brisbane
The Queensland government initially stated that during the construction phase, the BaT project is set to create 1,600 jobs. However, thanks to the new realigned plan that was recently released, this will number will grow.
With thousands of jobs on the way for Brisbane, rental property owners will be in a great position to take advantage of a bigger demand for housing during construction. Once complete, the government expects over 100,000 jobs will stem from the project by 2031, due to employment expansion in the region. Over 80 ongoing positions will also be available through maintenance and operation of the BaT tunnel.
Growth for South East Queensland
Once in operation, the tunnel will link Brisbane with the rest of South East Queensland, opening up development in this part of the state. As great transport facilities are a sought after feature for accommodation seekers, investors who own rental property nearby could be in a good position to benefit from the BaT tunnel.
Brisbane's property market is quickly heating up already, according to the Real Estate Institute of Queensland. The industry body noted that sales and median values have been increasing fast over the last couple of quarters across the city. With a clear demand for property in this thriving part of Queensland, investors might want to add a Brisbane investment property on their Christmas wish list.