The Queensland state government has announced a $351 million commitment towards the next stage of the Gold Coast Light Rail that would connect the southern Gold Coast to the remainder of the line.
Stage 3A will extend the existing route by seven kilometres from Broadbeach South to Burleigh Heads and includes eight new train stations.
Premier Annastacia Palaszczuk expects it would take around three years to build Stage 3A, with the possibility of trams operating to Burleigh Heads by 2023.
But $709 million is needed to build the third stage. And what the Queensland government has announced is almost half, with the Premier calling on federal funding to increase its current $112 million commitment to the Gold Coast extension.
Palaszczuk says state government is “all aboard” to build the project’s third stage, but called for a “fair funding deal” from federal government to get the project on track.
The current commitment federal government has made to the Gold Coast project’s third stage is $112 million, or 16 per cent.
“What we’re asking the Morrison government to do is commit $269 million to the project which is the same proportion funding arrangement (38 per cent) they invested in stage one.
Stage 1 – The federal government committed 38 per cent of total costs.
Stage 2 – The federal government committed 22 per cent of total costs.
Stage 3A – The federal government has committed 16 per cent of total costs.
The prime minister is scheduled to be in Queensland this week for the Council of Australian Governments (COAG), where the premier says the two will discuss the project’s funding further.
In the five years since its first operation more than 42 million passengers have used the G:link service. During the Commonwealth Games more than one million tram trips were taken.
The third stage of delivery is expected to create 760 jobs during construction.
Developer H&F Property Plan Gold Coast Tower
Private developer H & F Property has lodged plans for a new residential tower delivering 78 apartments to beachside suburb, Palm Beach, at the Gold Coast.
Plans for the Rothelowman-designed development include a 14-storey tower located at 1267 – 1273 Gold Coast Highway, set over two levels of basement on a 1,644sq m site.
The Melbourne-based developer, owned by the Hirsch and Faigen families, is seeking approval for multiple dwellings, along with short-term accommodation and a cafe.
The Palm Beach development will comprise 18 one bedroom, 38 two bedroom, 20 three bedroom and two four-bedroom apartments, according to the development application.
Property records show the site was secured for $3.85 million in 2016.
Palm Beach has seen an increase of apartment development over the years, with construction along the Gold Coast Highway typically featuring medium to high-density residential development.
The architectural analysis identifies the suburb’s heritage qualities, describing Palm Beach as synonymous with the ‘quintessential beach house’.
“The beach house was a common addition to Palm Beach during the late 1950s and 1960s catering for holiday makers. These dwellings typically comprised of timber, subtropical landscaping and light colours and materials.”
While H & F Property plan for the building to operate as permanent residential accommodation, planning documents show it also seeks approval for short-term accommodation.
“To allow for the intermittent letting of individual apartments, providing long term flexibility.”
The ground level will feature car parking along with two levels of basement parking, offering a total of 115 car parking spaces, 105 for residents and 10 for visitors.
More confidence in property markets across regional Australia but local factors key
With the combined capital cities posting a 0.4 per cent drop in house prices over the quarter, and a 6.4 per cent drop over the year, how did Australia’s regional markets fare?
It’s a story of many factors – and many micro-markets, with numbers up and down across the board.
Domain economist Trent Wiltshire said the three significant driving factors boosting the national market were the Coalition winning the election, interest rate cuts, and APRA’s changes to lending rules, but local or regional factors might have more of an influence on prices at a town level.
“So things like job prospects, investor demand, tree-change or sea-change demand, and the drought,” he explained. “These big things are happening, but they would have more an immediate impact in Sydney and Melbourne.”
“It might be that these local factors outweigh these big changes, but I still think those changes will see prices bottom out in a lot of areas,” he added.
Mr Wiltshire said regional Queensland markets were heavily influenced by the mining sector and the job outlook for different towns.
Excluding Brisbane, the Gold Coast and the Sunshine Coast, the most significant growth in house prices was in the Mackay region, up 9.4 per cent year on year to a median of $360,000.
Explore Property Mackay owner Ben Chick said there was plenty of buyer demand.
“The investors are starting to trickle back into our region,” he said. “A lot of people are just beginning to understand that now is a good time to get into the market.”
Mr Chick said a lot of people were moving back to Mackay for work, with the area back on the radar for coal, and also for being selected as a site for Qantas’ second pilot training academy.
“There’s more energy and more activity in Mackay – more people in restaurants, more people buying cars,” he explained. “Everybody is feeling better about Mackay itself.”
Mackay’s growth was followed by Toowoomba, up 4.67 per cent to $392,500.
Cairns saw a small downward nudge in medians for both houses and apartments, with houses down 0.76 per cent to $392,00 and apartments down 0.22 per cent to $252,195.
The most significant drop was in Darling Downs-Maranoa, down 3.7 per cent to $260,000, the cheapest median of regional Queensland.
Queenland Regions – House prices
|Darling Downs – Maranoa||$260,000||-1.70%||-3.70%|
|Moreton Bay – North||$450,000||0.00%||1.81%|
|Moreton Bay – South||$506,750||-0.44%||2.37%|
GOLD COAST COUNCIL MAKES MULTI-MILLION DOLLAR COMMITMENT TO BEACH PROTECTION
Gold Coast City Council has announced backing for its ongoing coastal protection program, with construction underway on the $18.2 million Palm Beach Artificial Reef and the $1.1 million Kurrawa Park seawall at Broadbeach.
Gold Coast Mayor Tom Tate said the ongoing investment into the coastline cemented the importance of the City’s beaches to the community, commenting “our beaches are an important asset that contributes to both our economy and lifestyle.
“We’ve invested more than $30 million into a range of beach measures over 2018/19 to ensure our beaches are protected against coastal hazards and here for future generations to come,” said Mayor Tate.
The $1.5 million seawall rebuild at the southern end of Narrowneck is nearing completion, with works expected to finish this month subject to weather conditions.
Construction and management of seawalls is part of the City’s shoreline response to coastal erosion, with 14 kilometres of public urban shoreline that require seawall protection.
Seawall construction for private properties remains the responsibility of the property owner.
The City also conducts an annual $1 million dredging operation at both Tallebudgera and Currumbin Creek to replenish beaches at Burleigh and Palm Beach.
Dredging of Tallebudgera Creek will commence next week, with works expected to finish in time for the September school holidays. Once complete, the dredge will move onto Currumbin Creek.
Approximately 1000 cubic metres of sand will be pumped from Tallebudgera Creek onto southern Burleigh Beach daily, with natural processes assisting with transporting additional sand north.
A further 30,000 000 cubic metres of sand from Currumbin Creek mouth will be used to nourish southern Palm Beach.
The City previously delivered a $13.9 million beach nourishment project in 2017 in the lead up to the Gold Coast 2018 Commonwealth Games, with a specialised dredge depositing sand along vulnerable sections of the area’s coastline.
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