A snapshot into the major infrastructure projects looking to change the face of our capital cities.
Australia’s capital cities are all experiencing growth constraints linked to infrastructure-related issues. Property stock, transport links and access to shopping and entertainment options all impact on the growth prospects for property prices. A suite of new major infrastructure projects either announced or underway in Australia’s capital cities is projected to be up and running shortly. Each is anticipated to make its own unique contribution to Australia’s attractiveness to owner-occupiers and property investors alike.
1. Fishermans Bend, Melbourne
Set on the fringe of Melbourne’s CBD zone, Fishermans Bend reflects a contemporary take on urban. Sprawling across the City of Melbourne and the City of Port Phillip municipalities, the ambitious redevelopment project is anticipated to provide housing for up to 80,000 residents while creating 80,000 new jobs by 2050.
The site covers over 250 hectares of land with the development being oriented around mixed-use properties complemented by medium to high-density housing.
2. Stage 2 Metro, Sydney
Upon completion of Stage 2 of the Sydney Metro the completely automated metro service will deliver connections between 31 stations set along its 66 kilometres of rail line.
Australia’s biggest public transport project, the Sydney Metro Northwest, which runs between Chatswood and Rouse Hill began operating in May 2019.
Stage 2, extends this metro service under Sydney Harbour, through the CBD and all the way to Bankstown. It is currently scheduled to open in 2024. Metro West, connecting Parramatta to the Sydney CBD, will start in 2020.
3. Queen’s Wharf, Brisbane
Queen’s Wharf Brisbane is designed to encourage investment as well as new visitors. Its design connects the Cultural Precinct, the Queen Street Mall, the Botanic Gardens, South Bank and the Parliamentary Precinct with the Brisbane River.
Planning and delivery of the new Queen’s Wharf Brisbane Integrated Resort Development complex are expected to generate more than 2,000 construction jobs with 8,000 new job opportunities being created once the resort is operational during 2022.
Queen’s Wharf is designed to incorporate five hotels, three residential towers, a major department store and approximately 50 food and beverage outlets together with a riverfront moonlight cinema.
4. Riverside, Perth
Riverside is designed as the area is set to become an exciting entertainment recreation and sports precinct revitalizing Perth’s gateway.
The redevelopment project spans 40 hectares of land incorporating Queens Gardens, the WACA (West Australian Cricket Association), Trinity College, the banks of the Swan River and Gloucester Park.
The development includes a new inlet and urban beach, cycle paths and walkways, landscaped boardwalks, with public art, hotels and short-stay accommodation, retail outlets and a river playground.
Upon completion, the area will be transformed into a cosmopolitan waterfront community and tourist destination. The project is expected to attract $2 billion in new investment and provide homes for 7,000 new residents and create 6,000 new jobs in the area.
5. Riverbank, Adelaide
Adelaide Riverbank is refreshing the city’s cultural, recreational and sporting network of spaces. Bordered by the River Torrens, the project incorporates the North Terrace cultural boulevard and expansive parkland.
The planned Festival Plaza transformation is designed to deliver expanded public space of some 16,500m2 in the Adelaide Festival Centre surrounds. The planned Royal Adelaide Hospital site redevelopment represents a generational window to revolutionise Adelaide’s CBD by creating an international standard mixed-use precinct.
6. Montpelier Retreat In Salamanca, Hobart
The Montpelier Project is a planned mixed-use development sited on the corner of Montpelier Retreat and Kirksway in Salamanca. The design complements the Salamanca precinct’s existing aesthetic, while substantially increasing the area’s activity, expanding the commercial opportunities available to local businesses.
Current plans fit within the Sullivans Cove Planning Scheme’s vision and incorporate residential housing, a mix of serviced apartments, a health and wellness centre, provision for parking and activated street edges together with retail outlets and cafes showcasing a new pedestrian connection from Montpelier Retreat to Pearce’s Lane.
Historical data suggests infrastructure projects stimulate the local economy by delivering new jobs and attracting a fresh influx of residents to a community. Hence, upcoming capital city infrastructure projects stimulate employment and underpin local property values. They also deliver indirect benefits in the form of increased consumer expenditure plus the social benefits derived from community revitalization, all of which drive demand.