Rail Projects In Australia To Stimulate Real Estate Developments In The Suburbs

Business

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According to a CBRE report, real estate developments that are near rail projects will reach about $28 billion in the next decade. Rail infrastructure is expected to grow and with it will be the billions of dollars of neighbouringproperty development. Significant rail projects are underway in all the capital cities because the rail infrastructure has to catch up with the growing population.

While amenities and housing must be within accessible distance of about 800 meters, it is important for transport routes to be built so that liveability standards for residents who are commuting to their work will be maintained. At least 6.5 million Australians commute to work even if they have cars. CBRE reports said that average commute distance has increased to about 16 kilometres.

Rail projects will improve commuting conditions and in some cases, decentralize the large economies of the country to an interconnected network of satellite cities. It is expected that proposed and committed real estate developments in railway station suburbs will rise significantly in the future.

For example, the 68 kilometres of new rail, the upgrade of 16 stations and creation of 15 new stations at the Sydney Metro Rail is expected to result into $1.4billion of suburban development for the next decade. The expected property development that will be a by-product of rail projects will balloon in the future. New areas in the suburbs that were previously underdeveloped will become more accessible because of the new train lines. Significant commercial and retail development are also expected to be gained.

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