The $1 billion rail line includes six new stations from Kippa-Ring to Petrie, connecting with the existing rail network and providing fast access to the CBD.
The new rail line is expected to be a catalyst for an increase in demand and the potential for capital gains, much like the Gold Coast light rail system, which local agents say has added between $50,000 and $80,000 to properties along its route over the past two years.
REIQ CEO Antonia Mercorella said public transport is one of the driving forces of property demand and the new Redcliffe Peninsula Line will benefit home owners in many ways.
“The opening of the line will bring the Redcliffe region closer to the city, with travel times reduced for commuters and the lure of hassle free park-and-ride availability,” she said.
“All along the rail line, where new stations have opened up, such as Mango Hill, commuters will benefit from greater access to the city. This will have a long-term positive impact on property prices.
“As parking becomes more limited and more expensive in the city, and local governments shift their focus towards driving commuters to public transport, and properties located on or near rail lines will face continued growing demand.
“Services and facilities will continue to be de-centralised and communities will grow and thrive around these outer-ring hubs.
“Home buyers looking for affordability and capital growth opportunities should be casting their gaze to areas that include proximity to good public transport,” she said.
Developer AVJennings, which is delivering the Halpine Central community at Mango Hill, experienced an anticipated lift in buyer enquiry in the lead up to the opening of the extended rail line.
Mango Hill has two new stations and is now just 50 minutes from the Brisbane CBD via the new Redcliffe Peninsula line.
AVJennings QLD State General Manager Rodney Chadwick says the new rail service has opened another door for purchasers looking for a more affordable alternative to expensive inner city homes.
“This new rail line effectively opens the Redcliffe and southern Moreton Bay property market up to a whole new segment of buyers who want to live outside the city within close proximity to public transport,” he said.
“Many of our recent purchasers at Halpine Central have been young professionals who have realised that they can purchase a brand new three bedroom townhome for about $400,000 if they are willing to look a bit further north and commute to the city.”