Narrabri potential projects among the national ‘top 10’

A national property market analyst, Propertyology, has identified 10 major projects, across five states, which it says will have a significant influence on the property markets of twenty-five separate locations.

Propertyology’s research has identified Narrabri as one of the beneficiary centres.

Narrabri would enjoy a ‘double whammy’ in the property market with two major projects which would impact positively – the Inland Rail and the proposed Narrabri Gas Project.

Narrabri is listed among some big infrastructure projects nationally.

“In alphabetical order, the specific property market beneficiaries include Albury-Wodonga, Armidale, Beaudesert, Bendigo, Brisbane, Burnie, Cairns, Charters Towers, Dubbo, Glen Innes, Goondiwindi, Griffith, Hobart, Maroochydore, Narrabri, Parkes, Rockhampton, Seymour, Shepparton, Sydney, Tamworth, Toowoomba, Townsville, Wagga Wagga, and Whyalla” said Propertyology Head of Research, and a Real Estate Institute of Australia Hall of Fame inductee, Simon Pressley.

“While the development of new train stations, shopping centres, schools, and road projects are important to their respective communities, the evidence confirms that these projects don’t have any direct impact on the performance of respective property markets.

“Every year in every city, there will always be a range of significant projects being developed, yet genuine property booms are few and far between” said Mr Pressley.

“From many years of property market studies, we’ve concluded that the property market impact from major project developments is determined by the scale of the economic benefits relative to the size of the community that it relates to.

“For example, a $10 billion infrastructure project within a large capital city may have no direct bearing on that city’s property market performance, whereas investment in a $100 million project in a completely different part of Australia may generate significant momentum for its property market.”

According to Propertyology’s research, along with the current all-time record low interest rates, “…one of the most exciting things for Australian real estate right now is the biggest ever pipeline of major projects.”

“Infrastructure Australia has 147 major projects on its drawing board, and various state and local governments collectively have an even bigger list of projects.

“Propertyology has scrolled across the country, identified the major projects in respect to their potential influence on property markets, and has ranked Australia’s ‘Top 10’ projects.”

Major projects identified included Australia-Singapore training hubs (Rockhampton and Townsville.)

The two governments have signed an agreement for Australia to provide advanced training to 14,000 Singaporean military personnel every year for 25-years.

In the ‘top ten’ are a CBD development in Maroochydore, expansion of Hobart International Airport, a $3.6 billion entertainment precinct at Brisbane’s Queens Wharf, and a $5 billion hydro electricity project in Tasmania.

Hells Gate Dam, a $5.3 billion irrigation and energy project will see construction of an enormous dam on the upper Burdekin River, north of Charters Towers andBritish billionaire Sanjeev Gupta is building a $600 million steelworks at Whyalla.”

Western Parkland City will be a series of major projects worth about $20 billion to develop a new city in Sydney’s outer west.

“The $5.3 billion Nancy-Bird Walton airport will be the cornerstone of the region” said Mr Pressley.

“The airport surrounds will be engulfed by an Aerotropolis that will be developed in 10-stages over 16-years and include numerous residential projects.”

Locally, two big projects loom large.

“The Narrabri Gas Project – this $3.6 billion energy project in north-west NSW is well advanced in the approval process. With the aim of supplying 50 percent of NSW’s gas needs and placing downward pressure on electricity prices, development of the project will create 1,300 direct jobs and even more indirect jobs for the New England region.”

And ‘the big one’ is the Inland Rail Project. “This project earns ‘Numero Uno’ ranking from Propertyology given the considerable scale of economic benefits relative to the population sizes of the regional towns in question,” said Mr Pressley.

“A $10 billion 1700-kilometre rail infrastructure project connecting ports in Melbourne and Brisbane to meet demand for an anticipated 75 per cent increase in Australia’s freight over the next decade”, Mr Pressley said.

“The post-construction economic benefits for regional communities will be substantial and will have a positive influence on property markets in communities such as Seymour, Bendigo, Shepparton, Albury-Wodonga, Wagga Wagga, Griffith, Parkes, Dubbo, Narrabri, Armidale, Goondiwindi, Toowoomba, and Beaudesert.