Budget 2024: Big Boost for Roads, Rail, and Regional Growth!
BY PROPCREW | JUNE 5, 2024
The 2024 budget has big plans for Australia! It’s not just about housing; there’s billions set aside for roads and rail too. Let’s dive into what’s happening.
Boosting Housing and Tackling Affordability: Australia is facing low housing and rental affordability. To help with this, the budget includes plans to build more new homes. This includes social and affordable housing to make things easier for everyone.
Western Sydney Gets a Big Slice: Western Sydney is getting an extra $1.9 billion for important road and rail projects. This area has seen a lot of new houses lately, and more people mean more need for good transport. The goal is to connect people better to Sydney, the new airport, and a future business park.
The government plans to build 200,000 new homes in Western Sydney by 2036. There are already lots of homes in suburbs like Box Hill, Marsden Park, Schofields, and Leppington. With so many people moving in, strong road and rail networks are crucial.
Focus on Job Growth: Transport Minister Catherine King says these projects will help move jobs and growth to Sydney’s west. That means more opportunities for everyone in the area.
Sunshine Coast Gets a Rail Link: Queensland isn’t left out either. There’s $1.15 billion for the Sunshine Coast rail link from Beerwah to Caloundra. With over 370,000 people living there, better transport is a must. This rail line will make trips between the Sunshine Coast, Moreton Bay, and Brisbane quicker, more reliable, and eco-friendly.
Canberra's Light Rail Plans: Canberra will also see improvements in public transport. There’s $50 million for part of the planned light rail line. This line will connect Gungahlin, the City Centre, and Woden. Construction from Lake Burley Griffin to Woden starts in 2028.
Victoria's North East Link: Victoria’s North East Link road project got a big boost too, with an extra $3.25 billion. This will help improve travel in the area.
This budget is all about building a better future with great infrastructure. It’s exciting to see these big investments in housing, roads, and rail. Whether you’re looking at property valuation, thinking about a rental property, or considering property investment, there are plenty of opportunities. This is a great time for buying real estate and exploring investment property options in Australia.