We may still be feeling the cost-of-living crisis, but 50 cents can still go a long way.
In fact, 50c is all it takes to go from Varsity Lakes to Central Station or Nambour to the Valley, after the Queensland Government this week made capped fares permanent.
Commuters are the obvious winners in the change. As an example, workers living on the Gold Coast and travelling to Cental Station and back Monday to Friday will save in the order of $7,000 a year.
But landholders on development sites along major transport spines should also welcome the news.
Cheap fares will bring outer-ring greenfield and brownfield sites within some of Australia’s busiest commuter corridors into greater focus for developers.
People will be able to live further out of the inner-ring, on larger allotments, and still commute to commercial hubs like the CBD, Beenleigh, Southport or Maroochydore for little more than a cup of coffee per week.
Government statistics show public transport usage has increased 20% in Logan, 21% on the Gold Coast and a massive 41% around Gympie since the cheap fares were introduced.
There are opponents to the cheap fares. It’s forecast to cost $1.5bn in forfeited fare collections over the next four years. The Government said some of the lost income would be offset by reduced congestion and stress on the road network.
Nonetheless, it opens opportunities for the SEQ population to disperse beyond high density areas.
The development community is already keeping a close eye on the region as Brisbane prepares for the 2032 Brisbane Olympic and Paralympic Games.
If you’d like to know how your site is placed for redevelopment, reach out to the Bromley team today.