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REIQ Journal : November 2008
6 Industry News Historic population growth Australia’s latest population reading shows that in the first quarter of 2008 the Australian population grew by a record 102,000 people – higher than any previous reading. Over the 12 months to March, Australia grew by a record 1.6 per cent. Net overseas migration now stands at 199,000 annually, which is double that of just four years ago. Earlier this year the Federal Government announced a 37,500 increase in the permanent immigration program for 2008/09, which on current trends will push Australia’s net migration towards a quarter of a million in 12 months. Population increase by State (year ending March 2008): State WA Qld NT Vic ACT NSW SA Tas Increase Increase (number) (per cent) 54,200 91,900 4,600 87,000 4,600 72,400 16,900 4,500 2.6 2.2 2.2 1.7 1.4 1.1 1.1 0.9 Queensland and Western Australia also continued to gain the most people from net interstate migration, gaining 24,300 and 4,000 people respectively from the other states and territories. INNER CITY RAIL PLAN TO INCREASE CAPACITY New underground river crossings, 13 kilometre tunnels and train stations up to 45 metres underground are key options in a plan to give Brisbane a world-class 21st century underground rail network. Premier Anna Bligh and Transport Minister John Mickel have revealed proposals contained in the Inner City Rail Capacity study. The study identifies the need for four new underground tracks along two corridors - from the western Ipswich line linking up to the northern Caboolture/ North Coast line, and from the southern Gold Coast/Beenleigh line to the northern lines. Tunnels would range from 8 to 13 kilometres in length with the option for underground stations in Spring Hill, Woolloongabba, the CBD, Newstead, the Exhibition Centre and West End. The underground rail project will cost up to $14 billion with the south to north corridor to be delivered by 2016 and the west to north corridor line constructed by 2026. The Inner City Rail Capacity Study found that in 2006 more than 44,000 people used city train services each day during the two hour morning peak period. By 2016 demand is forecast to reach between 70,000 and 80,000 people in peak periods, with further increases by 2026 to between 105,000 and 130,000 people. Pressure comes off Brisbane CBD car parking The Brisbane car parking market is the latest victim of the credit crunch, with many casual spaces remaining empty as commuters tighten their spending. According to Jones Lang LaSalle Research, monthly unreserved parking bays that could have achieved $650 per calendar month just a couple of months ago are now being offered for $550 (excl GST). The news of cheaper parking rates will provide welcome relief to Brisbane motorists who, until now, have been paying some of the highest parking rates in the world. 2008 has been a rollercoaster ride for parking rates, with price increases of over 70 per cent in some car parks occurring as recently as February. REIQ Journal November 2008
December January 2009