This article is from the Australian Property Journal archive
THE Queensland government is co-investing $15 million in essential water infrastructure to unlock untapped land supply at Cairns’ Mount Peter.
The investment through the Building Acceleration Fund was announced by Steven Miles, deputy premier and minister for state development, at yesterday’s Local Government Association of Queensland (LGAQ) conference in Cairns as a path to creating more housing lots at a time where supply is crucial.
“We all know that Queensland is one of the best places in the world, and it’s no wonder people are choosing to live, work and grow their families here,” said Miles.
“Queensland continues to experience housing supply challenges and our population growth continues to be the highest in Australia.”
The $15 million will be provided in loan funding to Cairns Regional Council, to enable the construction of an eight megalitre reservoir and associated trunk water network at Mount Peter, around 18km out from the Cairns CBD.
“This investment will fast-track the immediate delivery of 446 lots of residential land in the Mount Peter growth area, helping to address housing supply and affordability,” said Miles.
“Facilitating affordable residential land is key to protecting and enhancing our Queensland lifestyle as we grow.”
The funding is set to accelerate the development of land for housing by five or six years ahead of initial plans.
“There are many families in Cairns and families moving to Cairns who are struggling to find an affordable house,” said Curtis Pitt, member for Mulgrave and speaker of the Queensland Parliament.
“The Palaszczuk Government’s investment allows Cairns Regional Council to bring forward this important $18.2 million project which is expected to support 42 jobs.”
Boosting associated land development and residential housing, the infrastructure will have the capacity to service an additional 500 lots and a future primary school.
“Cairns Regional Council is pleased to be able to fast track this project as a result of the loan funding provided by the State Government,” said Bob Manning, mayor of Cairns.
“This water infrastructure is essential for the future growth of our region and will complement the proposed Cairns Water Security – Stage 1 project, which secures Cairns’ urban water needs from the middle of this decade.”
The Building Acceleration Fund was established to accelerate essential infrastructure through the low interest loans such as this.
“This Fund is just one of many measures the Government has in place to increase housing availability and affordability,” added Miles.
“Growth is a good thing for Queensland, but the accelerated growth – caused by many factors including housing price increases and interstate migration – means we need to take a range of actions to secure more housing options for people.
In 2015, Mount Peter was identified as priority urban growth corridor for the ever-growing Cairns, with a master plan proposed for 1,582-hectares of land developed to provide housing for around 40,000 people.
