Real estate experts fear new 24/7 transitway to wipe thousands off property values

Dozens of apartments, houses and commercial properties will be devalued and take longer to sell if the State Government pushes ahead with its controversial Northern Transitway, say real estate experts.

DOZENS of apartments, houses and commercial properties will be devalued and take longer to sell if the Labor Government pushes ahead with its controversial Northern Transitway, say real estate experts.

The biggest impost will be felt by hundreds of Kedron property owners forced to make U-turns at busy intersections to access to their properties, from the opposite side of Gympie Rd, or simply head to the CBD.

The devaluations will be created when all non-signalised right-hand turns are banned along the route of the $53 million project that stretches 2.3km from Sadlier St, Kedron to Hamilton Rd Chermside.

A vehicle waits to turn right at the corner of Lawley St and Gympie Rd. Once the Northern Transitway is completed, motorists will be banned from making a right-hand turn. Pic: Darren Cartwright

On-street parking will be also wiped out along Gympie Rd and lane widths reduced by up to half a metre to make for the Northern Transitway (NT).

Construction is due to next year and independent property valuers M3 Properties said a financial fall out for home, unit and commercial lot owners was inevitable.

Bearing the biggest brunt will be apartment and house owners within Alice, Lawley and Bromilow St, Kedron as well as Gallagher Terrace who will only be able to travel north on Gympie Rd.

Direct access to JB Hi-Fi will be cut off when the Northern Transitway is constructed. Customers will be forced to perform a U-turn at Rode Rd, Kedron or use the backstreets to access the retail giant. Picture: Darren Cartwright

M3 Properties’ Queensland managing director Ross Perkins said the closing of non-signalised right-hand turns was but one issue, because the proposal would create rat runs and could prove costly for small businesses.

“There is definitely going to be an impact on value, but how much is hard to say and how long it takes to wash through is hard to determine as well,” Mr Perkin said.

“It impacts on the purchase price and values and it also impacts on sales and, instead of a six week selling period, it may blow out to three months because you reduce your market.

“There is no way around it with additional obstacles to get where you are going and to even to get home.”

Dozens of unit owners along Alice St, Kedron are likely to have their properties devalued as a result of the Northern Transitway. Pic: Darren Cartwright

He said there was a need to improve Brisbane’s transport infrastructure, but “the local area is not going to benefit compared to the impact it will have”.

Alice Street resident Nick Chapman said he has rented his apartment for two years and was unaware of the Northern Transitway until approached by The Courier-Mail on Friday.

He said he loved the area, but had the Lawley St right-hand turn on to Gympie Rd been banned, as proposed by the State Government two years ago, he would not have rented it.

“It’s going to make it very difficult for everyone if that happens (the right hand turn is taken away),” Mr Chapman said.

“I’ve lived here for about two years and if I was moving in now, knowing that was happening, no I wouldn’t move in.”

Local resident Nick Chapman said he was unaware the Northern Transitway would cut direct access to the southbound lanes on Gympie Rd. Picture: Darren Cartwright

Local real estate agent Michael Spillane, from Innov8 Property sales, said many buyers would immediately overlook sections of Kedron because of the lack of vehicle access routes.

He said, on the whole, prospective buyers tend to snub properties where there was a need “to double back to gain access”.

“The design means that at travelling at certain times of the day, that even if you are going peak-hour traffic, join it to get home and that can add significant time to what may have been a short trip,

Stafford MP Dr Anthony Lynham dd not respond to a question on whether he did, or did not, support the Northern Transitway which runs through his electorate.

He said it was is at the consultation stage and the views from his constituents were “wide ranging, both for and against the Transitway”.

“I have met with the Department of Transport and Main Roads (TMR) on many occasions and have forwarded the views of my constituents to TMR,” he said.