$1 billion boost to Caboolture will see house prices soar

More than a billion dollars of development is pouring into a southeast Queensland town - and experts say it will see house prices soar.

Aerial shot of Caboolture North. Picture: Above Photography

INVESTMENT on an ‘unprecedented’ scale is pouring into a southeast Queensland town with more than $1 billion of development set to change the face of a region.

Moreton Bay Regional Councillor Adam Hain said Caboolture, 35 minutes north of Brisbane, will be transformed by ‘unprecedented levels of investment’.

“Through careful planning and creativity, Caboolture’s tarnished image is changing. Caboolture is the comeback kid,” he said.

Councillor Adam Hain who has labelled Caboolture and the Comeback Kid

“For too long we’ve been seen as the town at the end of the train line, whereas I firmly believe that if we can harness the current momentum, then we will enjoy a very bright future as an affordable lifestyle option in southeast Queensland.

“With an increasingly younger resident base, new estates popping up and aspirational first home buyers being lured north … Caboolture is a growth region with rapidly changing demographics.”

Major projects include the $400 million Central Springs, which will eventually have 3000 residents - 720 already call the Caboolture estate home.

It is one of the largest master planned communities in the Moreton Bay Region.

At the northern end of Pumicestone Road, Caboolture’s iconic Big Fish site is being transformed by Eildon Funds Management into a $100 million-plus retail and service hub known as The Big Fish Travel Centre.

Caboolture CBD from the air.

Construction of Stage 2 is expected to start later this year and will have a full-line supermarket, a smaller supermarket, 900sq m of specialty shops, a veterinary surgery, gymnasium or indoor sport and recreation centre and 345 carparking spaces.

Axis has begun early planning on the final instalment of the centre, which is approved for child care, medical services, accommodation and trade and service-related uses.

Real Estate Institute Queensland CEO Antonia Mercorella said the scale of infrastructure spending in the Caboolture region will create jobs and boost house prices.

“Growing demand drives price growth, which is good news for property owners who will see the equity in their asset grow and the value of their personal wealth build,” Ms Mercorella said.

“It means that houses in Caboolture are a good option for investment.

Caboolture, Morayfield and surrounding areas are set for a huge boost. Picture: Brad Cooper

“The Caboolture annual median house price has grown an impressive 5.0 per cent over the 12 months to September 2018, from $323,000 in September 2017 to $339,000 in September 2018.

“This is spectacular growth, especially when compared with the average for the Moreton Bay LGA was 3.3 per cent.

“Units have not fared so well, with the median price contracting 4.8 per cent over 12 months to September 2018, to $200,000, but as demand for living in this region grows we expect that demand will absorb some of that excess supply.

“All in all, we think this market has a very bright horizon and we are encouraged by this growth.”

Once complete, Central Springs will feature a 5ha lake surrounded by over 1000 residential dwellings.

Latest Australian Bureau of Statistics and Census figures show the number of residents in Caboolture has ballooned by 20 per cent since 2011, now sitting at more than 71,000.

The 95.8sq km suburb is expected to continue growing with the Queensland Government Statistician’s Office predicting the population will reach 100,000 residents by 2031.