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$14.5 million Bomen Intermodal Rail hub gets tick of approval

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What impacts will this have on the real estate industry of Wagga Wagga?

The economic forecast for Wagga Wagga looks brighter with the Regional Australia Minister, Simon Crean announcing the approval of $14.5 million towards the Riverina Intermodal Freight and Logistics Hub, the largest grant in the state in the second round of the Regional Development Australia Fund.

Director of Fitzpatricks Real Estate, Richard Fitzpatrick indicated this is a huge positive to Wagga Wagga in so many ways;

Firstly, due to the scale of the project and the type of investment that is proposed, this will  have a positive effect on real estate values in the Bomen precinct, which in turn will trickle down to real estate values in other commercial zones;

Secondly, the immediate boost to the local economy will help sustain current real estate values and turnover; and

Finally, this project will directly encourage new businesses to locate in Wagga Wagga, providing employment growth and going forward, population growth for the city. Mr. Fitzpatrick believes population growth is the key driver of economic and social prosperity of the city.

With the anticipation of 300 full-time equivalent positions during construction, and an additional 60 positions once up and running.  It’s a major investment in infrastructure, with the rail infrastructure taking some pressure off roads, improving safety as well as carbon efficiency. The increase in employment opportunities leads to an increase in population and in turn creates a new demand for housing.

If you would like to know any further information please contact Richard Fitzpatrick on 0413 808 688.