Real Estate
13 August, 2024
Highway to sales
Over 60 properties between Moodlu and Elimbah have sold or are on sale since the announcement of the Bruce Highway Western Alternative (BHWA) Stage 4 in early December.
According to data on realestate.com.au, roughly 20 homes sold in that entire area between August 2023 and December 2023 (five months), compared to 50 sales between January 2024 and August 2024 (eight months).
Almost 30 more houses in the area are on the market.
According to their sales map, some areas directly in the line-of-fire of the proposed BHWA have seen two, if not three times the amount of properties go on sale since January, such as homes between Markwell Road and Alcock Road.
Between August 2023 and October 2023, only five homes were sold in the area, as opposed to 12 between January and July 2024.
There are eight properties presently on the market.
Another example is the township of Elimbah, along Beerburrum Road and Twin View Road. Between March 2024 and July 2024, six properties have sold, with another four on the market. Only three homes sold between August and November 2023.
According to Re/Max real estate agent Chris Wease, there has been an increase in buyer enquiries for acreage and properties outside of the proposed BHWA, adding to current housing pressures.
“It seems landowners in its path are actively seeking alternative replacement properties and also trying to gauge values,” he said.
“This has increased the already high demand and very tight supply for that kind of property.
“Let’s keep in mind that these landowners are not relocating by choice, and it can be very difficult to find a suitable replacement property that fits their requirements as many have animals and pets with specific needs.
Then they have to compete with the rest of the buyers to secure that property.”
Mr Wease said property values of homes directly in the proposed path have “undoubtedly” been affected, with values and saleabilty of homes in the pathway yet to be determined also having suffered.
“The uncertainty would undoubtedly have a large impact on the psychology of the landowners affected, but also on any potential buyers’ sentiment for a property in that area,” he said.
“There is a stigma ... that potentially gets attached to properties within the suburb, even though they may not be affected by the highway at all.”
Mr Wease added that homeowners not directly in the path of the proposed BHWA are also faced with a difficult choice.
“Property owners in close proximity to the highway are also affected, as their properties will be directly impacted by increased noise, and visual and air pollution during and after construction,” he said.
“These landowners are not offered any compensation for the disruption or any presumed decrease in value of their properties.”
Jason Smith, spokesperson from the opposition to the BHWA, said the proposed highway will have much bigger impacts than residents losing their homes, as the devaluation of homes will likely result in many not getting enough back to buy another, possibly also losing the ability to retire.
“The financial loss will have a generational impact,” he said.
“There is no adequate compensation for those directly impacted, as early resumptions are not ‘compensations’.
“We are at the mercy of TMR and their values, because they are the only customers.”
Mr Smith said that his own property had lost hundreds of thousands of dollars in value since he received the letter informing him about the proposed BHWA project.
The BHWA opposition’s Facebook page has seen many posts about potential buyers pulling out of sales last minute, due to seeing the signs opposing the proposal.
“Thank you to the houses with the signs up about the alternative Bruce highway route. We were about to sign the contract for a lot and would’ve if we didn’t see them,” one potential buyer wrote.
Given the BHWA Stage 4 project has not been approved, no early resumption offers are being made by TMR to residents yet.
The State Government said it was currently considering alternative routes, but a decision would not be known until next year.
