So there is a huge development happening over in the eastern part of regional Australia. The Australian Rail Track Corporation (ARTC) touts the Inland Rail as a “a once-in-a-generation” project which connects rail from Brisbane to Melbourne. This has the intention of improving the movement of freight around the country. The Australian Government has committed close to $10 billion dollars for this project and has sanctioned the ARTC to construct it- who are expecting the construction of Inland Rail to start in 2018 with its completion in 2024-25.
According to the ARTC the Inland Rail has the following benefits:
Fortunately, for approximately 70% of the route for Inland Rail, the rail lines and corridors already exist. However, new rail is to be constructed between a number of junctures between:
Click the Map to enlarge
For those whose property is affected, the ARTC is currently approaching landowners to help with field studies for their environmental and planning assessment. They have indicated that they will continually notify landowners about any planning applications that will take place.
As a consequence, there will eventually be a number of land acquisitions which will take place over the course of its construction. The ARTC has indicated that the specifics of acquisitions and compensation will occur once the locations and approvals are in place.
The ARTC will negotiate with landowners and will try to come to a fair payment for their property. Sometimes this can be quite lengthy and complex. As a result, I would advise you to seek out assistance through a lawyer and other experts in the field such as a property valuer, forensic accountant, town planner and agronomist to help determine what is fair for you. I will be detailing the land and compulsory acquisition process in a future article.
Here at Vanguard Valuations, we strive to find a price that is fair for you when it comes to acquisitions. So if you need help and would like to obtain a detailed valuation report, please contact us on 02 8999 1090 or send us an email through our contact page.
For more information on Inland Rail please visit the ARTC website at https://inlandrail.artc.com.au