The heritage Bulimba ferry terminal is currently closed for repairs but it's still affecting your Bulimba real estate. According to a piece by Griffith University research fellow Barbara T. H. Yen, the institution completed a study that shows property prices in Brisbane are positively changed by proximity to a ferry terminal.
Ms Yen's article says the Griffith University study shows that living in a one-kilometre radius of a ferry terminal is expected to cause on average a four per cent increase in a property's price. The most consistent increases were seen right here in Bulimba along with Regatta, Hawthorne and, to a lesser extent, Mowbray Park.
The Griffith study shows property in Gyatt Park actually decreases with closer proximity to the ferry terminal. Ms Yen attributes this to the opening of the Green Bridge, as this stopped St Lucia having a stranglehold on student housing. Areas such as West End do not factor into the study due to the large amounts of land used by educational facilities surrounding that terminal.
The article claims that the CBD is an area that throws off the study. It has an intensified impact, as even being 100 metres closer to the ferry terminal can increase the value between 4.3 per cent and 13.1 per cent. This magnification is thought to be caused by the large number of apartment buildings and increased area for housing.
The study's conclusion that communities with ferry terminals experience a rise in property prices is great for real estate owners, but what about the other advantages? The Bulimba City Council notes the ferry terminal's current upgrade will result in higher capacity and efficiency, as well enhanced access for those with disabilities and more seating areas.