A significant construction milestone was reported this month on Cross River Rail's Brisbane CBD works. Genuinely good news for a project that's had a difficult run, first passenger services now aren't expected until 2029, a long way from the original 2024 completion promise and the $5.4 billion budget that came with it.
Cost overruns and delays on infrastructure this size aren't unusual, and I don't think it changes the underlying investment thesis around the stations it eventually delivers, Woolloongabba, Albert Street near Queen's Wharf, Boggo Road, Roma Street. What it does change is the patience required to hold that thesis.
Anyone who bought near a Cross River Rail station expecting the uplift by 2024 has now waited two extra years, with three more still ahead. The infrastructure premium is real. The timeline discipline required to capture it has turned out to be longer than almost anyone originally priced in.