There's an article up at The Conversation looking at the question of what effect the Gold Coast light rail had on land values. It seems it's a tricky issue to work out and there could be quite a lot of "rubbery figures" involved.
The idea that public transport could be part paid for by greater taxes on surrounding land that benefits from it just strikes me as an idea too difficult to implement with enough certainty and fairness.
As for whether people actually like the Gold Coast light rail system or not - some of the comments indicate that some are still dead set against it for more-or-less aesthetic reasons. I find that rather odd. I thought it looked modern and efficient last I saw it: public transport just annoys some people, I reckon.