Queensland Premier Annastacia Palaszczuk has removed deputy premier Jackie Trad from all dealings with Brisbane's Cross River Rail project.

The decision came after the state's corruption watchdog revealed it would not launch an official investigation into Ms Trad's handling of an undeclared investment house in Woolloongabba.

The Crime and Corruption Commission (CCC) was asked to assess the purchase of the Woolloongabba home, which is expected to grow in value because of the nearby rail project, which Ms Trad oversaw.

Ms Trad is still Deputy Premier and Treasurer, but Ms Palaszczuk has announced that Commonwealth Games Minister Kate Jones would be appointed as a permanent replacement to run Cross River Rail.

Ms Trad has apologised over the handling of the property.

“I have admitted I have made a mistake and I have also publicly apologised for this and I wish to do so again,” she said.

“I want to apologise to the Premier, to my colleagues, to my community and to all Queenslanders, but most importantly, I also want to acknowledge that this has been a very difficult time for my family and I want to apologise to them as well.

“The Premier has determined that I will no longer have responsibility for the Cross River Rail project and I accept that decision.

“The Premier has a right to expect the highest standards from all of her ministers and on this occasion, I did not meet those standards.”

Ms Trad did not disclose to State Parliament that her family trust bought the home just a week before the final route of the project was announced.