Sydney’s new light rail project is likely to increase property values of nearby apartments by up 20 per cent, according to Greencliff Realty.
The inner city real estate specialists say purchasing property near transport infrastructure has long been known as a good investment, and the city’s Light Rail project is already showing signs of the same affect with inner city projects receiving uplift since construction commenced.
Frasers Property’s Lumiere Residences at 101 Bathurst Street, has had a substantial wait-list of interested parties wanting to purchase into the project for several years but the start of the Light Rail construction had piqued this interest further.
Greencliff Executive Director David Butt said potential investors are aware that the light rail and the redevelopment of George Street into a pedestrianised street is going to have a huge flow-on affect to residential buildings on or near the street with more people wanting to live in these apartments and the rentals and sales prices are increasing as a result.
“We are actually seeing prices increase as construction progresses – the further along construction is delivered, the higher prices grow,” Mr Butt said.
“Sustainable development depends upon public transport. This is evident in a number of Greencliff’s projects including Lumiere and Central Park which have all sold successfully and are situated right near busy transportation hubs.”
According to industry group, Urban Taskforce, there are several precincts in Sydney where the combination of new public transport infrastructure and apartment living can help house the city’s growing population while providing more retail, more amenities and improved public transport for existing new communities.
It has been predicted that the Sydney Light Rail will significantly add to the development of the city and growth in residential apartment prices.
Many areas around Sydney have already benefited from increased infrastructure and developed transportation hubs, seeing residential prices rise.
Mr Butt said providing additional and improved transport in and out of the CBD is key to residential planning as fewer apartments are sold without car spaces and options such as car sharing are becoming more popular.
Dulwich Green, another project marketed by Greencliff, benefits from increased connectivity and amenity due to its proximity to light rail.
Located in Dulwich Hill within Sydney’s thriving inner west, Dulwich Green is located just 10 minutes to Dulwich Hill Light Rail Station, part of the newly completed Inner West Rail Extension.
The Inner West Light Rail Extension is a 5.6 kilometre addition to Sydney’s light rail network that runs along the former Rozelle freight rail corridor, adding nine new light rail stops between Lilyfield and Dulwich Hill.
Mr Butt said the new light rail line has proven to be incredibly popular with local residents having improved access to public transport and connections between where people live, work and visit.