Introducing Stage 2 of the Sydney Metro project
Sat May 06, 2017
Despite all of the different developments and construction projects underway in Sydney, there's undoubtedly one that has dominated discussion for the last few years. The Sydney Metro is Australia's biggest ever public transport project, and when completed, it will completely change the way we get from place to place, as well as the property landscape of NSW's capital.
Most of the attention so far has been focused on Stage 1 of the project, which we've covered in several recent articles on the Laing+Simmons blog. Stage 1 is focused on the city's North West region, but with construction of this first part of the project well on the way to completion, it's time to start looking at Stage 2.
Stage 2 services are expected to start in 2024 - a pretty good timeframe for a job of this scale.
Sydney Metro Stage 2: City & Southwest
Stage 2 of the project will expand the metro network out from the rapidly developing North West, with new tunnels snaking their way beneath the harbour itself before connecting to underground stations in the CBD. This second part of the Sydney Metro will include seven brand new stations, all of which will be fully accessible to disabled commuters and parents with prams. Existing stations will be upgraded, and the amount of trains per hour will be increased from eight to 15 during peak times.
It's an absolutely enormous project, and while Sydneysiders may have to be a little bit patient during construction, Stage 2 services are expected to start in 2024 - a pretty good timeframe for a job of this scale. The impacts of a world class transport system will be just as impressive, as explained by NSW Premier Mike Baird:
"Stage 1, Sydney Metro Northwest, is being delivered right now, with tunnelling completed and services due to start in 2019. And now Stage 2, Sydney Metro City & Southwest, is moving ahead - bringing world class metro rail under Sydney Harbour, through new underground stations in the CBD and beyond to Bankstown. Sydney Metro will change Sydney forever, delivering fast, efficient, congestion-busting rail for our booming city and giving you more time to spend doing the things that you want to do."
Check out the video below from Transport for NSW to see the Sydney Metro February 2016 Update, and then we'll get into some of the impacts Stage 2 will have on the property market.
The effects of Stage 2 on Sydney property
Aside from all the obvious benefits of the Sydney Metro, there will of course be a few run-on effects in the property market. We've looked at some of these before in relation to Stage 1, but connection to the CBD will have an even more substantial impact. Properties located near stations can expect to shoot up in value, providing owners with a great profit when they decide to sell their property.
A more connected Sydney is better news for everybody looking to purchase a first home.
Aside from gains in value, a more connected Sydney is better news for everybody looking to purchase a first home. More transport options open up a greater number of suburbs to people who need to commute into the CBD every day from work, and the knock-on effect of this is that there will be more available stock for these young professionals who may previously have been limited to pricey, inner-city areas.
You'll need to get in quick though. With the stations already mapped out, savvy buyers should already be looking closely for bargains in areas where new routes will be popping up. For more information on the best options, contact Laing+Simmons today.