How will the Sydney Metro change Australia's biggest city?
Fri September 30, 2016
As an expanding city, it's clear that Sydney needs bigger and better public transport infrastructure. The reasons behind this need are varied, but two of the most important are a growing population and the extending sprawl of the outer suburbs. When taken together, these two factors mean that more and more people will be looking to live and buy property further from the CBD. In order to make this viable for those who work far from their homes, a fresh approach is needed, and that's exactly what the Sydney Metro aims to provide.
In this article, we'll take a closer look at the project and discuss some of the potential impacts on the property market in Sydney.
The Sydney Metro
As we've discussed in a previous article, there are dozens of different developments currently underway throughout the city. These range from new ferries through to the renovation of existing transport options, and all contribute to the modernised network that residents will be able to enjoy in the near future. The granddaddy of them all though, is undoubtedly the Sydney Metro project.
This will involve 31 new stations over more than 60 kilometres of rail. When the service gets up and running in 2019, it's estimated that during peak transit hours there will be a train every four minutes. Not only will this make it easier and faster to get into work, but a higher frequency will eliminate the need to be constantly checking schedules. Instead commuters will simply be able to arrive at the station and board a service within minutes.
A massive part of the Sydney Metro is to do with innovative new technologies. From mobile phone apps detailing current service situations through to directions upon disembarking, the entire process is designed to make travelling as simple as possible.
Better infrastructure almost always has a positive impact on local property values.
The impact on property
Better infrastructure almost always has a positive impact on local property values. This can be put down to the added convenience of living nearby to a station, which is a huge bonus for potential buyers of almost every demographic. Once the second stage of the project is complete in 2024, and the peak train frequency goes up to once every two minutes, it's likely that values will increase even further - especially for those regions nearby to multiple stations.
Aside from the expected price increases, better transport also opens up a wealth of new suburbs that may previously have been considered too far from the urban hubs. With rapid transit options in place, new buyers or people looking for an investment property can take advantage of the lower prices further out, without having to worry about how they'll get to work on time.
It certainly is an exciting time to live in Sydney, and for any other questions about the future of the property market, get in touch with Laing+Simmons today.