Inner west homeowners set for financial windfall following reveal of Sydney Metro West stations

capi_e651b58a30c70ffe3b9b7663e836e9eb_48c79603dff168f7c4d3832b60e20f0b

Many homeowners will benefit from the construction of the Sydney Metro West. Picture: AAP Image/Joel Carrett.

Property owners will be some of the biggest winners of the NSW Government’s plan to construct the Metro train network from the CBD to the western suburbs.

Experts say that while commuters will be able to travel to the CBD in less than 20 minutes, homeowners around the five proposed inner west stations stand to financially benefit off the back an increase in property values.

The flow on effect for the housing market in and around flagged sites in the Bays Precinct, Five Dock, Burwood North, North Strathfield and Sydney Olympic Park is set to be immediate, despite services not expected to begin until 2030.

MORE: 8 mistakes that first-home buyers make

$350k knockout bid for Sydney dump

Iconic Glebe home of prominent lawyer for sale

Supplied Sydney Metro West stations

Proposed stations of the Sydney Metro West line.

“We normally see a lift in pricing immediately after an announcement is made and people living near the train line will probably see a big lift in the value of their homes,” REA chief economist Nerida Conisbee said.

Belle Property — Strathfield principal Simon Furnari said the project will make the suburbs more desirable and popular with buyers.

“Suburbs like Five Dock that lack good public transport will get a look in from buyers who may not have considered the area before,” he said.

“They (buyers) will start looking to buy now in anticipation of the Metro West opening.”

CONSTRUCTION OF THE WESTERN SYDNEY METRO TO START NEXT YEAR

Metro West Door Knock

Five Dock will rapidly change as a result of the project. Picture: John Appleyard

Mr Furnari said buyers tempted to buy close to the stations should look to do so sooner than later to ensure they’re getting the best price.

“It is a great opportunity to buy now as there will be in great interest and an increase in price closer to completion,” he said.

With the exact locations of the proposed stations released, Ray White Commercial Western Sydney managing director Peter Vines expects developers to begin eyeing off available sites around them.

“We will probably see developers look to buy up land or property where they can in anticipation of the metro, as seen with the Bankstown to Sydenham line proposals,” he said.

Real Estate

No. 18 Garfield St in Five Dock will go to auction on November 2. It is located a street from where the proposed station will be built in Five Dock.

Real Estate

No. 504/8 Burwood Rd has a $550,000 price guide and is right beside the site of the Burwood North station.

“Developers will always want to build where there are amenities and the metro offers just that.”

While 23 residential properties will be forcibly acquired under the plans, Mr Vines said he expects many homeowners will be savvy by joining forces with their neighbours to score a big property payday.

 

https://www.realestate.com.au/news/inner-west-homeowners-set-for-financial-windfall-following-reveal-of-sydney-metro-west-stations/

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *