Light rail the route to higher property prices

Thursday 06 Dec 2012

Experts say plans for light rail between the CBD and the University of NSW will boost property prices along the route.

The state government is expected to announce next week the first stage of a light rail plan that is set to reinvigorate Sydney's public transport network.

It is also expected to commit to the second stage - lord mayor Clover Moore and the public's favoured option of light rail between Central and Circular Quay along George Street.

The stage-one route is likely to run from Central, through Surry Hills, to the SCG, and up Anzac Parade to Kensington and Kingsford.

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Trams could also run to Alison Road, past Randwick Racecourse to the Prince of Wales Hospital.

Property valuer Simon Felich, director of Dyson Austen, said light rail would be a huge bonus for nearby homeowners.

"Infrastructure and public transport are critical to growth in suburbs and Randwick is one of the few suburbs that has a hospital, a university and a racecourse," he said.

"There is a need to move a vast volume of people and roads are only becoming more congested.

"If they are able to add to the current service levels to those areas I can only see that as a positive."

Mr Felich said it was difficult to predict "the exact percentage and movements" in prices that would follow.

The general manager of Herron Todd White, Michael McNamara, said the greatest impact from public transport projects was in suburbs that were "still in their upswing".

 

Read more here: http://smh.domain.com.au/real-estate-news/light-rail-the-route-to-higher-property-prices-20121206-2ax6k.html

- Stephen Nicholls, Sydney Morning Herald