With tens of billions of investment dollars making NSW a world leader in infrastructure, faster commutes are set to boost property values, and quality of life, Raine & Horne, executive chairman Angus Raine said.
“Major infrastructure projects such as the Sydney Metro Northwest, WestConnex, NorthConnex and the upgrades to the Princes Highway on the NSW south coast are set to slash the time it takes for workers to get from the front door of their homes to their desk each day,” Raine said.
“Long commute times steal many hours a week from the lives of owner-occupiers and tenants, and any infrastructure project that reduces commutes below the 1-hour door-to-desk sweet spot will add to a suburb’s appeal and increase property values.”
NorthConnex, a 9-kilometre tunnel linking the M1 Pacific Motorway at Wahroonga to the Hills M2 Motorway at West Pennant Hills, is a popular topic of conversation at open homes on the NSW Central Coast, Andrew Tregent, Principal of Raine & Horne Ettalong said.
“NorthConnex will slash travel times from the Central Coast to Sydney by up to 15 minutes per trip, which is the equivalent of more than four days annually,” Tregent said.
“NorthConnex will give commuters an alternative to the Pacific Highway, which is a bottlenecked basket case, particularly on Monday mornings and Friday afternoons.
“While the long-mooted Ettalong-to-Sydney fast ferry has never eventuated, there are tunnel machines in the ground for NorthConnex. It’s happening, and we expect that once we get closer to the completion date in 2019, more buyers from Sydney will jump ship to the Central Coast and prices will advance in Ettalong, Umina and Woy Woy as a result.”
While, WestConnex, a 33-kilometre motorway that will link Western Sydney with Sydney Airport and the city’s south, is expected to slash the door-to-desk commute from Parramatta to the CBD by 25 minutes, and from Parramatta to the airport by 40 minutes.
“People travelling from Parramatta to Sydney on a daily basis could save the equivalent of almost seven days annually door-to-desk,” Lisa Surian, Director, Raine & Horne Parramatta said.
“We’re keen for WestConnex, which will bypass up to 52 sets of traffic signals.”
WestConnex, which is expected to be completed by 2023, will impact real estate values because shorter commute times will allow those currently priced out of inner-city suburbs to move to Parramatta and beyond to secure more affordable homes.
“Another benefit of WestConnex is that it will ease congestion on overworked arterial roads such as Parramatta Road and Victoria Road,” Surian said.
“WestConnex and NorthConnex will boost property values on existing arterial roads by as much as 5 or 10 percent because buyers will be more inclined to live on older arterial roads that are quieter and less congested as a consequence of traffic being diverted away by the new motorway networks.
“When the M2 was completed, the Hills district’s real estate values took off.”
Formerly known as the North-West Rail Link, the $8.3 billion, 36-kilometre Sydney Metro Northwest will open in the first half of 2019 with a metro train every four minutes at peak times. It features eight new metro stations, five upgraded stations and 4,000 commuter car spaces.
Two of the new stations will be Bella Vista and Norwest, currently commuters living in these areas must take a bus to the city or drive to Seven Hills, Pennant Hills or Blacktown to catch a train, according to Emmanuel Fardouly, Principal of Raine & Horne Bella Vista/Glenwood.
“Whether you take the car/train option or travel by bus to the CBD, the commute can take 1.5-2 hours at peak times. Once Sydney Metro Northwest is running, a train from Bella Vista to Central Station will take just 45 minutes door-to-desk, a saving of more than 12 days annually for a daily commuter,” Fardouly said.
Sydney Metro Northwest will also ease local traffic congestion within, and around, Bella Vista, Glenwood and other suburbs with new train stations, due to improved pedestrian access, Fardouly noted. “The existing traffic congestion on the roads in Bella Vista and Glenwood that flow into the M7 and M2, mean that a five-minute trip becomes a 30-minute ordeal during peak times.
“This new infrastructure will take more cars off local roads and reduce gridlock, which will be good for local residential real estate values and commercial activities,” Fardouly said.
“We’ve already see the impact of Sydney Metro Northwest on Bella Vista. In the first three months of 2017, values have risen by 7-10 percent as more buyers realise the massive benefits in store once the new train infrastructure is in place and they can enjoy faster door-to-desk commute times.”