Real Estate

Experts tip WestConnex to have long-term positive impact on inner west property prices

Haberfield westconnex
Written by The ReReport
As seen in the Source link, written by on 2019-03-06 12:02:59

New M4 Wattle St tunnel entry and exit portals at Haberfield. Picture: WestConnex

Properties being impacted by the construction of WestConnex are set to see added long-term benefits to value once the project is fully complete.

Buyer’s agent Nick Viner of Buyers Domain said he believes WestConnex works had caused a property overcorrection in some areas, creating a golden opportunity to get into the market.

The one suburb he pinpointed was Haberfield, which has seen a price decline of 10.7 per cent over the past 12 months, according to CoreLogic data.

WestConnex land

Residual land from the WestConnex project in Homebush. (AAP Image / Monique Harmer)

Mr Viner said the WestConnex civil works had proven to be a deterrent for certain buyers, put off by factors like the heavy machinery, dust and inconvenience of the construction.

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Despite this, he believes attitudes have begun to change and that buyers need to take advantage of this opportunity to buy before the rest of the market readjusts.

“When the road work is completed, finalisation of any beautification works plus being close to a major infrastructure project will make it significantly easier to access the airport, the west and other parts of the city,” he said in a release.

“The window of opportunity is closing to buy at well below relative value and enjoy plenty of upside over the medium to long-term.”

The project is currently about halfway through, with the final completion date set for around 2024.

No. 10 Miller St in Haberfield sold for $2.05 million in just 14 days, despite a tunnel running underneath it.

The inner west as a whole has been one of the hardest hit regions in Sydney by the market downturn, with prices coming back 10.8 per cent according to CoreLogic’s latest report.

With work sites spread throughout the region and tunnels running under homes, there have been concerns about the impact of the project on property prices.

Agent Norman So of Belle Property-Strathfield said any immediate concerns on lifestyle would be alleviated in the long run.

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“The end goal and benefits outweigh the current issues we have with the project,” he said.

Michael Tringali of McGrath Inner West-Leichhardt
recently sold 10 Miller St in Haberfield for $2.05 million in just 14 days, despite plans for the tunnel to run beneath the property, highlighting the continued demand for quality property in the area.

WestConnex map

The various stages of the WestConnex project. Picture: WestConnex

“With more motorists using the tunnels we will see less traffic and congestion,” Mr Tringali said.

In June 2018, a rundown property right next to construction work in St Peters sold at auction $135,000 above reserve, with 10 bidders registering.