Real Estate

Living 1km from the train line could boost property value

Written by The ReReport
As seen in the Source link, written by on 2019-05-15 15:54:00

Sydney Metro

Not long until train line is running in Sydney’s Hills district

The opening of the Sydney Metro Northwest is expected to trigger an influx of property listings over the next month throughout the Hills district.

Agents are reporting a high number of enquiries from vendors wanting to sell, particularly from those located within 10-15 minutes walking distance of new railway stations.

Agent Will Hampson from Lumby Hampson Real Estate said they have a number of clients coming onto the market in suburbs such as Beaumont Hills and Castle Hill.

23A Mariam Place Cherrybrook

This duplex at 23A Mariam Place Cherrybrook, which is close to the train station sold for $1.07m in February

“These are people who have been holding off until the opening of the train line, so a number of vendors see it as advantageous,” he said.

“It is going to make the transport to the city a lot easier and will bring in a new pool of buyers.”

The new $8.3 billion train line is due to open on May 26 with eight new stations stretching from Rouse Hill through to Epping.

Latest figures from CoreLogic RP Data shows the volume of sales in some parts of The Hills has fallen since the start of the year. There have been 181 sales in Castle Hill in comparison to 237 sales recorded in the same period in 2018. At Rouse Hill, there have been 49 properties sold in comparison to 66 for the same period last year.

Sydney Metro

The Sydney Metro Northwest will open on May 26

The volume of sales, however, have remained stable in suburbs such as Bella Vista and Cherrybrook.

Agent Michael Roberts from Louis Carr said overall listings are currently down around 20 per cent on normal but also believes there will be an increase once the train line is operating.

“We have been waiting for it to open and we have also advised people to wait for it to open because it will really kick things along,” he said.

20 Amarco Circuit The Ponds

This home in Amarco Circuit, The Ponds is less than a 10 minute walk to Tallawong Station. It sold for $885,000 last November

“By the end of the month everything will be over so we will be in a much better position real estate wise than what we are right now — which is particularly always the way with a Federal election.”

He expects there will be good growth near Tallawong Station in the more affordable suburb of Schofields, while suburbs, such as Glenhaven, could benefit from those wanting to live away from the train line.

“I don’t think we will see an oversupply but it will be nice fresh stock that will come onto the market which won’t be seasonal but will be due to the infrastructure,” he said.

Andrew Crauford from Ray White Pennant Hills said the demand will be focused on properties within a 1km radius of the new train stations.

6 Lincoln Place Castle Hill

This Castle Hill home at Lincoln Way is a three minute drive to the new Metro. It sold $1.35m in February

“There is definitely excitement that the stations are looking as good as they are and it is all starting to get a little bit more real,” he said.

“Those comments tend to be coming from property owners than buyers at the moment — I think buyers are trying to decipher what’s happening with the market and with the banks and lending.”