Crows Nest property owners are set for a windfall when the Sydney Metro opens.
PROPERTY owners around the new Sydney Metro station in Crows Nest are expected to reap big benefits when the new service begins running in 2024.
The lively suburb, which currently relies almost exclusively on bus services, could see a surge in demand from buyers, according to property experts.
REA chief economist Nerida Conisbee said the Metro is good news for homeowners looking to sell.
MORE: Landlord’s heartbreak after house turned into meth lab
Former Today host selling Mosman home
Margot Robbie’s mum selling Gold Coast house
“With Crows Nest lacking its own station at the moment, you’re going to see an increase in demand when the station opens,” she said.
The station is set to spruce up a neglected part of the Pacific Highway in Crows Nest. Picture: Adam Yip.
Ms Conisbee said a second surge of interest would come in the months leading up to the station opening in 2024.
CoreLogic data shows that the median sale price for houses is up four per cent in the past three months to $2.185 million, while apartments have continued to remain stable at $780,000.
Ms Conisbee expects the project to mean more investors as both renters and buyers will look to Crows Nest.
“Investors will feel they are likely to get a good return and find tenants easily, while buyers and renters will be attracted as Crows Nest will offer plenty of entertainment, retail and transport options,” she said.
Once completed, Crows Nest will be sought after from property hunters.
The metro is set to make Crows Nest a destination in its own right, according to experts. Picture: Annika Enderborg.
Local real estate agent Debbie Chadwick of McGrath Crows Nest, said the associated development will make more of a difference than the station.
“The upgrade of the town itself will have more of an impact. Having a station will be great for the area, as we will see heaps of new cafes and shops,” she said. “This will make Crows Nest a hub, not somewhere that you pass through. Having the metro will give people a reason to visit.”
SIGN UP FOR THE LATEST REAL ESTATE NEWSLETTER