Construction on two new Sydney light rail lines servicing the CBD and south east suburbs of Sydney has commenced and is expected to be completed by the end of 2017. The lines will expand Sydney’s light rail network through the CBD and to Surry Hills, Moore Park, Randwick, Kensington and Kingsford. The line from Circular Quay to Moore Park will branch off at Anzac Parade near Dacey Road to form two lines extending to both Kingsford and Randwick.

The light rail lines will be capable of transporting 13,000 passengers daily between 7am and 7pm. Not only will the light rail’s expansion mean lighter road traffic conditions coming in and out of Sydney’s south east, it will mean higher convenience for renters and property owners in the area, boosting liveability and desirability of these suburbs.

The new lines will provide access to a number of popular hubs and institutions in Sydney, including the Sydney Entertainment Quarter, which includes the SCG, Hordern Pavilion and Fox Studios as well as Sydney Football Stadium, Sydney Boys High School, Sydney Girls High School, Centennial Park and the Royal Randwick Racecourse.

One of the tracks will run through the student hub of the University of NSW (UNSW), providing students and staff with convenient access to and from the CBD and Kingsford. The same line will extend to the Prince of Wales Hospital in Randwick, providing public access to the hospital for staff and patients.

Artist interpretation of light rail running through UNSW

Source: http://sydneylightrail.transport.nsw.gov.au/gallery?page=1

The construction has caused a bit of friction in the community following the discovery of Aboriginal artefacts during work on the tracks. Following these findings, in addition to the public discovery that approximately 600 trees, including Anzac Parade’s Moreton Bay figs would need to be cut down, there have been public calls to cease work. However, construction has continued as planned.

What will the light rail expansion mean for property?

Although some areas may suffer throughout construction, such as Surry Hills where residents are wary of noise and the proximity to houses, several suburbs will benefit greatly from the expansion. Suburbs in Sydney’s south east which are currently on the outskirts of Sydney’s main public transport network will have direct access to the CBD and inner city suburbs. Due to this we may see a rise in property values in the Kingsford, Kensington and Randwick areas as well as surrounding suburbs, making these suburbs prime locations to invest.

To discuss how the light rail expansion might affect your property, or if you’re looking to invest, contact CPS Finance today.

Posted in Property market on 5th September, 2016 | No Comments »