Apartments along Sydney Metro stations completed in coming years are predicted to outperform similar properties in neighbouring suburbs and attract significant premiums as the reduced travel time spurs on heightened demand, CBRE says.are opened and those areas densified,” said CBRE’s Pacific head of research, Sameer Chopra.
REA Group economist Anne Flaherty said the enhanced accessibility provided by the Metro, potential forincreased demand and possibilities for rezoning have all contributed to an overall increase in dwelling values. “As a rough rule of thumb, a 10 per cent reduction in commute time translates into about a 6 per cent premium as we’ve seen occur in London and Dubai,” he said.“If travel time is cut from an hour to 30 minutes, it could translate to around a 30-35 per cent increase in apartment value in those suburbs.
The City and Southwest line covers Crows Nest, Victoria Cross/North Sydney, Barangaroo, Martin Place, Pitt Street, Central, Waterloo, Sydenham, Marrickville, Dulwich Hill, Hurlstone Park, Canterbury, Campsie, Belmore, Lakemba, Wiley Park, Punchbowl and Bankstown.“It makes the CBD very commutable and I think that’s one of the hidden benefits that will become much more evident through next year,” Mr Chopra said.
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