greater value for my property

North West Rail Impact

North West Rail link?
What does it mean for Hills District Homeowners and Property Investors ?

With the North West Rail link expected to complete in 2019, Homeowners around Sydney’s Hills District are starting to feel the effects.

The Sydney Metro project aims to enhance Sydney’s transportation system by connecting Sydney’s growing North West suburbs to the Sydney CBD. Stage one of the Metro Sydney project is the $8.3 Billion, North West Rail link, which is underway in the construction of eight proposed stops: Epping, Cherrybrook (Franklin Road), Castle Hill, Hills Centre, Norwest, Kellyville (Burns Road) and Rouse Hill.

So, how does this affect you?

According to Emma Sorensen, “Good public transport can improve the liveability of an area and indirectly increase property prices by increasing the demand there is to live there”.

greater value for my propertyDoes this mean greater value for my property?

In recent years we have seen an increase in the value of housing and land in response to transportation development. As evident in the Suburb of Dulwich Hill, where the $176 million project to extend the line from Lilyfield to Dulwich Hill, increased the value and growth of the Dulwich Hill area with the median house price in 2013 $765,000, increased to $1.3million in 2014.

Will the North-West Link have this effect on the Hills District?

The North West Rail link has started to have an effect on the market. Houses within close proximity of the railway line have seen dramatic price fluctuations 2015-2016. Cherrybrook, has seen significant growth of 30% during the period of 2015-2016. The median house price in the suburb has reached $1.35 million, where apartment prices increased 8.26%, with a median price of $960,000. With the shift in the market, the North West Rail suburbs are expected to increase in value. Rouse Hill is expected to reach a growth of 27.2%, with the median house price $1.02 million in 2016.

The Hills District remains in high demand. The increase of local schools, parks and businesses in the area, not to mention Norwest Business Park, drives the demand for buyers in the market. The North West Rail link can only mean higher property prices and demand for the area.

For further insight into property and mortgage advice, call Marco at Stars Broking Services on 0405 252 808 or [email protected]