Sydney Promises “Frenzy” Of Construction Activity
A spectacular rate of auction clearances (“at auction” clearances) is just one trend that underpins how well the Sydney property market is doing. Add to this the fact that Sydney has topped the chart for “capital city value growth” and is showing promising figures for median household prices too. This implies that there will be rampant construction activity in Sydney in coming times.
Cameron McEvoy for the blog Real Estate View talks about a few interesting projects which are already on way or in the pipeline for Sydney.
Short term negative impact on property prices
While a few of them will bolster property prices, others may impact them negatively (albeit temporarily). Don’t we know how fast-paced construction sometimes compromises the living sanctity of place, thus impacting its real estate for a short time? The situation turns right on its head when the construction activity is over and a promising project is ready to give a new real estate high to the locality.
North West Rail Corridor
McEvoy asserts that the North-West Rail Corridor is a handsome project. The service will branch over 7 new lines, with its root at the Epping train station. It will culminate at the Cudgegong Rail Station. The 7 lines it will touch between Epping and Cudgegong will be Cherrybrook, Castle Hill, Showground, Norwest, Bella Vista, Kellyville, and Rouse Hill.
Just as I suggested earlier (and it dittoes McEvoy’s opinion), the rail lines will have a negative influence on the property prices in proximal areas. I reiterate that this will be a short phase; out of effect once the construction bit is done and dusted with.
Yes, there is one element of debate with the North-West Rail Corridor. Critics claim that it won’t save any time for those commuters who travel between CBD and northwest suburbs.
Anzac and Parramatta Rail Corridors
Next in line are the Anzac Parade and Parramatta Road Corridors. These are very congested networks and their residence-friendliness can be disputed. In pipeline are plans to add green spaces and commerce hubs to them- just to make the zone more enticing for property buyers and investors.
It will be wise to perform your Due Diligence before buying properties in this area.
You can read the original article here.
If I were to cherry-pick, I would have picked these very zones for property investment (picking amongst areas lying within a short radius from them). Construction phases come with their element of frenzy, noise and queasiness. However, they are also the precursor of growth and in times to come, these corridors (completed by then) will bring in a beeline of property investors.
Is your buying decision affected by a temporary lull in construction-zone property prices?