It was either the US President Teddy Roosevelt in reference to the Panama Canal or Kevin Costner in the movie ‘Field of Dreams’ that said “build it and they will come”.
Who actually said it is irrelevant but what was said holds a lot of meaning. If you build something that people will appreciate and use, then they will want to be near it.
Back at the turn of the millennium our Government announced a 20 year master plan which aimed to deliver rail links to the northwest and southwest of Sydney. They also announced The West Connex road project and the bridges to the bush program.
The latest and final development is the recent announcement of a 1.6 billion light rail line to be built between Circular Quay and Sydney’s eastern suburbs. New South Wales Premier Barry O’Farrell has stated the aim of these projects is to provide “an attractive public transport option to key locations” such as Randwick and Maroubra.
Improved transport networks (particularly light rail) are seen to have a positive effect on property prices.
A few years ago The Sydney Morning Herald highlighted a study that analysed the effect bus transit ways had in Brisbane.
”Median property values for suburbs adjacent to the transit way increased by between 3.9 per cent and 20.86 per cent within a few months of opening, compared with a value change of between minus 4.35 per cent and 6.63 per cent for non-adjacent suburbs”.
Demand for property in suburbs such as Randwick and Maroubra is expected to increase as a result of the new rail network.
With long commutes a challenge and inner-city property prices out of reach for many, the new transport system will offer improved access to job opportunities and improved wealth in surrounding suburbs.