Sydney property investors in south east and western suburbs of Sydney are set to benefit from two new infrastructure projects due for completion in 2014. Both projects will ease some of Sydney’s chronic traffic congestion problems in the CBD with added benefits to the surrounding suburban environment.
These two projects will have substantial impact on existing and new residential developments in these areas.
Those Portfolio Management Services property investors who are already well placed in these areas will be pleased to note that these two new light rail projects will affect both the value and desirability for tenants of their investments properties situated along these routes.
Both projects will enhance the livability of surrounding residential areas with an anticipated reduction in pollution and congestion, over and above the obvious advantage of accessibility.
The first of these two projects is an extension of the existing light rail service from Sydney’s Central station through the inner west to the Dulwich Hill Interchange adding nine new stations covering popular residential and rental suburbs such as Leichhardt, Dulwich Hill and Marrickville. This project is anticipated to open in early 2014.
And finally the much anticipated south east light rail from Sydney’s CBD to Randwick and Kingsford has passed through a difficult approval process with heads of agreements now in place with Randwick city council, the Centennial Parklands Trust and the University of NSW all on board. These three bodies are joining with the NSW Government to ensure the success of the project. The estimated cost for the project which will create 12 additional kilometers of track to link Circular Quay via George Street, Moore Park and Randwick. A number of public venues will be accessed via this route including the SCG Allianz Stadium, Randwick Racecourse, the Prince of Wales Hospital and the University of NSW.
It is anticipated that this new public transport option to key public and sporting locations in the city of Sydney will increase residential development in the area.