Apartments on the new Sydney Light Rail corridor likely to see price growth of up to 20 percent
Light rail upgrades within Sydney's inner east is tipped to push up the value of local apartments by a possible 20 percent, a real estate agent has predicted.
Greencliff executive director David Butt said additional and improved transport in and out of the CBD is key to residential planning as fewer apartments are sold without car spaces and options such as car sharing are becoming more popular.
"Potential investors are aware that the light rail and the redevelopment of George Street into a pedestrianised street is going to have a huge flow-on affect to residential buildings on or near the street with more people wanting to live in these apartments and the rentals and sales prices are increasing as a result," he said.
“We are actually seeing prices increase as construction progresses – the further along construction is delivered, the higher prices grow.
"Providing additional and improved transport in and out of the CBD is key to residential planning as fewer apartments are sold without car spaces and options such as car sharing are becoming more popular."
Dulwich Green, (above) a development project marketed by Greencliff, is located just 10 minutes to Dulwich Hill Light Rail Station, part of the newly completed Inner West Light Rail Extension.
The start of the light rail construction around the Lumiere Residences at 101 Bathurst St, (below) managed by Frasers Property, had piqued interest in further sales, he said.
