The construction of the Western Sydney Metro is expected to push local property prices and home values up.
The Western Sydney Metro Line will connect the Greater Parramatta and Sydney's central business district (CBD), cutting the travel time between the two places by 20 minutes.
REA Group chief economist Nerida Conisbee said the announcement of the project has already made the Western Sydney region attractive to potential homebuyers and investors.
"We normally see a lift in pricing immediately after an announcement is made and people living near the train line will probably see a big lift in the value of their homes," she told The Daily Telegraph.
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The construction of the metro line will commence next year and is expected to be open to the public by 2030. The railway project will have seven stations: Westmead, Parramatta, Sydney Olympic Park, North Strathfield, Burwood North, Five Dock, and the Bays Precinct.
"The announcement is significant because it will practically halve travel time for commuters between Parramatta and the CBD. It is a great announcement for Sydney as people's commute times are pretty extreme already," Conisbee said.
Two areas, in particular, are expected to see substantial price gains, said Ray White's Broderick Wright.
"The largest demographic of buyers in North Parramatta are young couples that were renting near the city but have moved west because they could not afford to buy their first asset. The greater good will be that property prices in Parramatta and Westmead will increase," he told The Daily Telegraph.
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While there could be challenges during the first phase of the project, Wright said the construction of the new rail line would have a positive effect in the long run, especially in terms of housing prices.
"But you have to break a few eggs to make an omelette and at the end of the day progress outweighs the pain of change. Look at suburbs like Castle Hill and what the metro has done to property prices," he said.
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