Terraces close by Waterloo Metro Station “could lift 10 per cent” over the next two years. Picture: Max Mason-Hubers
It’s been described as the most important piece of Sydney infrastructure since the Harbour Bridge and now a range of experts think the Metro could lead to a mini property boom.
A prominent Sydney auctioneer has tipped a “significant uptick” in prices for homes within a 10 minute walk of Metro stations.
Auctioneer Edward Riley says he was seeing buyer enthusiasm first-hand for homes going under the hammer in the weeks leading up to the upcoming launch of the new Metro stations at Crows Nest, Victoria Cross, Barangaroo, Martin Place, Gadigal and Waterloo through to Sydenham.
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Commuters arrive at Victoria Cross Station in North Sydney on Monday morning. Picture: Richard Dobson
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“I think all the suburbs along the metro line, houses and apartments within a 10-minute walk of a Metro station, will see a significant uptick in prices,” Mr Riley said.
“And places like Crows Nest and St Leonards — five and seven minutes to Barangaroo or Martin Place, that’s a gamechanger for a lot of people I think.”
A recent CBRE and PropTrack report called Metro Transforming Sydney Precincts found capital values for apartments in suburbs on the Metro line have already outperformed their peer group by 5 per cent over the past decade.
CBRE”s Head of Prestige Valuations, Bader Naaman, expects this outperformance to continue as consumers seek an “easier and quicker” commute.
The report says Metro line suburbs also tend to be “younger and vibrant”, with 45 per cent more Gen Z and Gen Y residents and double the number of cafes and hospitality venues than suburbs further away,.
They also have faster population growth and higher density.
The ad for 12 Frederick St, Sydenham, with its $1.5m price guide, mentions the Metro.
BresicWhitney’s Frederico Frago-Matos has included proximity to the Metro station at Sydenham as a bonus in his advertisement for a four-bedroom freestanding home at 12 Frederick St up for auction on August 31 with a $1.5m guide.
“The increase in transport options is going to help create more awareness about the benefits of Sydenham and the surrounding area,” Mr Frago-Matos said.
And Louise Mitchell of the Property Sellers says the Metro “definitely” helped her recent sale of a two-bedrooom charmer at 86 Frederick St, Sydenham for $1,801,000, which was snapped up prior to auction.
“It was significantly over our expectations, or anyone’s expectations,” she said.
“And yes the Metro, which is a four-minute walk away, was a factor because the buyer was from Marrickville, who works in the city.
“It’s a faster trip into the city and you can now go directly to Barangaroo and straight through to Chatswood, which is where a lot of people also work.”
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86 Frederick St, Sydenham sold for $1,801,000, “significantly over” expectations.
Meanwhile, for those who own terraces or apartments close by the new Waterloo Metro station, Ray White Touma Group principal Charles Touma has some good news.
“Maybe a 10 per cent growth in prices for those with terraces in that section of Pitt St, Redfern near the new Metro and Henderson Rd over the next 24 months, based on convenience and a bit of hype,” Mr Touma said.
He also expects the area’s desirability to improve as the area around Waterloo station gentrifies.
“It’s currently a bit of a no-man’s land surrounded by housing commission, but the new Metro will bring better facilities, cafes and restaurants longer term,” Mr Touma added.
There are plans afoot to redevelop the area over the next 30 years in one of Australia’s largest social housing renewals costing $4bn.
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1907/211 Pacific Highway, North Sydney sold on Monday night for a suburb record price.
North Sydney, too, looks set for a Metro-inspired rebirth, with Richardson and Wrench agent Victoria Liu saying: “The impact of the opening of the Metro was felt immediately on Monday morning with the increase in people, foot traffic and general buzz surrounding our office on Berry St adjacent to the Metro.
“More people want to live and invest in the area and we’re already seeing it.”
On Monday night she sold a 65sqm unit at 1907/211 Pacific Highway, North Sydney for close to $1.2m to a local downsizer.
“It was a suburb record for a one-bedroom apartment and the Metro was one of the factors,” she said.”
“We’ve been achieving a lot of record prices in the area and 65 per cent of our buyers are Mandarin and Cantonese speakers, who like how North Sydney is being transformed by the increased connectivity created by the Metro — the most significant places in Sydney are now just a few minutes away.”
She said that North Sydney had struggled in recent years during construction of the Metro. “But the benefits are now being realised with the Metro and an amazing array of new restaurants.
“We believe the best is yet to come.”
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