Shock: $55bn NSW high-speed rail hopes dashed

An artist’s impression of proposed high speed rail connecting Sydney and Newcastle. High speed rail has been hailed as a game changer for properties across the Central Coast and Newcastle but new data shows the train may not deliver the huge surge in values many expect. The $55 billion bullet train project, announced this year, promises to shrink the travel time between Sydney and Newcastle to about an hour, providing a long-awaited rapid link between NSW’s two largest cities. Works are scheduled to begin in 2028 or 2029 and the first services are planned for 2037. With stops along the high-speed line planned for Lake Macquarie, Gosford, Central Newcastle, Western Sydney Airport and Parramatta, many punters are banking on these areas becoming a goldmine for home value rises. These expectations have followed a spate of recent incidents where new train lines drove a major boost in real estate buying – notably in Sydney’s Hills District ahead of the 2019 opening of a new metro line. Prime Minister Anthony Albanese announced an update on the high-speed rail project earlier this year. But new research from Green.com.au, conducted by analytics group Primara Research, showed the hype may ...