The challenge of navigating traffic congestion in and around Spit Bridge prompted the NSW Government to release in March this year their preferred route for the Beaches Link and Western Harbour tunnels.
If it goes ahead, the Beaches Link tunnel will connect to the Warringah Freeway, cross underneath Middle Harbour and connect with the Burnt Bridge Creek Deviation at Balgowlah. The Wakehurst Parkway will be upgraded to two lanes each way between Seaforth and Frenchs Forest.
“It could see values rise by 25 to 30 per cent virtually overnight,” said John McGrath when speaking about the proposed Beaches Link tunnel project at the release of his company’s McGrath Property Report.
“I think the decision has to be made (to go ahead with the project) and work actually started before anything happens (with prices) and then we could see values increase in a very short period of time,” he said.
However, as always when dealing with a large government infrastructure project, there is a lot of water and community consultation that needs to go under the bridge before the project gets the green light. “Look at Badgerys Creek (the site for Sydney’s second airport) — that was on the agenda for 30 years before anything actually happened,” he said.
Mr McGrath believes the northern beaches is one area in Sydney that should remain “very stable” over the next few years because it was slower to recover from the GFC, compared with other parts of Sydney. The rationale he is suggesting here is because of the lag in recovery, there still is some value for money in the northern beaches, which would also get an additional boost in prices if the proposed Beaches Link tunnel also goes ahead.