Property values in Sydney suburbs with rail links to the CBD have outstripped those in suburbs without, says new research.
PRDNationwide has discovered that prices in suburbs near railway stations leapt by 12% in 2009 – whereas those in areas without rail links only grew by 8%.
“Population growth continues in Sydney and this has prompted a high demand for places located near public transport facilities as the capacity of roads to cater for the influx of residents, particularly during peak traffic times deteriorates,” said PRDnationwide managing director Jim Midgley.
The research says the median sale price for properties near railway stations increased to $730,000 during 2009. The highest median price was recorded on the North Shore Line Line, with $1,325,500 recorded over the same period.
However, PRDNationwide points out that while growth has been impressive in the short term, both suburbs with and without train stations recorded equal median price growth 3.1% over a five-year period.
Source: Kevni Eddy 6/7/10 www.brokernews.com.au