Sydney’s North West to benefit from rail link
The property market in Castle Hill, in Sydney's growing north-west corridor, is set to profit from the New South Wales government's green-light for the North West Rail Link, according to Raine & Horne.
The new link, which will connect Rouse Hill to Epping via Castle Hill, will become a major consideration for home buyers who commute to the Sydney CBD, Raine & Horne Castle Hill principal Damian Hickey said.
"The North West Rail Link will prove a major bonus for local home owners in coming years by increasing available transport options for city commuters, which are currently limited to private buses and the M2 road link.
"This will factor into the thinking of many buyers, while the link will likely add to the values of homes within two or three kilometres of the proposed railway stations."
Nevertheless, Mr Hickey warned that proper planning is essential, urging the state government to continue to consider parking and carriage capacity for commuters intending to use the new rail service.
"These are key issues, and we are very pleased the government has announced that 3,000 park and ride spaces will now be made available, while access will also be provided for buses, pedestrians and cyclists."
The current average price for a four-bedroom Castle Hill home, with study and double garage, built on a 750 square metre block, is $730,000, according to Raine & Horne, while the median price for two bedroom apartments is $500,000.