Rail Projects Predicted To Drive NSW Property Market

New research published by Jones Lang LaSalle (JLL) has predicted that Sydney’s three major rail projects will have a significant impact on NSW property markets over the next six years.

According to JLL’s report - ‘NSW economic growth drivers and infrastructure: Assessing the impact on property markets’ - infrastructure spending is at an unprecedented level. The NSW government has planned to deliver ten key infrastructure projects in metro and regional areas by the end of 2024.

Among these projects, JLL has named the Sydney Light Rail, Sydney Metro (Northwest) and Sydney Metro (City and Southwest) as the most important in relation to the property market.

JLL has predicted that Sydney Light Rail will make George Street a more desirable location for luxury and F&B (Food and Beverage) retailers. Lower office rental rates are likely to arise through improved connectivity between the South / Midtown precincts and the Core. Research conducted by the US Federal Reserve has also highlighted that commercial values may be higher for properties located near light rail stations.

New metro stations in the Hills Shire will stimulate further residential development, as well as increase LGAs (Local Government Associations) liveability scores. The NSW Government predicts that the Hills Shire population will increase by 55 per cent between 2016 and 2031.

The Sydney Metro is also expected to assist in the growth of the North Sydney office market to 930,000sqm by 2024 and revitalise Central Station in order to help regenerate southern Sydney CBD.

The report further forecasts strong population growth driven by overseas immigration and long-term prosperity of the NSW economy to be linked to the finance, professional services, healthcare and education sectors.

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