Fiona Killman, Real Estate Reporter
Updated 11 Oct 2023, 1:23pm
First published 11 Oct 2023, 1:04pm
A CBRE report has highlighted impacts of Sydney’s Metro line on property values and population growth.
The massive population and property value growth along Sydney’s Metro line has been dubbed the “Metro-fication” of Sydney.
A new report from CBRE reveals that the new rail network is having a huge impact on the property market and attracting younger buyers chasing high density living along with the cafe/restaurant scene.
Data from CBRE and PropTrack shows that suburbs along the Metro line have had a 49 per cent increase in capital value over the past decade, outperforming surrounding suburbs by an average of 5 per cent.
CBRE compared Sydney’s Metro suburbs (dark green) to surrounding suburbs in terms of growth.
Sydney Metro’s $8.3 billion Northwest rail line officially opened in May 2019.
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Some extreme examples have included the Metro line suburb of Castle Hill which has recorded capital value growth of 72 per cent compared to the 49 per cent growth in Baulkham Hills.
Meanwhile Crows Nest has notched up capital value growth of 79 per cent, compared to 62 per cent in Cammeray.
Many Metro station integrated developments have been greenlit offering residential, retail and office space, with suburbs of Kellyville and Bella Vista also planning thousands of new homes as well as educational and community facilities.
Impression of the under construction Sydney Metro Crows Nest.
Carrington Place – a mega $850 million, 771 apartment complex – has been approved opposite The Hills Showground Metro Station. Picture: supplied
“These Metro-line suburbs have unlocked significant apartment development to accommodate stronger population growth,” CBRE’s Metro – Transforming Sydney Precincts report states.
CBRE’s Pacific head of research Sameer Chopra has dubbed the growth “metro-fication”, saying it was transforming the living experience, work patterns and retail choices of Sydneysiders close to the city’s new railway stations.
“By 2030, Sydney will have a network of four Metro lines, 46 stations and 113km of new Metro rail,” he said.
Mulpha is constructing three towers adjacent to the Norwest Metro station in Sydney.
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“We’ve already seen early evidence of this driving higher residential price growth and we see this outperformance increasing once the next stage is completed, with shorter commute times being a key driver.”
Mr Chopra said the trip from Macquarie Park to Barangaroo had dropped from 53 minutes to 18 minutes, while the commute from Pitt St to Bankstown dropped from 1 hour and 20 minutes to 30 minutes.
Sameer Chopra, CBRE head of research.
PropTrack economist Anne Flaherty.
“Sydneysiders using the Metro can reclaim an extra hour or more of their day,” the report states.
“We see huge social and health benefits, whether it’s spending time with family and friends or exercising or even being able to work that extra hour.”
PropTrack Economist Anne Flaherty said a number of factors relating to the Metro were driving growth.
“The enhanced accessibility provided by the Metro, potential for additional infrastructure development, increased demand and possibilities for rezoning have all contributed to an overall increase in dwelling values,” she said.
CBRE’s Metro Transforming Sydney Precincts report, revealing how Metro suburbs outperform surrounding suburbs.
The report highlights that population growth in suburbs along the Metro line has increased by 23 per cent in the past decade, nearly twice the pace of suburbs further out.
In more extreme examples, Macquarie Park has grown 80 per cent compared to nearby West Pymble at 6 per cent since 2011, while Canterbury has grown 53 per cent compared to nearby Earlwood at 8 per cent.
“Our data highlights that nearly half of the residents in near-Metro suburbs live in apartments, double the rate of residents in suburbs further out,” Mr Chopra said.
He said 45 per cent of residents in suburbs along the Metro line stations were Gen Z and Gen Y, while cafe numbers were also higher in Metro suburbs.
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