Infrastructure Drives Property Demand
Infrastructure is a key feature influencing property demand in Sydney, evidenced by several projects which have achieved strong sales results whilst other suburbs have performed poorly. From the new Sydney Metro, the Light Rail, and further investment in new economic centres including the Northwest & Southwest corridors and new Aerotropolis expected in the 2020’s.
With many infrastructure projects coming to fruition throughout 2019 our team has experienced the influence on demand with access to infrastructure being a key driver influencing new apartment purchases.
Ryde Garden in North Ryde marketed by Colliers International is a key example of the influence that infrastructure can have on property demand. Ryde Garden is a masterplan of 830 one, two- and three-bedroom apartments over three buildings located above the new North Ryde Metro station, which opened in May 2019.
The project experienced the sale of over 50 apartments within the first ten weeks of a new sales launch, primarily due to its proximity to Sydney’s newest major piece of infrastructure.
The new Metro line connects Ryde Garden to Chatswood and Macquarie Park (1 stop); Macquarie University (2 stops), and future connections to Crows Nest, Sydney CBD and Barangaroo expected in the 2020s.
“Ryde Garden presents potential property investors and even first home buyers a unique opportunity to invest in this growth region of Sydney,” said Blake Schulze, Director, Residential at Colliers International.
“The opening of the Metro earlier this year means that occupants at Ryde Garden will be one-stop from Chatswood and Macquarie Park, and will be able to access further services to Sydney’s CBD, North Sydney’s Victoria Cross Station and Crows Nest in 2024. Many of our purchasers opting for apartments, without parking, as the direct access to the rail link meant that car ownership may not be necessary and would not deter renters.”
Helen Liu, a first home buyer who purchased in the development, was highly anticipating the opening of the new metro line earlier this year.
“The opening of the metro at North Ryde influenced my decision to buy at Ryde Garden, and will greatly benefit my social life. Having the metro on my doorstep means I can easily travel into the city to meet up with friends and means that my friends can easily visit me. If I end up working in the city, having the metro station at such a close proximity will cut my commute in half.”
The influence of key infrastructure on property demand is not just apparent at Ryde Garden, but is a growing trend that Colliers International have recognised across a number of residential projects throughout Sydney.
Blake Schulze went on to state; “Multiple infrastructure projects within Sydney which have been under construction and are finally coming to fruition, and we expect residential developments which are located nearby to reap the rewards.”
Other examples of residential projects with access to new infrastructure include Newmarket in Randwick, where the settlement of stage one of the project late this year will coincide with the opening of the much-anticipated Light Rail project. In Summer Hill, the Light Rail and the future Cycleway on the doorstep of EG Fund’s Flour Mill mixed use development will benefit residents who have are living in the development.
The Landmark at St Leonards, which is currently under construction, will greatly benefit from the opening of the Northwest Metro Line, which will have connections back to the North Shore and Barangaroo.
At Colliers International we have no doubt that the continued completion of infrastructure amenity will influence consumer purchasing decisions, we now look towards the new frontiers awaiting our industry and the development of residential property including the commencement of Badgerys Creek Airport and the Aerotropolis and the further stages of the Metro.