The Weekend West – First Home Buyers Guide
With plans for the Ellenbrook train line and station locations recently finalised as part of the State Government’s METRONET project, now is the time to consider the proposed transport infrastructure’s impact on the property market, according to the Urban Development Institute of Australia (UDIA).
UDIA WA CEO Tanya Steinbeck said residents in Ellenbrook and the north-eastern suburbs were long overdue for better public transport options.
“The north-east corridor is one of the fastest growing areas in Greater Perth, and the rail line will provide several suburbs from Bayswater all the way to Ellenbrook with a much faster and easier transport option,” she said.
“Development around the stations in Bayswater, Morley, Noranda and Malaga, with medium and some high density housing, will also ensure a greater diversity of housing choices for people in these areas. That means more affordable, compact products for those who are seeking that option.”
Not restricted to Perth’s north-east, the METRONET infrastructure plans will see the CBD linked up with the airport, along with extensions to the Joondalup line and the introduction of Perth’s first east-west connection through the Thornlie-Cockburn link.
This link will connect the Mandurah and Armadale lines.
Ms Steinbeck said the UDIA would like serious consideration given to further improving the east-west connectivity of Perth’s suburbs.
“Much focus is put on access to the CBD and the north south transport corridors, while many people actually work within their local area or neighbouring suburb,” she said.
“Improving those connections doesn’t have to include heavy rail connections; we would like to see light rail options or even more rapid bus transit routes that assist people getting between suburbs more easily and efficiently.
“Improving connectivity is one aspect of addressing housing affordability in Perth, as the cost of commuting can be significant. For first homebuyers it is critical to factor in these types of costs when considering where and what to buy.”
Ms Steinbeck said METRONET would have a significant positive impact on several areas across the Perth metropolitan region.
“It will allow for a more diverse range of housing product within the station precincts, which will mean more options for first homebuyers looking to get into the market at an affordable price,” she said.
“All of the rail lines and extensions under METRONET will provide easier access for residents to fast and efficient transport, as well as providing an uplift in property values and access to a greater array of shops, services and hospitality outlets.”
Ms Steinbeck said research from the east coast suggested property values were positively impacted by new rail infrastructure.
“This research found a property within 400m of a new station could increase in value by approximately 4.5 per cent, and a property within 400m to 800m could increase in value by around 1.3 per cent,” she said.
“Along with the property value, it is also important to factor in the longer-term cost savings of living near public transport.”