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Ask RiotACT: How will light rail affect nearby properties?

By spades 9 February 2018 10

Ask RiotACT

Hi Rioters,

Does anyone have any insight on how the light rail might affect property prices around stations?

We own a property within a two-minute walk from one of the planned stations. We are not confident that Canberra is a good place to invest and hence would like to sell in the near future. We’re not in any financial difficulty and realistically can wait several years, but at the same time see no reason to keep it. Just looking for the best time to sell within maybe the next two years.

In the four years we’ve owned it, we have asked the opinion of several agents and (unsurprisingly) 100% of them say “now” is the best time to sell. Why not? They obviously want to make a sale. So, we’ve come to realise that we will never get an objective and independent outlook on the property market by talking to a real estate agent. Hence why I’m here.

What do you think, Rioters?

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10 Responses to
Ask RiotACT: How will light rail affect nearby properties?
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Leon Arundell 4:45 pm 15 Feb 18

As your property is close to a light rail station, its value will go up relative to an average property. If it is more than 800 metres from a light rail station, its value will go down because residents will have to either walk farther to reach public transport, or walk to a bus stop and then face the delay and inconvenience of interchanging to light rail.

spades 12:33 pm 13 Feb 18

Thanks for all your responses. Starting from 2014 throughout just late last year, the REA’s I’ve spoken to keep telling me properties along the light rail won’t go up at all as they already have when light rail was announced. Suspected that was BS just to get me to sell ASAP.

Might take people up on their advice and wait it out another year or so.

chewy14 11:11 am 12 Feb 18

Property prices have already risen sharply around the light rail route and will continue to do so in the next couple of years.

It was the only reason that the first stage was even marginally viable.

Capital Retro 2:13 pm 11 Feb 18

According to the REIQ Queensland Market Monitor for Q2 2017, the Gold Coast median house price has increased by 6.8% to $595,000 over the last year.

The houses near the tram stops fared slightly better.

Lin Van Oevelen 7:57 am 11 Feb 18

I have a friend looking to buy a house near the light rail corridor and it looks to me like there are fewer houses on the market there than usual. I think lots of people are putting off selling until closer to the light rail opening. Which may mean that the advice you got is actually sound.

Prices will probably keep going up though I doubt that the effect of light rail proximity will be much different in a year. But more people may sell there once it's running?

Michael Whitehead 12:22 am 10 Feb 18

The Gold Coast experience: ‘Overall, the average value increases for real estate within 400m of a light rail station was determined to be 7.1 per cent’

http://www.rwsp.net/news/how-much-is-light-rail-impacting-gold-coast-real-estate-values

Felix the Cat 9:37 pm 09 Feb 18

Once the light rail is finsihed (or at least the Gungahlin to Civic leg) then property prices start to rise, especially ones within waking distance of a tra mstop but now with all the construction work still going on and a lot of the roads in the area partialll or fully blocked then I would say it would be harder to sell a property. It all depends too on what sort of property yours is (ie a house or a unit) and location (being near a tram stop is only part ofthe value – is it near schools or shops as well and what suburb is it?) Property in Harrison probably isn’t probably going to be worth as much as a property in Downer or Turner, all things being equal.

If you are in no hurry to sell and don’t need the money then keep it and either live in it or rent it out and sell it once the tram is up and running (before govco realise it’s a white elephant and no one is using it).

    Wing Nut 1:20 pm 11 Feb 18

    Problem with the light rail is it’s limited network. Unless you work along the line then it’s not much good to you. In our circle of friends, no one will use the light rail on a regular basis because they don’t work in the city. If anything, the light rail will make those apartments more rentable.

    Capital Retro 5:56 pm 12 Feb 18

    Most of the new apartments will have no car parking spaces so tenants will have to either walk, cycle or Uber it everywhere they need to go except by tram to Canberra City, Gungahlin / stops in between.

    Canberra isn’t ready for a transport modal shift like this nor is it necessary.

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