Development for the sake of development is the ideology of the cancer cell. But some developments are rather difficult to categorize. There is a plethora of benefits of certain development projects and then there are adverse impacts.
The Light Rail project that would connect Randwick with several other suburbs and eventually the Circular Quay has been hotly debated. There is a substantial investment, a considerable timeline for the completion of the project and there are fallouts that would affect many other industries, more importantly the lifestyles of people living in the area.
The Light Rail project is deemed as a necessity for Randwick and many share this opinion. The suburb is presently catered to by buses. The accessibility via rail will only make life easier for residents of the suburb and those who would have to commute to and fro. However, the same project that aims at making commutes more convenient and would perhaps provide a fillip to the local economy is also going to hurt property buyers. The impact of Light Rail on Randwick real estate is going to be the most concerning.
The costs of properties and property management in Randwick have already started going up. The real estate prices in Sydney have been inflated for almost three years now. Some experts had claimed at the turn of the year that 2015 will witness stabilization of the rising prices but that hasn’t really happened with almost nine months into the year. The property prices along the suburbs that the Light Rail would connect have been subject to substantial inflation and Randwick is also bearing the brunt.
It is perhaps good news for those who own lands and properties in Randwick. The resale prices have just shot up. Prime development projects and new commercial establishments are also on the brick of fruition but for the average homebuyer, the math has to be redone.
From the positive perspective, the Light Rail project in Randwick will have a far reaching consequence which will certainly be constructive. Once the initial impacts on the real estate prices die down and the market stabilizes as compared to now, the local economy would get a fillip and the lifestyles of people living in Randwick will certainly become more convenient, enjoyable and faster. Not many people enjoy the bus rides to and from other suburbs and the Sydney CBD.
YNM Real Estate
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