25 Sep Impact of The Sydney Metro on Property Prices
How great is the new Sydney metro! It is changing how we get around the city and slashing commute times. Soon, it’ll connect areas of Sydney that have been harder to reach. In this piece, we’re focusing on the new metro stations at Crows Nest and Victoria Cross in North Sydney and how they’re reshaping the property market in these neighborhoods. These exciting additions to Sydney’s growing metro network are boosting accessibility and could drive up property prices, making these suburbs even more appealing to both buyers and investors.
We take a closer look at how these suburbs and the surrounding suburbs around the metro have performed and if the values have gone up or down since the Metro opened – you may be surprised at the results.
Crows Nest: Vibrant Community – Accelerated diverse housing
Crows Nest has undergone a significant transformation. The new Crows Nest Metro offers quick and direct access to Sydney’s CBD and other major hubs, significantly reducing travel times. This enhanced accessibility is making Crows Nest a desirable location and choice for professionals and young families looking for the perfect balance between convenience and a vibrant lifestyle.
Crows Nest is also one of the NSW Government TOD (transport orientation development) suburbs. The map below from the NSW Government planning shows the precinct for new rezoning. Within the proposal is the capacity for up to 3,255 new homes to be created within walking distance of the St Leonards train and Crows Nest metro stations.
Victoria Cross Station: Elevating North Sydney
Victoria Cross Station in North Sydney is another game-changer for the area. Known as a key business district, North Sydney has long been a sought-after location for both residential and commercial properties. The opening of the new station is expected to further bolster North Sydney’s appeal by improving access to the CBD and other parts of Sydney, enhancing its status as a prime real estate destination. Newly completed developments, such as Aura by Aqualand near Victoria Cross Station, are offering luxurious residential options that are attracting a new segment of buyers to the area. The introduction of new dining options around the metro is further enhancing the transformation of this precinct.
The Impact On Property Prices
Surprisingly, units in Crows Nest and North Sydney experienced negative or no growth in the quarter ending 30 June 2024, after the opening of the Metro. However, over 5 years they have increased 28% and 22% respectively, showing that the significant price growth occurred at the announcement of the Metro. However, we think there will be continued demand for these suburbs, which will positively impact prices once the ease of the Metro is fully appreciated. The suburbs of Waverton and Wollstonecraft also experienced marginally negative price growth in the 2nd quarter 2024, however again they experienced strong growth over 5 years – see table below.
Our Thoughts
The new metro stations at Crows Nest and Victoria Cross are set to have a positive impact on property prices in these suburbs and surrounding suburbs despite early buyer caution. By enhancing connectivity and driving local development, these stations are making Crows Nest and North Sydney even more desirable locations for buyers and investors. As Sydney’s metro network continues to expand, the value of properties near these new stations is likely to climb due to their proximity to high-frequency and reliable public transport and the growing amount of new amenities to support this new infrastructure. Knowing where to buy to safeguard your investment or home will equally be important with so many changes taking place within these precincts.
Are you a North Sydney, Crows Nest or Lower North Shore property buyer? Contact Bernadette Brennan, Senior Buyers Agent and Principal of Premier Home Finders to find out how we can assist you on your property journey.