With tens of billions of investment dollars making NSW a world leader in infrastructure, faster commutes are set to boost property values in the state, according to one industry commentator.
Raine & Horne executive chairman Angus Raine says major infrastructure projects are set to slash the time it takes for workers to travel to work.
The projects he is referring to include the Sydney Metro Northwest, WestConnex, NorthConnex and the upgrades to the Princes Highway on the NSW south coast.
“Long commute times steal many hours a week from the lives of owner-occupiers and tenants,” Mr Raine said.
“And any infrastructure project that reduces commutes below the one-hour door-to-desk sweet spot will add to a suburb’s appeal and increase property values.”
Mr Raine’s comments come at a time when rising property prices are attracting attention in the state, especially in the Sydney area.
International real estate group CBRE earlier revealed that its offshore capital flows were strengthening the Australian market, particularly in Sydney and Melbourne, buoyed by new and increasing investments.
CBRE institutional and international investments NSW director Michael Andrews said office assets in the core Sydney and Melbourne CBD markets remained sought after, but there was a shift in sentiment towards emerging secondary markets in these locations.
“There is a very strong appetite from global capital for quality office investments,” Mr Andrews said.
“The change we are seeing, however, is in their growing acceptance of markets outside of the CBD core, such as North Sydney, Parramatta and Macquarie Park in New South Wales, and St Kilda Road in Melbourne."
Mr Andrews said Asian investors are seeking out assets in more diverse markets, with greater demand emerging for niche opportunities