WestConnex to drive up Concord house prices by 10 to 15%
Media release - 20th September, 2013
Motorway initiative to encourage property growth
The announcement that construction of the WestConnex motorway will start in 18 months’ time is set to result in a 10-15% jump in real estate values in Concord, according to local agent Paul Pettenon, Principal of Raine & Horne Concord.
Work will start on the WestConnex motorway, a series of new roads and tunnels linking the inner west of Sydney with the CBD, in early to mid-2015, and Mr Pettenon is tipping a surge in property prices in Concord, one of the suburbs expected to be most affected by the project.
“This announcement is a great initiative as it will address major traffic congestion in and around the entrance to the M4, and also free up secondary roads between Concord and Haberfield such as Queens Road, Lyons Road and Parramatta Road,” said Mr Pettenon.
In the past, major infrastructure initiatives such as motorways have impacted real estate values, and Mr Pettenon is convinced the effect of this announcement will be no different.
“The WestConnex will result in quieter streets and much faster travelling times to the City, which will help drive up values in and around Concord,” says Mr Pettenon.
“In a hot market like we currently have, we could easily see prices jump in Concord on the back of this announcement by 10–15% over the next 18 months, with more tempered growth as the completion of the project draws closer.”
For further media information contact:
Paul Pettenon, Principal, Raine & Horne Concord, 0411 180 290
Andrew Harrington, National Marketing & Communications Coordinator on 02 9258 5400