NW RAIL LINK PUTS HIGH DENSITY ON THE AGENDA
Tue June 12, 2012
5 June 2012: With drilling for the North West Rail Link now underway, Quakers Hills and surrounding suburbs are preparing for the influx of medium and high density housing projects for the first time ever. According to Laing+Simmons Quakers Hill Principal Lyndell Pilkington, this could encourage developers and investors back to the market.
"Despite the disappointment surrounding the Federal Government's decision not to financially support the North West Rail Link, the fact that the project is continuing as planned has been well received by the local population,' Ms Pilkington said.The North West Rail Link will stretch 23 kilometres between Epping an Rouse Hill, and include eight new stations. It promises to slash commuting times for people in sydney's growing north west region.
"While it's good news for the property market, the project could see the area undergo a fundamental and potentially irreversible change," Ms Pilkington said.
"Substantial parcels of land have already been rezoned to accommodate medium and high density development, traditionally an unfamiliar concept in the area, and developers are circling with the promise of more readily available land, heightened demand and the long overdue infrastructure improvements," she said.
Laing+Simmons Quakers Hill is currently marketing a vacant site on Terry Road in Rouse Hill and there has been substantial interest from developers.
"Despite the challenging economic conditions at a broader level, savvy investors recognise that the current market enviroment of strong tenant demand, low levels of new supply and declining interest rates make an off-the-plan investment purchase an attractive option at present," Ms Pilkington said.
"The strong level of enquiry from developers indicates they are preparing to respond to this demand, an outcome which could see the local property market spring to life in ways not before seen.
"The forthcoming influx of new apartment projects in Quakers Hill, Rouse Hill and Schofields, all areas more typically assocaited with the quarter acre block, could see the area transform into the next investment hotspot," she said