How will the light rail drive up the value of my home?
Light rail is getting closer, but will it lead to a goldrush for homeowners along the route between Gungahlin and the city?
Local agents say there are some indicators, but the true impact on home sales won’t be known until the infrastructure is up and running.
Rina Jones, of McGrath Gungahlin, believes light rail isn’t yet a priority consideration with sellers and buyers, but some were assessing its potential.
“I can certainly say we’ve seen a raised level of appraisal enquiries along the light rail route from homeowners,” she says.
“And as far as potential buyers are concerned, they want to understand proximity to stations.”
Jones says interstate buyers and investors have shown heightened interest as have first home buyers who like the idea of an apartment on the light rail route.
Colleague Maree van Arkel, of McGrath Dickson, agrees the subject of light rail is being raised in conversations with sellers and buyers.
“I’d say it’s at a low level at the moment; it’s being acknowledged, but I think it’s something that is going to become increasingly important once the trams are running,” she says.
“People don’t yet understand or appreciate the difference it may make to their lifestyles.”
Van Arkel says apartment dwellers along the Northbourne Avenue corridor were likely to be early adopters as the light rail would promise convenient access to the city and entertainment precincts like Braddon.
“As inner-city parking becomes more and more limited, light rail will become an attractive option,” she says.
Going toward the light
- Future-proofing. Light rail has shown its value around the world as a complementary transport solution to urban development and has encouraged the concept of communities where people “live, work and play”.
- Location. Apartments and other dwelling types along the light rail route with proximity to stations are likely to become more highly valued as the new transport system demonstrates its convenience.
- Retail boost. Complementary people-friendly businesses like cafes and convenience stores are likely to cluster close to light rail stops offering kickstart coffees or last-minute essentials – subject to local zoning approvals.
The first stage of the light rail will connect Gungahlin to Canberra City. Here are our top picks of Gungahlin homes currently on the market:
$875,000 +
Sweeping vistas of Black Mountain Tower and the Brindabella Ranges can be enjoyed from this modernist-influenced four-bedroom, en suite residence.
Minimalist, but detailed landscaping enhances the kerb appeal of this unique home that visually presents as a series of inter-connected cubes.
Inside, its two light-filled levels are connected by a floating timber staircase while the living spaces are highlighted by polished concrete floors, high ceilings and a strong connection with the outdoors.
A striking kitchen sparkles in white with an island bench, high-grade Bosch appliances, soft-close drawers, a large mirrored splashback and extensive cabinetry.
Generously-sized bedrooms are located on the upper level and the master enjoys a deluxe en suite and walk-in robe while an equally well-appointed family bathroom provides for the other bedrooms.
An al fresco area under roof features an outdoor kitchen with barbecue and stove top creating the ideal setting for entertaining on the 465-square-metre elevated block with spots to enjoy the stunning views.
Other features including double glazing throughout and ducted reverse cycle heating and cooling.
There’s 223 square metres under the roofline with 182 square metres of living and a double garage.
The home is located in a quiet street within easy walking distance of local shops, a cafe and a dog park. Ngunnawal Primary School is less than two kilometres away with Gold Creek High School only about 600 metres further.
4 bed 2 bath 2 parking
AUCTION: 4pm, June 30
AGENT: Peter Blackshaw Gungahlin, Luke McAuliffe 0433 338 429
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$445,000-$495,000
2 bed 2 bath 1 parking
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$1.1 million +
5 bed 2 bath 3 parking
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$775,000 +
4 bed 2 bath 2 parking
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