Article: Home prices growth is strong near railway lines

[ozbob]

From the Courier Mail click here!

Home prices growth is strong near railway lines

Home prices growth is strong near railway lines

    * From: The Courier-Mail
    * May 08, 2010 12:00AM

LEARNING to live with the whirr from an electric train has financial benefits, with home price growth strong in suburbs close to the city's railway lines.

As the city battles to meet demand for its buses, demand for property within easy access of the train is leading to faster price growth in suburbs near stations.

In the past 12 months median prices in these corridors have outstripped other areas by 2.6 per cent.

They recorded a median house price increase of 10.3 per cent in the year ending December 2009 – up from $535,000 to $590,000. Congestion issues are also expected to help drive demand for inner-city units, with one agent warning of a looming undersupply for luxury accommodation.

Colliers analyst Ben Langfield said potential luxury projects were being reconfigured into cheaper, smaller apartments.

He warned there could be a shortage of new luxury stock within the next 12 months.

PRDnationwide research analyst Josh Brown said congestion was creating demand in suburbs close to stations.

"Suburbs with a train station have experienced a 16.3 per cent growth in demand from the half-year ending December," Mr Brown said.

He said suburbs not serviced by rail recorded growth in demand of 13.4 per cent. When looking at actual sales over the time, station suburbs had capital growth of 9.7 per cent – 0.3 per cent higher than those with no station.

According to Mr Brown's analysis, the most affordable areas were the suburbs serviced by the south coast rail line which had a median house price of $516,000. This area includes the suburbs of Dutton Park, Fairfield, Annerley, Yeronga, Yeerongpilly, Moorooka, Salisbury, Rocklea and Tennyson.

On the northside, the Ferny Grove line had a median price of $535,000 and included the suburbs Alderley, Wilston, Enoggera, Gaythorne, Keperra, Mitchelton, Newmarket and Windsor.

[ozbob]

It is ....  A NO BRAINER!





I love the view from my verandah,  trains 24/7!