Friday 20th Sep, 2019

National survey shows transport biggest driver of apartment value

Photo: RailGallery.com.au

A national survey of apartment owners and occupiers found more than half valued their apartment most highly due to its proximity to public transport.

The survey of more than 3,300 respondents around the country by not-for-profit Western Australian Apartment Advocacy (WAAA) found proximity to transport to be the primary goal for apartment seekers, and also the thing they most consistently like the most about their apartment once they’re settled.

The survey showed 61 per cent of New South Wales respondents prioritised public transport in selecting an apartment, while 66 per cent did so in Victoria, and 49 per cent in WA.

WA housing minister Peter Tinley said the survey was a “ringing endorsement” of the McGowan Government’s Metronet project, which prioritises higher density development around new and extended rail lines in the Perth area.

The Government has tabbed value capture – charging private landowners who benefit from taxpayer-funded rail lines – as a funding strategy for Metronet, a strategy which has been rubbished by the Opposition.

Tinley said the WAAA statistics were a win for the McGowan Government’s vision for the future of the state’s housing needs, which includes increasing the number of homes around train stations by 45 per cent.

“Our priority of increasing the number of homes around train stations by 45 per cent, exemplified by the McGowan Government’s Metronet scheme, is reflective of what WA apartment owners are seeking now and into the future,” he said.

“The McGowan Government, in partnership with industry, is building transport-connected, well located, well designed, sustainable and affordable housing where it’s needed.”

 

Developers well aware

The survey is the latest clear connection between the value of property and the presence of good public transport. While value capture is an unpopular prospect for many property developers, it’s clear developers are aware of this connection.

Canberra developer Geocon has this week come under fire for using an unbuilt light rail line to market its Grand Central Towers project in Canberra.

Advertising material for Grand Central Towers features Canberra Light Rail Stage 2 – which hasn’t yet been finalised – as a primary selling point, telling potential buyers they could use the rail line to get to the city. The development’s logo features a pair of light rail vehicles as a core component of its design.

“Living in Grand Central Towers and being able to walk out the front door, and jump on the light rail, and be in the city in under ten minutes, every five minutes, is an extraordinary opportunity for Canberrans,” Geocon managing director Nick Georgalis says in one video. “We’ve never had this type of amenity or public transport available for people that live in apartment complexes.”

Stage one of the Canberra Light Rail network, which opened last month, operates at a peak frequency of once every six minutes. An ACT Government spokesperson reportedly told the ABC Geocon had not been provided with any more information than the public about the operating standards forecast for the second stage of light rail.

Local member for Murrumbidgee Caroline Le Couteur said the developer’s frequency claims were “optimistic”.

“Grand Central’s tagline is ‘time is the ultimate luxury’. It was selling this as a sales point,” Le Couteur, a member of the ACT Greens, was quoted as saying.

“It [concerned] me because I thought we had the real possibility that in however many years’ time, when the light rail and Grand Central were both finished, there would be a bunch of people who were upset because they bought something thinking it was going to have much better public transport than possibly it will end up having.”

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