Impact Of The CBD and South East Light Rail
The CBD and South East Light Rail is finally up and running.
What impact will it have on lifestyle, travel and property prices for homeowners and buyers in Sydney’s Eastern Suburbs?
Light Rail now officially open
The CBD and South East Light Rail (CSELR) officially opened on Saturday 14 December 2019 after months of delays and costs that spiralled hundreds of millions of dollars over budget.
The first passenger services began on the L2 Randwick Line between Circular Quay and Randwick. Tram testing and driver training is now well underway on the L3 Kingsford Line between Circular Quay and Kingsford, with passenger services expected to commence in March 2020.
Where does the CSELR go?
The 12km route has 19 stops, extending from Circular Quay along George Street to Central Station, through Surry Hills to Moore Park, then to Kensington and Kingsford via Anzac Parade and Randwick via Alison Road and High Street. The new network will move up to 13,500 commuters an hour during peak time in both directions, replacing the line of buses, which used to sit in traffic on George Street.
How frequent are services?
The CSELR will offer a high frequency turn-up-and-go service, initially running every 4-8 minutes between Circular Quay and Central, and every 8-12 minutes between Central and Randwick during the 7am-7pm peak hours on weekdays.
More services for special events
Additional special event services will provide extra capacity for major events between Central and the Moore Park and Royal Randwick stops. This should help ease the crowd congestion that can occur on public transport during major events.
Improved public transport links
The Light Rail hopes to transform transport in Sydney by providing high capacity, clean and reliable services. A combined bus and light rail network will significantly improve public transport access to major sporting and entertainment facilities at Moore Park and Randwick, as well as to the University of NSW, TAFE and Randwick hospital precincts.
Property price rises
Higher property prices along the new Sydney light-rail corridor have been outlined as a key measure of the success of the $2.1 billion development by the State Government.
Suburbs in the east that lie along the Sydney Light Rail to the CBD, such as Randwick, Kensington, Kingsford and Surry Hills, have already seen strong price growth in recent years. Prices in Randwick, for example, have risen by 73.52 per cent during the past five years.
Potential for new retail precincts
The route is also likely to change the mix of commercial and retail in areas serviced by the Light Rail. George Street, for example, is expected to become a more desirable location for luxury and food-and-beverage retailers. We could see significant flow on changes in Kingsford, Kensington and Randwick too.
And while any redevelopment is yet to be confirmed, the transport infrastructure provided by the new light rail has no doubt had an impact on the proposal to revamp the EQ Moore Park site on the former showground into a new cultural and commercial hub.
The environmental benefits are significant, with a 663,000-tonne reduction in greenhouse gas emissions anticipated over a 30-year period through a reduced dependence on cars and buses. The Light Rail also uses 10 times less energy than a car.
If you’re looking to buy or sell in Sydney’s eastern suburbs contact my team today.