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Experts say plans for light rail between the CBD and the University of NSW will boost property prices along the route.
The state government is expected to announce next week the first stage of a light rail plan that is set to reinvigorate Sydney's public transport network.
It is also expected to commit to the second stage - lord mayor Clover Moore and the public's favoured option of light rail between Central and Circular Quay along George Street.
The stage-one route is likely to run from Central, through Surry Hills, to the SCG, and up Anzac Parade to Kensington and Kingsford.
Trams could also run to Alison Road, past Randwick Racecourse to the Prince of Wales Hospital.
Property valuer Simon Felich, director of Dyson Austen, said light rail would be a huge bonus for nearby homeowners.
"Infrastructure and public transport are critical to growth in suburbs and Randwick is one of the few suburbs that has a hospital, a university and a racecourse," he said.
"There is a need to move a vast volume of people and roads are only becoming more congested.
"If they are able to add to the current service levels to those areas I can only see that as a positive."
Mr Felich said it was difficult to predict "the exact percentage and movements" in prices that would follow.
The general manager of Herron Todd White, Michael McNamara, said the greatest impact from public transport projects was in suburbs that were "still in their upswing".
That had been the case in the inner west, where prices shot up in places such as North Annandale and Lilyfield when the light rail was introduced there.
"Places like Kingsford could do with a little more gentrification I suppose," Mr McNamara said.
He also believes that once the light rail is built, rents could escalate along Anzac Parade.
"That should mobilise investors, especially in the more affordable segments like apartments," he said. "Eventually that will filter through to prices."
Andrew Wilson, senior economist at Australian Property Monitors, said Kensington and Kingsford were "sleeper" suburbs and the light rail would bring about their transformation.
"You can be further out from the CBD without having to battle the traffic," Dr Wilson said.
"And those areas are ripe for redevelopment . . . there are a lot of brownfield sites there."
This article first appeared on smh.domain.com.au
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