Affordability and transport is attracting young buyers
THE first stop on the upcoming Sydney Metro Northwest is attracting strong interest from first homebuyers looking for affordability in a central location.
Tallawong Station, which borders Schofields, Rouse Hill and The Ponds, will be just a seven minute train journey to Castle Hill when the new Metro starts operating next week.
Like many of the other new train stations, properties located within walking distance are expected to be in demand. Off-the-plan sales in a number of apartment developments close to the railway are also anticipated to increase once the trains begin running.
Among them Villa De M.A. Rouse Hill which is 150m from Tallawong Station and will comprise of more than 710 units being built over three stages. These are priced from $538,000 for a one bedroom property and from $676,000 for a two-bedroom unit. The first stage is expected to be completed by 2020.
Agent Chris De Celis from The Avenue said the development is perfect for investors, downsizers and for first home buyers to get a foot into the Sydney property market.
“The benefit of being the first station means that you will get a seat on the train,” he said.
“When people see the train running, they will see how easy and how connected it is — whereas now the area is seen as being a bit out of the way.
“There is approval for both a shopping centre and a hospital, which are two big pieces of infrastructure, which will also make the area quite popular.”
Latest figures from CoreLogic RP Data show the median house price in The Ponds is currently $1.015m with 237 sales recorded in the 12 months to February. While prices dropped 3 per cent during the year, quarterly figures indicate the market is now stabilising there.
At nearby Schofields, the median house price is $830,000. There were 275 sales recorded in the year ending in February with prices falling 2.3 per cent.
Agent Con Koulendianos from Harcourts Rouse Hill said has also seen values holding in pockets close to Tallawong Station at The Ponds and the newer section of Schofields.
Among the more sought after areas are home located in the established Kalina Estate; properties between The Ponds Boulevard and Ridgeline Drive.
“People do want to be within walking distance of the train station and they see it as a positive having it across the road from them,” Mr Koulendianos said.
“There has been a flurry of people trying to The Ponds at the moment but vendors are holding back until the train line is up and running.”
Agent Smita Sagar from Legends Real Estate Bella Vista recently sold a four bedroom single level home in Brookfield Street for $960,000 to a first homebuyer. While the property is not within walking distance to Tallawong Station, it still attracted strong interest and sold within two weeks of being listed.
“The two most popular questions being asked by homebuyers at the moment is if a property is close to the school and the train station — so it is seen as a good thing,” Ms Sagar said.