If you live in Sydney’s Inner West, you might be wondering, what’s the latest with the WestConnex tunnel project?
This 33-kilometre, predominantly underground motorway is due to be completed in 2023, but progress updates on this major project have been a bit quiet of late.
So, I thought you might be interested in finding out how the project is travelling, and how it might benefit you as a local resident or property investor.
The WestConnex project is the largest road infrastructure project in Australia, and it has been broken down into three distinct stages.
Stage 1, which involved widening the M4 and extending it eastwards, was completed in mid-2019. Stage 2, which comprised upgrading the M5 interchange at King Georges Road and building the M8, was finished in 2020.
We are now in the Third Stage of the project. During this stage, the M4-M5 Link will be built, allowing motorists to travel between the M4 East and the new M5 via Rozelle and Camperdown. Construction is underway on the interchange at Rozelle, and the underground tunnel from here to Victoria Road, which will be known as the Iron Cove Link. The interchange is scheduled to be opened for traffic in late 2023.
This project is set to provide some major benefits for commuters living in the Inner West.
- Car travel times between Parramatta and the airport should be reduced by up to 40 minutes!
- Bus travel times between the Inner West and the CBD are expected to halve!
- Public buses travelling from north to south will also improve.
- Motorists will be able to bypass up to 52 sets of traffic lights.
- An estimated 4,000 trucks will be removed each day from Parramatta Road.
Those living in the Inner Western suburbs stand to benefit the most from this multi-billion-dollar investment in Sydney’s roads. Getting into the city will be much easier, and suburban streets will not need to struggle under the weight of commuter traffic, freeing up gridlock so locals can travel in and around their own suburbs.
How will this project impact property prices?
According to the NSW Government, WestConnex will remove bottlenecks, relieve congestion and improve the speed, reliability and safety of travel across Sydney. As the Inner West becomes more accessible to those who work in the city and surrounds, this newfound convenience should be reflected in property prices.
Additionally, with peak hour traffic and heavy vehicles moved underground, it is expected that there will be a boom in urban renewal projects such as urban rejuvenation in and around the Parramatta Road corridor, making these suburbs even more attractive and family-friendly.
It should also improve traffic flow in and around the CBD, given that much of the traffic is going straight through the area, rather than stopping in the city itself. Once WestConnex is complete, this drive-through traffic will have an alternative route beside the city, leaving the CBD streets for those who actually live or work there.
Another exciting infrastructure development that will be commencing in the next few years is the Western Harbour Tunnel. This will be a second tunnel under Sydney Harbour, connecting the WestConnex Rozelle Interchange with the Warringah Freeway in North Sydney.
When this new tunnel is complete, motorists will be able to drive continuously from Rozelle to the Northern Beaches, which will further improve mobility around the city.
With WestConnex due to be ready for motorists in 2023, there is still an opportunity for forward-thinking buyers to buy in the Inner West at favourable prices by acquiring a quality property, before the benefits of WestConnex are fully realised. It is certain to impact urban renewal, demographics and, ultimately, property prices in the Inner West.
The best way to benefit from Sydney’s changing landscape and multi-tiered property market is to have an ear to the ground so you can jump on opportunities as they surface. Having a buyer’s agent in your corner will deliver this advantage. We are constantly monitoring not just the progress of these sorts of major projects, but also the markets they’re set to impact. In this way, we can spot opportunities for our clients knowing the likely impact of infrastructure changes and how certain areas will benefit more than others.