VIC Skyrail plans in Melbourne - good or bad for property prices?

The Victorian government wants to build a sky rail in the south east. As I have a property in Hughesdale, I am trying to work out if this will this be good or bad thing. Thoughts?

 

If it doesn't directly impinge on your property in a negative way with overlooking or shadowing then it can only be a good thing making traffic flow better and train rides quicker.

 

i know it passes through carnegie near rosstown rd. there are a lot of apartments, villas, townhouses and houses in those areas. i reckon it would affect them due to noise and also a sky rail where strangers can possibly just over see into your house daily every day.

 

Stated in a community forum about the sky rail:

" What will happen about the noise will it increase because of the height and if so by how much?

Modelling has been conducted by acoustic experts, which shows that noise will decrease under this proposal. This is due to a number of factors including the direction of sound waves and the inclusion of noise barriers."

 

As long as you're not on the railway line, a few streets away would be perfect, expecting it to really increase property prices. I bet there is a stack of rezoning work that goes on, gov is doing a voluntary purchase of certain homes that back onto the railway, so I can see them being developed into unit blocks in the near future. Maybe some more retail/commercial space too.

Other bonus is it will increase train frequency making it even faster to get into the city.

The areas of Hughesdale, Carnegie, Murrumbeena are already under going gentrification - could see lots of hipsters/younger couples moving to the area.

 

Oh that is an interesting point. What signs of gentrification are you seeing?

 

I can't really see it reducing house prices along the line. I mean the train line that's there currently is noisy & ugly, so at the very least there's little change.

I think the real test will be to see what happens to the land directly underneath the sky rail. I believe it was proposed to have parkland underneath, not sure whether this will actually happen and whether the community will embrace it if it does.

 

Murrumbeena shops have 3 or so first class cafe's that you'd expect to see in South Yarra/Richmond/Fitzroy/Hawthorn (inner city). A new barber has just opened up ready to cater for hipster beards. Seems to be a lot more of the younger crowd around these days too. Carnegie is booming, large asian food culture there, plenty of great places to eat. Has been lots of new apartments going up the last 3-4 years especially in Carnegie. You're only a few km from Chadstone too, so once those renovations are complete going to improve the area.

 

yes, still happening. - the government announced 15 million package to look after this space and have got a team together to help manage it that includes a guy from the Botanical Gardens (Prof Tim Entwisle), so they're rather serious about this space - the bike path will go all the way to Caulfield, so that's got to be handy for commuting/Monash students.

 

Depending if they actually build it lol.

 

I am also a bit sceptical about the government doing something with the space underneath the sky rail.