Apartment prices surged around New Yorks High Line in the years after it opened and experts expect the same for high-rise buildingsnearSydneys Goods Line.
The former rail corridor turned walkway is expected to become a tourist attractionwith the potential to benefitSydney in the same way asNew Yorks High Line.
The new space includes study pods, play equipment and furniture with charging facilities built in. Photo:Peter Rae
TheNew York City Economic Development Corporation says prices in the Meatpackers District were 8 per cent less than the Manhattan median price before the High Lines opening in 2009. But in the years following, they were valued higher than Manhattans median.
The area has been rezonedand developers have built more than1370 new apartments.
New York is a taller city and we need to duplicate a bit of this development.Chris Johnson, Urban Taskforce
Chris Johnson, chief executive of developer lobby group Urban Taskforce, is also predicting a building boom around the Goods Line, calling it an initiator for Sydney.
People walk the New York High Line, an elevated park along 10th Avenue. Photo:iStock
The success of the High Line is something that can be duplicated in Sydney it needs to energise a series of new buildings around the line, if it doesnt then it isnt doingits job, he said.
New York is a taller city and we need to duplicate a bit of this development, Mr Johnson said.
We need to look at the zoning [around the Goods Line] and consider greater heights and densities.
Part of this will be a revival in development opportunities with upper-level cafes, apartments and office space, whichcould cause residentialprices to rocket, saidMylesdu Chateau,director of inner-city real estate agencyRichardsElliot.
It will directly affect property prices because of convenience and access to other parts of the city and because it will make it more desirable,like with New York, Mr du Chateausaid.
Apartments nearBunnStreet and Pyrmont Street in Ultimo wouldbenefit, he said, though it would be hard to put a price tag on.
But young professionals, who formerly lookednearer to Darling Harbour, might be attracted toUltimo bythe changes, said Ken Sharpe, principal ofCentury 21 City Quarter Sydney.
The Darling Harbour, Darling Square precinct hasbeen very big with investors and a walkway connecting it to Ultimo will be a substantial change, he said.
He saida slow demographic and cultural shift in the entire precinct is expected, with more interest from families and young couples, rather than predominantly students.
It will have a very positive effect on prices as a result, Mr Sharpe said.
If acrowd of professionals do turn to Ultimo, it could furtherattract developers, keen to tap into an already-strongappetite for a local property.
In February, the state government announced intentions to sell the site of thePowerhouse Museumto be turned into apartments. Thisprime block of inner-city real estateisexpected to achieve up to$200 million and is located at the end of the Goods Line.
Yet some developers are ahead of the curve andalready using the new innovation to attract buyers Haymarket developmentThe Quays marketing material mentionedthe Goods Line as an attractive local feature.
Giorgio Koula, associate director at SydneySothebysInternational Realty, solda two-bedroom apartment in the development for $1.89 millionand said theres no signs of interest slowing down, particularly from international buyers.
The new Goods Linecould make the area even more globally recognised as a destination, he said.
You can walk to Pyrmont, to Darling Harbour and back to the CBD, Ultimo is very well connected, Mr Koulasaid.
Demand is expected from local families, creatives, local visitors, and students, all of whom would benefit from the landscape architect-designed creation, saidAustralian Institute of Landscape Architectchief executiveShahana McKenzie.
The area is one of the highest density in Australia, so to have a dedicated open space is really going to have an effect, particularly as our cities aregrowing at such a rapid pace, Ms McKenzie said.
The density of the Ultimo areameans the development will improveliveability and desirability morethan it would if built in aless crowded location.
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