Unveiling Property Value: How Nearby Developments Impact Your Property Worth

Unveiling Property Value: How Nearby Developments Impact Your Property Worth

In the world of real estate, new developments near your property can make waves. Some changes are subtle, while others can have a big impact on values in your area. Think about public transportation, like buses, trains, and airports – they can change the game.

Why Do Public Transportation Developments Matter?

Public transportation, like buses and trains, can really affect how much your home is worth. When there's easy access to these options, it's a big plus. New bus stops or train stations nearby can boost property values. And when roads get bigger, it can make it easier to get around, which people like.

Do All Developments Make Property Values Go Up?

Usually, property values do go up when public transportation like buses and trains comes into a neighborhood. The size of the station, how close it is to your place, and how it affects traffic all matter. But not all changes are equal – sometimes, a new station can make property values go down if it's too close to your home. Think noise, sun blocking and nuisance from loiterers. 

Airports, Buses, and Trains

Airports can change property value, but it depends on the type of property. Businesses like hotels and offices near an airport might do better, but homes could be affected by noise and traffic. Short term property lets would also be a consideration for owners with such a location, however there will also be a market for people working at the airport wanting to live nearby and not concerned about noise/traffic. 

Buses can be a game-changer. Research shows that a bus stop or station within a few hundred meters can increase a property's value. Interestingly this distance increases for apartment blocks, so the bus stop can be further away yet have the same value increase for the property.

Trains have different effects. Living near a big train system might mean more noise and less value for homes. 

What About Road Expansions?

Bigger roads can be good or bad for property values. Motorways that connect to busy areas usually increase value because they make things more accessible. But if the road expansion causes more traffic in your neighborhood, it might bring property values down.

What's Happening Now and in the Future?

Right now, inner cities have good public transportation, but the suburbs often lack that. Auckland public transport still has a long way to go. But things are changing. The government is spending a lot of money on transportation improvements, which should boost property values in areas with these changes.

How Can You Benefit from This?

If you're thinking about buying property, pay attention to nearby developments. The right kind of changes can make your property worth more. Talk to your broker and do some research on the property and the neighborhood before you buy.

We're Here to Help: City Sales Ltd

At City Sales Ltd, we're here to guide you. Our team of experts can help you navigate these changes and make the best decisions for your property investment.
Your journey to higher property value begins now.