Suburbs will reap benefits from tunnel

THE opening of the new Graham Farmer Freeway will have a major impact on the Perth property market says Hegney Property Valuations managing director Gavin Hegney.

Mr Hegney said infrastructure developments such as new road or rail links historically had a major impact on Perth property values.

“The Graham Farmer Freeway...will transform the eastern suburbs, which are the gateway suburbs to the city centre,” Mr Hegney said.

“These gateway suburbs will now only be a matter of minutes in travelling time to the city.

“Easy access to the city centre has been a key factor in determining property values in Perth for several decades. The closer the suburb is to the city, generally the higher its property value.

“This is why South Perth, North Perth, Nedlands and Dalkeith have enjoyed rises in property values above the average,” he said.

“When the new suburbs of Dalkeith and Carlisle were opened in 1925, land prices in Carlisle were twice as expensive as Dalkeith.

“Today the median price of a home in Dalkeith is $709,500 and the median price in Carlisle is $146,100,” Mr Hegney said.

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