What will the new Monash tram line do to your property price?

11/07/2019

It’s taken 50 years but it finally seems likely the south eastern suburbs will benefit from a new tram line. The proposed line will provide public transport linkages from the city all the way though to Rowville.


The proposed tram route

 Premier, Daniel Andrews, announced the project’s planning phase in April 2019, saying he would commit $3 million from the state’s budget to it.

 The tram route would begin at Caulfield station (where most south eastern train lines intersect) and traverse a path down Dandenong Road and Princes Highway, stopping at Chadstone Shopping Centre. It would then continue to Wellington Road and stop at Monash University’s Clayton campus. A second stage would extend the route to Rowville via Stud Road with a stop at Waverley Park.

 

The history

 The idea was first proposed way back in 1969 but centred on a railway line instead. The project never quite got off the ground until a 2014 Public Transport feasibility study was commissioned. The study found the Dandenong rail corridor would need significant and costly upgrades to allow the train line to move forward, so the shift to a proposed tram route occurred.

 

Resident reactions

 When local residents first heard of the planned tram route, there were a few that raised noise concerns. However, most welcomed the idea, realising the likely impact on housing prices.

 

What it means for property prices

 Whenever there is a proposed improvement in infrastructure, be it public transport routes, a new shopping centre or an upgrade to a local school, it draws more people to the surrounding area.

 An increase in population usually means an increase in house prices, and a spike in redevelopment activity. During these times, councils are often more likely to approve plans and permits for development.

 As you can see, change can definitely be a good thing when it comes to your home’s property prices. Fingers crossed we, the residents of the south east, don’t have to wait another 50 years before the project moves from its planning to building phase!

 

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