Sydney Metro Northwest delivers varying uplift, with growth strongest in rezoned areas
Property values near the Sydney Metro Northwest have experienced varying levels of growth, according to new analysis from property platform Domain. The study assessed the impact of the Metro, which was completed in 2024, on residential prices in suburbs surrounding the new stations.
The data shows that homes located within 400 metres of a Metro station achieved notably higher sale prices. Houses in this zone sold for an average of 16.6% more than similar properties situated further away, while units recorded an even greater average premium of 24.4%. The findings suggest that proximity to public transport is particularly important for apartment dwellers.
The research also found that the largest gains were realised by existing homeowners and early investors. Most of the price increases occurred before the Metro’s official opening in 2019, with house price premiums reaching their highest point one to two years prior. Price growth was strongest during the construction phase. Unit prices, which were already elevated before the project was announced, peaked again when the Metro commenced operations.
Location emerged as a significant factor in price changes. Suburbs that underwent rezoning and substantial new development, such as Bella Vista (up 39%), Norwest (up 23.6%), and Hills Showground (up 21.4%), saw the greatest increases. By contrast, established commercial areas like Macquarie Park experienced little to no change in residential property values, a trend attributed to limited housing within walking distance of the stations.
“The Sydney Metro Northwest shows that transport infrastructure can deliver substantial but uneven housing benefits,” said Joel Bowman (pictured right), senior economist at Domain. “The size of the uplift depends on when you buy, where you buy and what type of property you hold.
“Buyers and investors benefit from shorter commutes and new amenities, but premiums vary sharply across stations. Growth hubs capture large gains, while areas already well-connected and dominated by commercial development saw no uplift in prices. Units often respond earlier than houses. Sellers should note that much of the premium is captured before or at the opening of new infrastructure – selling earlier in the project cycle can sometimes yield stronger returns.
“For policy-makers, the key message is that uplift is not uniform. Land-use planning, rezoning potential and existing amenities shape outcomes just as much as the transport project itself. Capturing part of the value created could provide a funding source for future infrastructure. The Metro Northwest shows that transport projects don’t affect all housing equally. As Sydney’s new lines open and Brisbane upgrades for the Olympics, most value is captured early, and impacts will depend on local context, property type, and timing – not just proximity to rail.”
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