Northern beaches residents should not panic and should hold off selling near proposed Spit tunnel
Auctioneer John Cunningham in action.
HOMEOWNERS in Seaforth and Balgowlah have been told not to panic or sell their property quickly in the wake of the news of a Beaches Link Tunnel.
Selling when there are big unknowns over an area can actually devalue real estate, according to two industry leaders.
National President of the Real Estate Buyers Agent Association Rich Harvey and NSW Real Estate Institute President John Cunningham both advise waiting for more information before coming to market.
They are holding an information seminar on buying and selling on the northern beaches and will answer questions on the implications of the new Beaches Tunnel.
“Local owners should not panic sell,” Mr Harvey said.
“Often there is far more perceived impact than actual impact.
The Spit Bridge can be a bit of a bottle neck for cars.
“Wait for further details on the exact route of the tunnel and understand how they are going to be impacted.
“When a major infrastructure project is announced like this, it can lead to a spike in inquiries for areas that are likely to benefit and push up values further, but we have already had a major property boom over the last four years.
“Then when a project is finished, people realise just how much travel times are improved and there is a further spike in interest in the areas — a projected 40 minutes travel time savings is very significant.”
21 traffic lights might be avoided with new tunnel.
Mr Cunningham said people living in North Balgowlah who are being doorknocked by government representatives should not assume their home is being resumed.
“They could be test drilling,” he said.
“Learn from the lessons at Frenchs Forest where there was lots of angst, time and money over unknowns.”
Fear of the unknown can devalue property and it is better to wait until all the details are known or the project is finished when people can see the benefits, Mr Cunningham said.
Premier Gladys Berejiklian and Minister for Roads Melinda Pavey at The Spit.
Last week NSW Premier Gladys Berejiklian announced a tunnel will be built under Middle Harbour connecting the northern beaches with the rest of Sydney and improving commuter times.
Seventy one homes could be compulsorily acquired by the government, in suburbs including Seaforth and Balgowlah.
Geotechnical tests are due to begin next month with $77 million set aside for geotechnical boring.
The Government is holding information sessions starting in April.
● The seminar run by Mr Harvey and Mr Cunningham is on Wednesday April 5 at the Manly Golf Club between 7-9pm. The two leaders will talk about strategies for buyers and sellers on the northern beaches, bookings are required and there is a cost.