Finally, after 10 years of community lobbying, this week the Inner West Council confirmed the area will get a new GreenWay.
Linking the Cooks River at Earlwood in the south, to the popular Bays Run at Iron Cove in the north, the new corridor will be a boon to joggers, cyclists and all local residents who enjoy access to green space.
While the local council has committed to begin works within a year, the entire project, consisting of a series of bridges and tunnels to connect the missing links in the corridor, won’t be complete until 2022. Despite this, as new sections of the corridor are completed and opened to the public, local residents will be able to begin enjoying the benefits.
The 5.8km corridor, which runs alongside Hawthorne Canal and the Inner West light rail line, will also incorporate zones for children’s playgrounds, sporting facilities and other community infrastructure, as well as public art.
With an estimated 45,000 people living within the vicinity of the GreenWay, including over 5,500 school-age children, the corridor will enhance the quality of life for many Inner West residents.
While the environmental advantages may seem obvious, such as more trees and local wildlife, green spaces also offer substantial social benefits. Studies show that more green spaces may result in less aggression, violence and even lower rates of crime.
Green spaces also encourage greater participation in healthy activities such as walking or cycling, resulting in reduced risks of cardiovascular disease, certain cancers and diabetes.
But what about the effects green spaces can have on property values?
Studies from around the world show that homes near green amenities are more desirable and more expensive because residents are willing to pay higher prices to gain the many benefits of green spaces.
The price premium for green spaces only increases as urban areas become more densely populated and easy access to parklands becomes rarer. The result is that property prices are pushed upwards. Research into the direct impact on property values of proximity to green spaces, such as playgrounds, found that it could boost prices by around 5%.
This is great news for home owners in the vicinity of the new GreenWay corridor.
Residents in suburbs such as Haberfield, Leichhardt, Lewisham, Summer Hill and Dulwich Hill, look set to be the big winners.
If you’re contemplating buying a new home in the Inner West soon, you should take into account the location of the new GreenWay corridor. Once complete, close access to the GreenWay could provide you with substantial asset price growth.
How can Devine help you?
Devine Real Estate are just the people to speak with when it comes to finding properties within the vicinity of the GreenWay. We have a range of houses and apartments for sale within minutes of the new GreenWay corridor.
This sleek new 2-bedroom apartment in Dulwich Hill offers amazing green views and is located within steps of the new GreenWay corridor. Any residents here will enjoy an enviable lifestyle with the ability to jog or cycle in spectacular surrounds.
This near new 2-bedroom, 2-bathroom apartment in Lewisham has a large entertainer’s balcony. Located within easy reach of the light rail, living here will give you the chance to enjoy all the amenities of the GreenWay corridor.
Contact us today for many more property options near the new GreenWay corridor!
Devine Real Estate
T: 02 8789 0217 | M: 0419 202 930