City Rail Link: Warning working from home could limit Auckland property gains
Real estate firm CBRE warns that the shift toward hybrid working may dampen the expected property value increases typically associated with the new City Rail Link in Auckland. While transport officials anticipate a 25% rise in rail patronage, analysts suggest that reduced commuting habits could limit the project's economic impact on local housing.
Why it matters
It highlights how changing post-pandemic work habits are challenging traditional urban planning models and real estate investment strategies.
Share twitter Share linkedin Share link Greater Auckland's Patrick Reynolds spent years backing the City Rail Link. Now he's bought a home near it. Can the CRL boost property values when so many people are still working from home? Video / Sylvie Whinray Editor / Aaron Franks - The $5.5b City Rail Link opens September 13, promising faster journeys across Auckland.
- CBRE warns hybrid working may weaken the property-value gains typically associated with major rail projects.
- Rail patronage remains below pre-pandemic levels, though Auckland Transport expects CRL trips to rise 25%.
One of the country’s largest real estate firms is warning that working from home could limit any future property gains from the City Rail Link.
CBRE’s concern stems from the impact Covid has had on Aucklanders’ commuting habits, which are well down on pre-pandemic levels, especially during peak periods.
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