Covid 19 will not stop Sydney Metro from compulsory acquisition of the homes and businesses being taken for its new rail line. If anything, the Minister has said the State will "go harder and faster" to acquire the land for the project. We are acting for many owners of land and tenants who are concerned that if there is a decrease in the market value of their land due to Covid 19, that Sydney Metro will use this as an opportunity to pay less to impacted owners. We will have an interesting and challenging few months ahead of us as the property market reacts but also where the volume of sales is massively impacted downwards. The lack of listings and record low volumes of new sales is virtually unheard of in the Sydney market. The Metro teams reference to the project being "business as usual" will be challenged as we learn to interpret a very limited sales market. It will be at least at year if not longer before the Land and Environment Court will be dealing with these cases and for some, looking at expediting cases will be a likely option.
Source: Sydney Morning Herald
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