Moore Park Golf Course carve up would spark property crash, expert says

Slashing Moore Park Golf Course in half will cost the cash-strapped state government $200m, with a top real estate agent predicting the move will see property values crash by 20 per cent.

One of Australia’s top real estate agents predicts homes overlooking Moore Park golf course will crash in value by as much as 20 per cent if the state government takes the axe to the historic Sydney layout.

Under NSW Premier Chris Minns’ controversial plan, the 18-hole course would be reduced to nine holes and 20 hectares put aside for a new central park.

But new claims have emerged that chopping the course in half could cost the Minns government $200 million, while plans to salvage the 18-hole course and deliver 15 hectares of new public parkland could actually cost the government almost nothing.

Many nearby residents have also spoken out against the plans, with one father saying: “Views of the course played a part in our decision to move here as a family”.

Sydney-based real estate agent Alexander Phillips said a price slump was inevitable if half of the Moore Park course is demolished.

The Minns government wants to cut Moore Park Golf Course in half to deliver new public space. Picture: Sam Ruttyn

The Raleigh Park residential complex borders the southern side of the course.

Owners in the apartment towers should brace themselves for a significant financial hit if the plans go ahead, according to Mr Phillips.

“Those towers in particular that have the lovely outlook, you’re looking at a 10 to 20 per cent drop in value at least.

“It will impact big time. Being adjacent to a golf course carries a genuine premium.”

Resident Jonny Robson, 37, said: “Having those views of the course played a part in our decision to move here as a family — it’s a really beautiful thing to have and people here don’t want to lose that”.

The Save Moore Park Golf Course Campaign’s Jared Kendler said the cost of carving the course in half does not stack up. Picture: Ted Lamb

Louise Murphy, a 10-year resident, said: “It’s really not necessary to have another park … in Waterloo the apartments all have central parks”.

Treasurer Daniel Mookhey has allocated just $2.6m in the budget over the next four years to slash the course, but the total cost of delivering 20 hectares of parkland could cost almost 100 times that, according to a public submission from a consortium of golf bodies looking to save the 18-hole course while creating 15 hectares of new public space.

Campaigners trying to save an 18-hole course have proposed an alternative model. Picture: Sam Ruttyn

Mayor Clover Moore’s City of Sydney, despite wanting to slash the course, is not planning to spend anything on the project until chipping in $3 million in 2032/33.

The government has been told that an alternate plan to save an 18-hole golf course could generate millions.

“There is potential uplift of at a minimum, $2 to $4 million per year at the site from a revenue potential,” Save Moore Park Golf Course campaign leader Jared Kendler said.

The extra cash would come from more people playing and more benefits to businesses.

Nova Johnston, Skye Choueiri and Emily Luo enjoying the driving range at, Moore Park golf course, Sydney NSW. Picture: Ted Lamb

James Musgrove and partner Karen O’Sullivan said Moore Park is “stunning and affordable” for a public course. Picture: Sam Ruttyn

Modelling found that an improved 18-hole course would generate $7.6m per year in economic benefits and $4.38m in extra business revenue.

The design would cost about $40m over four years. Mr Kendler said that could be privately funded.

Opposition Leader Mark Speakman urged Mr Minns to consider the alternative proposal.

Golf enthusiasts James Musgrove and Karen O’Sullivan said the existing course was “stunning and affordable”.

Originally published as Moore Park Golf Course carve up would spark property crash, expert says