Forgotten Sydney hotspots
Forever tipped as a growth hub thanks to its city-fringe and harbour-side traits, Woolloomooloo has shown new promise in 2014.
Combine the location with its underdeveloped side, and value becomes easy to spot. Now, new-wave buyers craving colourful neighbourhoods are the ones driving the latest interest.
It took a band of young renovators with enough vision to experiment to new levels in Woolloomooloo’s oft-overlooked back streets.
At 170 Cathedral Street, Woolloomooloo, the result is turning heads.
With the auction set for 6pm on Thursday April 10, buyer interest per open home is more than 4 times our average from this time last year in Woolloomooloo.
Finding these traits elsewhere:
In the shadow of Redfern’s popularity, Darlington quietly boils away. And if people define a neighbourhood, no one does it more powerfully than a student population.
They dictate the food, entertainment and lifestyle pursuits of this suburb, while others stream in on Saturday just to buy produce at Carriageworks markets. Meanwhile, art, pubs, and a grassroots feel remains.
It’s arguably the most convenient suburb for absorbing the best of the CBD, Glebe, Broadway and King Street, Newtown. The median house price in the 12 months to January 2014 was $900,000, compared to $968,000 for its LGA as a whole, showing there’s still value to be had.
Just like new shopping and dining propels city-fringe suburbs, Petersham mirrors this momentum in the Inner West — in a fine balance of urban renewal without loss of soul.
The local, The Oxford Tavern, is one recent barometer of change, transformed from notorious strip joint to a neighbourhood pub full of heart. All around, plenty of cafe newcomers add to the picture.
Just 6kms south-west of the CBD, Petersham sits in that sweet spot where more freestanding residences and backyards are found, ideal for extracting future value. The past 12 months have seen the median house price sit around $920,000. Meanwhile, one suburb to the east, Stanmore has teetered into the million-dollar club at $1,043 million.
Young buyers are now considering Petersham for better value than they’re finding up the road in Newtown and surrounds.
A city-fringe prospect to the south, with easy access to the Eastern Beaches, that’s Kingsford. The median house price is $1.25 million while less than 3km away in Coogee, similar turf costs $1.63 million. The same goes for units, $588,000 versus $727,000.
As a foodie hub, a Greek culture continues from the area’s early development while a student population commands a new wave of Chinese and Indonesian influence.
Consider this Kingsford warehouse which recently sold for $1.4 million. Like something plucked out of Surry Hills, it’s frightening to think what this 365sqm space on 272sqm of land might fetch there.
They say if you’re reading about the next hot suburb you have already missed out. But smart buying in Sydney hotspots with overlooked pockets can still deliver future value.
These areas are just a start. Your own hidden gem might be waiting here.