By Rich Harvey, CEO & Founder, propertybuyer.com.au
Thanks to lifestyle shifts and cost considerations, unit living continues to grow in appeal for Sydneysiders.
And some areas offer exceptional value, a great level of amenity, prospects for gentrification, and potential for good capital growth.
When I’m looking for units, there are a few basic things I seek:
- A large disparity between unit and house prices
- A high percentage of owner-occupiers compared to renters
- Within 35 kilometres of the Sydney CBD
- A rental vacancy rate of less than three per cent
- Some form of urban renewal occurring in the location
- Well-served by transport and boasting café and lifestyle appeal.
With all of that in mind, here are five Sydney pockets that are on my “must watch” list when it comes to unit investment.
Kingsford
The old real estate catch cry of “Location! Location! Location!” might’ve been invented to describe Kingsford.
Positioned seven kilometres southeast of the Sydney CBD and just a stone’s throw from the beach and a plethora of pristine parks, this suburb has it all.
Buying in Kingsford won’t break the bank, with a median unit price of $887,000 making it appealing to a range of buyers, from first timers and young professionals to downsizers.
You’ve got everything you need in your backyard, with an array of fantastic restaurants, cafes and bars giving the area a vibrant atmosphere.
There’s a level of urban renewal underway, with some of the shabby old homes on big blocks making way for modern unit and townhouse developments.
But the classic brick walk-ups with their charm and generous floorplans tend to be most popular.
The demographic here is mixed, comprising students who attend the nearby University of New South Wales campus, workers from the Prince of Wales and Sydney Children’s hospitals, young families, and CBD commuters.
If you like golf, you’ll find not one but four courses nearby, and if you like a punt or a day out with mates, Royal Randwick is just up the road.
Wherever it is you’re going, getting around is a breeze. The light rail line also offers direct connectivity to the inner-eastern suburbs and the city.
Neutral Bay
Just over the bridge on the Lower North Shore is this very trendy enclave, home to beloved eateries, bustling boutiques and an enticing inner-city lifestyle.
Those in the market for a unit in Neutral Bay are spoilt for choice, with just about every conceivable type of attached dwelling on offer. There are original Art Deco style blocks oozing with character, classic brick complexes, modern boutique-style buildings and some new major mid-rise developments.
The median unit price is $1.13 million, but you get a lot of bang for that buck.
Life here is good, with no shortage of things to do, places to eat and drink at, shops to explore, parks to laze in, and even a bay beach to swim at.
Demographics are mixed, comprising young professionals, families, downsizers and retirees, but the vibe here is affluent with a capital A.
Getting where you need to go is a breeze, with proximity to major road connections, a ferry terminal, and train stations a walk away.
And throughout the suburb are jaw-dropping Harbour and city skyline views from elevated streets – and many of the units too.
Kogarah
This little slice of Sydney heaven is friendly, picturesque and perfectly located, making it one of the go-to areas for homebuyers.
Kogarah has a lot going for it and has boomed in popularity in recent times, with the median unit price of $736,000 rising 11.5 per cent in the past year alone.
The area’s affordability gives it strong appeal with first-home buyers, early career professionals and young families.
And once they get there, new locals are struck by all it has to offer. The level of amenity is high, with good shops, fitness facilities and eateries aplenty for locals to enjoy.
At the heart of Kogarah is St George Hospital, which has benefited from major investment that’s turning this part of the city into something of a medical hub.
The Princes Highway runs through the middle of the suburb, making it easy to get to the city to the north or the Sutherland Shire to the south. And Kogarah has its own train station, making commuting a breeze.
But best of all? A mammoth stretch of beach is just a stone’s throw away, with plenty of perfect spots to choose from, be it Brighton-Le-Sands, Monterey or Ramsgate.
Manly Vale
This peaceful part of Sydney offers the best of all worlds – proximity to the beach, an abundance of natural bushland, an incredibly convenient commute, and welcoming locals.
Manly Vale has become extremely popular in recent times, bringing an influx of young families and professionals to an area that tended to have an older demographic.
And no wonder they’re flocking here. It’s quiet and safe, well-served by amenities like shopping, good public transport links to the city, and a convenient drive to world-class Manly nearby.
You get all of that for a median unit price of $940,000 – and the stock tends to be high quality, modern and spacious.
This is an underrated part of the city and definitely one to have on your radar.
Marrickville
There’s a reason Time Out magazine named Marrickville as one of the coolest suburbs in the world a few years back. This inner-western neighbourhood is extremely trendy, with every possible amenity you could imagine on offer.
A selection of fantastic pubs and bars? Tick. A melting pot of cuisines on offer at an endless list of eateries? Tick. Parks and playgrounds? Tick. Cool boutiques and craft breweries? Tick.
While its hipster credentials are strong, the atmosphere is far from pretentious, with friendly and welcoming locals who don’t take themselves too seriously.
Young professionals and families have staked a claim here, drawn in by the safety, vibrance, character and array of good schools.
There’s a lot of urban renewal underway, which is adding diversity to the unit stock and improving the level of amenity.
And a major redevelopment of Marrickville Metro a few years back has been a huge boost to convenience. Train and bus links make commuting incredibly easy.
The median unit price here is $843,500 and has jumped 11 per cent in the past 12 months.
There’s no doubt units provide and outstanding opportunity for more investors to participate in the burgeoning Sydney market. However, selecting the right property to acquire means more than just picking your property type. There are individual nuances that must be considered in each purchase, so comprehensive due diligence is critical. In addition, it’s tough for everyday purchasers to get in quickly on a bargain buy.
That’s why having an experienced buyers’ agent taking care of your interests is essential. We have the networks and the knowhow to ensure that next unit purchase is a prime pick for your particular circumstances.
To have one of the friendly Propertybuyer Buyers' Agents to contact you:
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call us on 1300 655 615 today.
