Paddington is a large and varied suburb by inner Sydney standards and is located approximately 2.5km from the CBD in Sydney’s Eastern Suburbs. It sits between Woollahra to the west, Darlinghurst to the east, Moore Park to the south and Edgecliff to the north. Frequent buses provide easy access to Museum Station in the city in around 11 minutes, although it’s an easy 30-minute walk past numerous cafés and beautiful terraces and churches if you have a little more time.
Paddington housing development boomed following the start of the construction of Victoria Barracks in 1841. The heritage listed building was constructed in the Recency style Barracks building was designed to accommodate 650 soldiers and was completed in 1846. Its construction required a variety of workers including stonemasons, quarrymen, carpenters and labourers who all required nearby accommodation. Many terraces were built around this time along Old South Head Road to house the workers. Many workers remained following the construction of the barracks and speculative terrace development in the Victorian architecture style followed as the population continued to grow.
It can be said that terrace housing was the 19th and 20th century version of the modern high-rise apartment block. By the mid 20th century, a Sydney Metropolitan planning scheme noted that Paddington was a slum ripe for redevelopment and proposed demolishing most of the existing terrace houses and replacing them with apartment buildings. Gradually the area became a more multi-cultural area due to the continued influx of migrants and then professionals started to move in due to its convenient location and affordable housing. The collective voice of locals wanting to conserve the area began to grow louder and in 1968 planning policy was reversed and four hundred acres of terrace housing was rezoned as the first conservation area in Australia. Now the heritage conservation status of Paddington including its streets and houses is recognised as being of National and State significance.
Despite some mixed use property along Oxford Street and some larger apartment on the fringes of Paddington, the majority of the suburb remains filled with stunning example of Regency and Victorian era terraces, most of which have been substantially renovated inside to modern standards despite traditional façades.
Today, Paddington’s tree lined streets, period houses, alley ways filled with local cafés, proximity to the city and reputable private schools, good public transport, up-market shops (particularly close to Woollahra and around ‘Five Ways’ shopping precinct) and numerous pubs including some excellent up-market ‘gastro pubs’ are major draw cards and have led to substantial price gains in recent years. Notable past and present residents include Ita Buttrose, Margaret Olley, David Warner and our previous Prime Minister Malcom Turnbull as well as his daughter Daisy. Some will be glad Mr Turnbull is no longer Prime Minister as the streets will no longer be blocked off when he comes to visit his daughter! Coincidentally, Mr Turnbull’s previous residence at 44 Goodhope Street is due to go to auction on 22 September with a price guide of $15 million.
The majority of residents in the suburb are owner occupiers, however investors still own a large chunk of blue chip housing stock in the suburb, however they mostly focus on apartments and terraces at the more affordable end of the market.
Oxford Street is the main shopping strip in the suburb and offers boutique and trendy clothing shops, bookstores, record stores, homewares, grocers and cafés. The famous Paddington Markets are usually open every Saturday have an extensive variety of shops. Whether you are looking for something new or old, you can likely find it here. Paddington is also famous for its selection of pubs which vary in atmosphere from casual to white table cloth.
Paddington has several parks and reserves including Trumper Park near Edgecliff (home to Paddington Bowling Club) and Weigall Sportsground in the north-west corner (home to White City Tennis Club). In addition, the waterfront Rushcutters Bay Park is just to the north and the extensive Centennial Parklands including Moore Park, Moore Park Golf Club and the Entertainment Quarter is just to the south. There are also several 24 hours gyms in nearby Darlinghurst and Bondi Junction.
Paddington includes Glenmore Road Public, Paddington Public School, St Francis of Assisi Primary School and Sydney Grammar Junior School. Other nearby secondary or combined primary/secondary schools include Sydney Girls & Boys High and Brent Street in Moore Park, Ascham in Edgecliff, SCEGGS and Sydney Grammar in Darlinghurst and St Vincent's in Potts Point.
The median house price in Paddington is approximately $2.5 million, which has continued to grow over the previous 12 months despite a slowdown in the wider Sydney market due to its wide and constant appeal. For around this money you can buy a renovated three bedroom/two bathroom terrace or possibly a four bedroom/one bathroom terrace with an option to add a second bathroom down the track. Off-street parking is unlikely.
Apartment prices are also up to a median of $860,000, which will buy you an unrenovated two bedroom apartment in a beautiful art deco building with on-street parking or a renovated 70’s era one bedroom apartment of around 50sqm with parking.
To obtain assistance searching for and buying real estate in Paddington and to get a buyers’ agent or buyers’ advocate on your side, please call us on 1300 655 615, email us, or send us your buyers wishlist today by clicking here. Alternatively, if you want advice on whether to buy or sell first, current market conditions or median prices and growth statistics for Paddington, call our team of buyers’ agents today on 1300 655 615 and we can assist you.
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