Insider Report
Sydney Inner City Units
p provide a detailed investigation into real estate markets that only an
RP Data’s ‘Insider Reports’ p g y
insider can provide. Our reports combine the qualitative knowledge of local property market
experts with the unrivaled statistical data sourced through RP Data’s internal databases.
Insider Reports aim to provide the marketplace with an understanding of the best suburbs to
buy into based on a variety of factors including infrastructure changes, economic impacts,
pricing, market activity, demographics and geographic factors such as proximity to amenities
transport
and transport.
Prepared by:
Cameron Kusher
Research Analyst, RP Data
cameron.kusher@rpdata.com
Tim Lawless
Residential Research Director, RP Data
tim.lawless@rpdata.com
tim lawless@rpdata com
Media Enquiries – Contact Mitch Koper
0417 771 778
mitch.koper@rpdata.com
Contents
Insider Report
Sydney Inner City Units
Introduction 3
Sydney Overview
NSW s
NSW’s population continues to grow
Sydney’s population is projected to increase significantly
Dwelling values
The future of Sydney’s property market
Performance of Sydney 4
The Sydney Property Market
Sydney inner city units
Hotspot Picks:
• Darlington 5
• G
Greenwich i h 7
• Ultimo 9
• Rushcutters Bay 11
• Potts Point 13
• Forest Lodge 15
• Woolloomooloo 17
• Crows Nest 19
• Lilyfield 21
• Chiswick 23
Local Contacts 25
About the authors
Tim Lawless, Research Director with RP Data Cameron Kusher Research Analyst with RP Data
Tim Lawless is RP Data’s Head of Research, specialising in Cameron Kusher is RP Data’s senior research analyst,
real estate markets and demographic trends within Australia. specialising in primary and secondary data analysis, property
Today,
Today Tim is well recognised throughout Australia as a leading consultancy.
market commentary and consultancy
real estate market analyst and commentator.
RP Data was first established in 1991 and has rapidly risen to become Australia’s leading real estate information provider.
www.myrpdata.com
Insider Report Sydney inner-city units
Introduction
Sydney overview
S d i
Sydney is Australia’s largest city with an estimated population of 4,336,374 residents as at June 2007. Sydney’s population has been
growing at a rate of 0.8 percent annually between 2002 and 2007, in raw numbers this represents average growth of almost 35,000
persons annually. New South Wales is also home to Australia’s largest economy which is worth more than $320 billion over the year
to June 2007. New South Wales accounted for almost a third of Australia’s gross domestic product (GDP) during the year to June
2007.
Unsurprisingly, given that 63 percent of all residents of New South Wales live in Sydney, many people view the city as the place to
live. Census, Sydney.
live At the time of the 2006 Census only Canberra and Darwin had higher average weekly wages than Sydney Sydney CBD itself
is home to some 4,737,553 sqm of office space. When Parramatta, North Sydney, North Ryde, Chatswood and Crows Nest/St
Leonards are added, Greater Sydney has a total commercial floor space of more than 7.5 million sqm, highlighting the significant
employment prospects within the city.
NSW population growth
NSW’s population continues to grow Year to December 2007
The graph to the right shows the increase in population in NSW during 2007. Queensland 96,901
Over the year, the NSW population grew by more than 72,000 residents. Victoria 82,430
Only Queensland and Victoria witnessed a greater p p
y g population increase.
New South Wales 72,923
Further analysis of the population increase across NSW has found that the Western Australia 49,494
growth is largely due to overseas migration which saw an additional 54,163 South Australia 16,541
persons move to the state during the 12 months. This result equated to more Northern Territory 5,040
than 29 percent of all overseas migrants nationally moving to NSW.
Australian Capital Territory 4,466
This population growth is so important, as fundamentally it translates into Tasmania 4,068
demand for dwellings. 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000
Sydney’s population is projected to increase significantly
Sydney SD Population Projections
Recent population projections undertaken by the Australian Bureau of
2007 to 2056
Statistics (ABS) suggest that the population of Sydney will reach 10,158,043 12,000,000
persons by 2056 which is an average annual increase of 1.0 percent 10,158,043
between 2007 and 2056. Meanwhile, projections suggest that between 2007 10,000,000
9,028,738
9,621,291
and 2016, Sydney’s population will increase by 1.2 percent annually or by 8,318,362
8,000,000 7,523,157
almost 450,000 residents. 6,816,087
6,000,000
Basing demand purely on population growth, coupled with the average
household size of 2.7 persons across Sydney, this population growth will 4,000,000
mean that at the very least an additional 960,000 households will be required
to be delivered between 2007 and 2056. Between 2007 and 2016 an 2,000,000
additional 165,000 dwellings will be required or 18,333 dwellings annually.
With shortening land supply, it is extremely likely that in order to cater for this 0
2007 2016 2026 2036 2046 2056
anticipated demand, densification will have to occur.
Median d lli
M di dwelling value l
Dwelling values Australian capital cities
The median dwelling value within Sydney was $505,454 as at July 2008.
This result placed Sydney dwelling values as being the most expensive in the National $454,132
country. The current Sydney median dwelling value is well above the Sydney $505,454
National median at $454,132 and well above Perth, which has the second
Melbourne $420,181
highest median dwelling value at $485,175.
Brisbane $426,087
The future of Sydney’s p p y market
y y property Adelaide $394 134
$394,134
Although Sydney property values have experienced some bleak times since
Perth $485,175
the end of the last property boom in 2003 it still has a strong future. Property
values have now shown little growth over the last five years however, it now Darwin $384,933
appears that Sydney is providing some fantastic buying opportunities. The Canberra $442,241
gap between property values in Sydney compared to the other capital cities
$0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000
has closed significantly when analysed against historical value differentials.
Moving forward, it appears that after five years in the doldrums the worst of the value declines is over and by mid to late 2009 the
Sydney property market should start to make a recovery. Inner city property is likely to continue to perform well due to ongoing strong
demand and a shortage of supply. Inner city units also look poised for solid growth due to improving yields and their high level of
desirability from the rental market. With Sydney’s population to sit at more than 10 million persons by 2056 and at 5 million by 2020,
continued densification, particularly in inner-city areas is likely to cater to a significant portion of this demand.
Insider Report Sydney inner-city units p.3
Performance of Sydney
The S d t
Th Sydney property market k t
Over the twelve months ending July 2008 the overall dwelling price (houses Capital City Performance
and units combined) in Sydney has decreased by 1.14 percent to reach Annual change in dwelling value – year ending July 2008
$505,454. This is less than the national rate of 2.47 percent growth during National 2.47%
the same period. Adelaide 12.82%
Darwin 6.89%
The adjacent table highlights the minimal growth witnessed within Sydney Melbourne 6.31%
during the last 12 months, with only Perth seeing a greater value decline.
Brisbane 5.77%
‐1.14% Sydney
During the last 12 months, median house values across Sydney have declined
by 1.21 percent, with the median house now sitting at a value of $561,942, Canberra 1.89%
significantly more expensive than Perth which is the second most expensive ‐3.82% Perth
capital city where median house values sit at $486,701. On average, Sydney ‐6.00% ‐4.00% ‐2.00% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00%
houses take 37 days to sell and are discounted by an average of 6.21 percent.
This means that a house which is initially listed for $560,000 is likely to sell for
$525,224. Vital Stats ‐ Sydney
Sydney unit values have declined by a smaller amount than what was
Median Value
M di V l $505,454
$505 454
All Dwellings
witnessed in house values during the last year. Median unit values dropped Annual Change ‐1.14%
by 0.99 percent during the year to reach a median value of $412,527. On
average, units in Sydney take 38 days to sell and these units are discounted Median Value $561,942
by 6.31 percent. This would result in a unit which is initially listed for sale at Annual Change ‐1.21%
$410,000, selling 38 days later at a price of $384,129. Houses
Avg time on the market 37
Avg vendor discount 6.21%
Sydney Inner City Units
The Sydney Inner City is defined in this report as those suburbs Median Value $412,527
within a ten kilometre radius of the Sydney CBD. The inner city Annual Change ‐0.99%
area is one of the most densely populated regions of Australia with Units
Avg time on the market 38
an abundance of unit development having taken place in this area.
Avg vendor discount 6.31%
The area also enjoys a significant waterfrontage, quality transport
amenity and the significant benefit of being located close to several
of Australia’s largest employment node.
Hotspots - Sydney inner city units
Sydney’s median house value now sits at well over $550,000 and
(our hot spot picks are highlighted in red)
median unit values are almost $150,000 more affordable. Many
buyers are choosing units as a viable alternative, particularly
young professionals and first and second home buyers. Units in
inner Sydney hold significant appeal because of the abundance of
amenity, proximity to the CBD and quality transport infrastructure,
not to mention a wide variety of social and retail precincts.
Hotspots
The report details ten suburbs which, according to our research,
should perform strongly over the coming years. These suburbs
are: Darlington, Greenwich, Ultimo, Rushcutters Bay, Potts Point,
Forest Lodge, Woolloomooloo, Crows Nest, Lilyfield and Chiswick.
Our hotspot picks all sit within a ten kilometre radius of the Sydney
CBD. Most appear significantly undervalued when compared to
pp g y p
the surrounding suburbs and six of our ten picks have a median
unit price which sits below the current Sydney median unit value.
Most of these areas are still affordable due to an abundance of
older unit stock, however older units tend to have larger floor
areas, and in most cases are well located. These units also have
significant internal renovation potential.
Most of our hotspot picks have quality transport infrastructure with
many having rail amenity close by , or within walking distance of
the suburb. A number of suburbs also enjoy ferry amenity. Six of
our hotspot picks enjoy either harbour or river frontage.
Insider Report Sydney inner-city units p.4
Darlington
Darlington
D li t
(4km - 11min drive from Sydney CBD)
Vital Stats
Vital Stats
Units sold year ending Jul‐08 21
Median price Jul‐08 $228,000
Quarterly growth 0.0%
12 month growth ‐41.7%
Average annual growth (over 5 years) 7.1%
Weekly median advertised rent $210
y
Gross rental yield 4.8%
Avg days on the market 26
Insider Report Sydney inner-city units p.5
Darlington
Darlington is located just four kilometres south of the Sydney CBD. The suburb is extremely well located close to the Sydney CBD and
close to the University of Sydney which provides a significant rental market. Darlington is also afforded excellent access via Parramatta
Road and the Princes Highway. During the last 12 months, Darlington saw the median unit price drop by a significant 41.7 percent
however, with a median price of just $228,000, making it the most affordable suburb of the Sydney CBD, it looks set to undergo unit value
growth in the near future.
Housing Darlington is primarily comprised of semi-detached (terrace style) housing which accounts for three out of every four dwellings
within the suburb. The remaining dwellings are almost entirely units which account for 24.0 percent of all dwellings. The unit offering
within the suburb appears to be dominated by older units which generally appear to be smaller, one and two bedroom dwellings.
Internally, many of these units will have significant renovation potential.
I t ll f th it ill h i ifi t ti t ti l
Rental market The rental market in this area is very active with almost 60 percent of properties in the area being rented. The median
weekly rental figure is $210, which is one of the most affordable rents found in the Sydney inner-city. Currently, units within the suburb
are recording an average gross rental yield of 4.8 percent.
Precincts Within Darlington, purchasers should look to locate themselves within units situated away from the railway lines and away
from Princes Highway. Purchasers should also avoid “The Block” to the north-east which is an area which adjoins the neighbouring
suburb, Redfern.
suburb Redfern
Local Amenity Darlington is a very small suburb and as such, most of the local amenity is situated outside of the suburb. Grocery
stores and dining facilities are located in the neighbouring suburbs of Redfern, Newtown, Broadway and Alexandria. The closest major
shopping centre is found in the adjacent suburb, Broadway where there is a Coles, Bi-Lo, K Mart, Target and Hoyts Multiplex Cinema as
well as 169 specialty stores.
Transport/Infrastructure Darlington is well-serviced by public transport, buses run along City Road and train services are found at two
nearby stations, Redfern and MacDonald Town, both just a short walk from all areas of the suburb.
y , , j
Capital growth attributes Darlington has a number of key attributes to support capital growth potential. The suburb is currently much
more affordable than the surrounding suburbs. The suburb enjoys excellent transport amenity and is experiencing strong rental demand
from the University located in the adjacent suburb. The suburb is very close to the Sydney CBD and there is an abundance of retail
amenity within the surrounding suburbs. Units are currently taking 26 days to sell suggesting properties have a fairly short time on the
market.
Demographic snapshot
Darlington (Sydney) Sydney SD Dwelling Structure Darlington (Sydney) Sydney SD
Total Population 2,185 4,119,191 S
Separate h
t house (0.7%)
5 (0 7%) 905,635 (63.7%)
905 635 (63 7%)
Aged under 15 162 (7.4%) 805,032 (19.5%) Semi-Detached: 517 (75.3%) 168,433 (11.8%)
Aged 15 to 64 1,895 (86.7%) 2,808,186 (68.2%) Flat, unit or apartment:
1 to 2 storey block 23 92,166
Aged 65 and over 128 (5.9%) 505,974 (12.3%)
3 storey block 78 122,518
Average age 29 35
4 storey block or higher 64 122,373
Average indiv income $506 $518 Attached to a house 0 2,725
Average Household income $1,230 $1,154 Total 165 (24.0%) 339,782 (23.9%)
Average household size 2.3 2.7 Other dwelling: 0 (0.0%) 8,646 (0.6%)
Born in Australia 1,040 (47.6%) 2,486,711 (60.4%)
Born overseas 670 (30.7%) 1,307,416 (31.7%)
English speaking 1,291 (59.1%) 2,635,997 (64.0%) Dwelling tenure
Fully owned 114 (17.2%) 454,596 (32.9%)
Being purchased 154 (23.3%) 471,084 (34.1%)
Rented: 394 (59.5%) 445,691 (32.3%)
Recent Indicative Sales Other tenure type 0 (0.0%) 10,484 (0.8%)
Shepherd St, Darlington Abercrombie St, Darlington Edward St, Darlington
1 bedroom, 1 bathroom unit 2 bedroom, 2 bathroom unit 3 bedroom unit
Sold for $270,000 in May 2008 Sold for $312,000 in February 2008 Sold for $580,000 in March 2008
A complete report of recent sales can be purchased from the My RP Data website: www.myrpdata.com
Insider Report Sydney inner-city units p.6
Greenwich
Greenwich
G i h
(4km - 15min drive from Sydney CBD)
Vital Stats
Vital Stats
Units sold year ending Jul‐08 46
Median price Jul‐08 $335,500
Quarterly growth 0.1%
12 month growth 6.5%
Average annual growth (over 5 years) 5.5%
Weekly median advertised rent $450
y
Gross rental yield 7.0%
Avg days on the market 30
Insider Report Sydney inner-city units p.7
Greenwich
Greenwich is situated four kilometres north west of the Sydney CBD and is located on the Lower North Shore. Greenwich has recorded
median unit price growth of 6.5 percent during the last year at a time when value growth for units across Sydney has been minimal. The
median unit price within Greenwich sits currently at $335,000, making it one of the most affordable unit markets on Sydney’s Lower North
Shore. The suburb enjoys a waterfront location and quality access via the Pacific Highway.
Housing More than 54 percent of all dwellings within Greenwich are separate houses, with a significant 40 percent of all dwellings within
the suburb detailed as units. Within Greenwich most of the units appear to be situated along the main road and away from the water.
Most unit complexes are older style product with little amenity within however, they typically have significant internal renovation potential
and offer significant value when compared to new units.
Rental market The rental market within Greenwich is fairly moderate, with almost 30 percent of all dwellings detailed as being rented.
Median weekly rentals for Greenwich currently sit at $450 which translates to an exceptionally strong gross rental yield at 7.0 percent.
Precincts Greenwich is a fairly small suburb which enjoys an excellent, harbour front location, most of the suburb sits on a peninsula
and as such it enjoys water on three sides. It also benefits from elevation which affords many properties quality views. Units which are
situated on or close to the water are likely to record superior capital growth as are those with views. Units situated away from the main
roads: Greenwich and River Roads, are also likely to higher levels of capital growth than those situated on these roads.
Local Amenity Greenwich has its own IGA grocery store however, most of the retail amenity is either located in Crows Nest or North
Sydney, where there is a major shopping centre, Greenwood Plaza. Crows Nest and North Sydney are also home to most of the nearby
restaurants and dining amenity.
Transport/Infrastructure Whilst there is no train station located within Greenwich there are train services available in the adjacent
suburb of Wollstonecraft. The Greenwich Ferry Wharf also has ferries which run from the suburb to Circular Quay in the Sydney CBD.
From the Sydney CBD, public transport can be caught to virtually any part of Greater Sydney.
Capital growth attributes: Greenwich possesses a number of key attributes which are imperative to achieving capital growth. Currently
it is one of the Lower North Shore’s most affordable suburbs whilst being closer to the CBD than many other suburbs. The suburb is
fairly well serviced by public transport and is close to major retail amenity. The suburb has an abundance of water frontage which
significantly drives value growth and rental yields are currently very strong. On average units within the suburb are sitting on the market
for 30 days suggesting that astute buyers are getting in relatively quickly and snapping up well priced properties.
Demographic snapshot
Greenwich Sydney SD Dwelling Structure Greenwich Sydney SD
Total Population 5,055 4,119,191 S
Separate h
t house (54.3%)
978 (54 3%) 905,635 (63.7%)
905 635 (63 7%)
Aged under 15 899 (17.8%) 805,032 (19.5%) Semi-Detached: 100 (5.6%) 168,433 (11.8%)
Aged 15 to 64 3,495 (69.1%) 2,808,186 (68.2%) Flat, unit or apartment:
1 to 2 storey block 119 92,166
Aged 65 and over 661 (13.1%) 505,974 (12.3%)
3 storey block 134 122,518
Average age 39 35
4 storey block or higher 457 122,373
Average indiv income $853 $518 Attached to a house 7 2,725
Average Household income $1,951 $1,154 Total 717 (39.8%) 339,782 (23.9%)
Average household size 2.5 2.7 Other dwelling: 5 (0.3%) 8,646 (0.6%)
Born in Australia 3,161 (62.5%) 2,486,711 (60.4%)
Born overseas 1,438 (28.4%) 1,307,416 (31.7%)
English speaking 3,877 (76.7%) 2,635,997 (64.0%) Dwelling tenure
Fully owned 672 (38.1%) 454,596 (32.9%)
Being purchased 553 (31.3%) 471,084 (34.1%)
Rented: 523 (29.6%) 445,691 (32.3%)
Recent Indicative Sales Other tenure type 17 (1.0%) 10,484 (0.8%)
Pacific Highway, Greenwich Greenwich Rd, Greenwich River Rd, Greenwich
2 bedroom, 1 bathroom unit 2 bedroom, 1 bathroom unit 2 bedroom, 1 bathroom unit
Sold for $334,000 in June 2008 Sold for $520,000 in April 2008 Sold for $363,000 in June 2008
A complete report of recent sales can be purchased from the My RP Data website: www.myrpdata.com
Insider Report Sydney inner-city units p.8
Ultimo
Ultimo
Ulti
(2km - 7min drive from Sydney CBD)
Vital Stats
Vital Stats
Units sold year ending Jul‐08 213
Median price Jul‐08 $362,500
Quarterly growth 2.1%
12 month growth 3.3%
Average annual growth (over 5 years) 5.3%
Weekly median advertised rent $450
y
Gross rental yield 6.5%
Avg days on the market 51
Insider Report Sydney inner-city units p.9
Ultimo
Ultimo is approximately two kilometres south-west of the Sydney CBD. The current median unit price within Ultimo sits at just $362,500,
making it the most affordable unit market of any suburb within three kilometres of the Sydney CBD. During the last year, median unit
prices have seen a moderate level of growth of 3.3 percent. However, the suburb is extremely well located between Pyrmont and the
Sydney CBD, having close links to both areas.
Housing Almost 87 per cent of dwellings within Ultimo are units, the remainder of the suburb is entirely comprised of semi-detached
terrace houses. The suburb has a dominance of refurbished factories which have been turned into units. These types of developments
have been well received in the market and in many cases most have very modern design internally. Some modern, architecturally
designed units are starting to appear in the suburb.
Rental market The rental market in this area is exceptionally strong with 73 percent of all dwellings within the suburb detailed as being
rented. The suburb is home to the University of Technology, Sydney and Sydney TAFE, which helps drive this significant rental demand.
The median rent within Ultimo sits at $450/week which reflects a very strong 6.5 percent average gross rental yield.
Precincts The only area of Ultimo which should be avoided for housing if possible are those areas which are located close to the
Western Distributor as it is a very busy road and can have significant traffic noise. Those areas closer to Wentworth and Tumbalong
Parks are likely to be slightly more desirable due to their outlook as are units which receive harbour and city views.
Local amenity Ultimo has its own small-line supermarket, however given it’s proximity to the CBD most of the retail amenity is situated
outside of the suburb. Ultimo is located close to two major shopping centres, Broadway and Market City, both within walking distance
from the suburb. The suburb also enjoys an abundance of dining and social amenity within the CBD, Darling Harbour and Pyrmont.
Transport / Infrastructure Ultimo is serviced by two stations on the Sydney Light Rail, Paddy’s Market and Exhibition Centre, the suburb
also adjoins Central Train Station which provides access to many areas of Greater Sydney. The suburb has numerous bus services
which run regularly through the suburb.
Capital growth attributes: Capital growth prospects within Ultimo are very strong, with the suburb positioned as the most affordable
within a three kilometre radius of the Sydney CBD. The suburb is extremely close to both the Sydney CBD and Pyrmont, both of which
have an abundance of retail, social and dining amenity as well as being the central area for employment within Sydney. Transport
amenity within the suburb is some of the best within all of Sydney. Units for sale within the suburb currently sit on the market for an
average of just 51 days suggesting that purchasers are likely to have some scope to negotiate on list prices.
Demographic snapshot
Ultimo Sydney SD Dwelling Structure Ultimo Sydney SD
Total Population 5,550 4,119,191 S
Separate h
t house (0.0%)
0 (0 0%) 905,635 (63.7%)
905 635 (63 7%)
Aged under 15 339 (6.1%) 805,032 (19.5%) Semi-Detached: 251 (13.2%) 168,433 (11.8%)
Aged 15 to 64 4,908 (88.4%) 2,808,186 (68.2%) Flat, unit or apartment:
1 to 2 storey block 11 92,166
Aged 65 and over 303 (5.5%) 505,974 (12.3%)
3 storey block 114 122,518
Average age 28 35
4 storey block or higher 1,522 122,373
Average indiv income $431 $518 Attached to a house 0 2,725
Average Household income $938 $1,154 Total 1,647 (86.8%) 339,782 (23.9%)
Average household size 2 2.7 Other dwelling: 0 (0.0%) 8,646 (0.6%)
Born in Australia 1,182 (21.3%) 2,486,711 (60.4%)
Born overseas 2,622 (47.2%) 1,307,416 (31.7%)
English speaking 1,564 (28.2%) 2,635,997 (64.0%) Dwelling tenure
Fully owned 197 (10.8%) 454,596 (32.9%)
Being purchased 289 (15.8%) 471,084 (34.1%)
Rented: 1,334 (73.0%) 445,691 (32.3%)
Other tenure type 7 (0.4%) 10,484 (0.8%)
Recent Indicative Sales
Broadway, Ultimo Smail St, Ultimo Wattle St, Ultimo
1 bedroom unit 1 bedroom unit 2 bedroom, 2 bathroom unit
Sold for $142,000 in April 2008 Sold for $348,000 in January 2008 Sold for $575,000 in May 2008
A complete report of recent sales can be purchased from the My RP Data website: www.myrpdata.com
Insider Report Sydney inner-city units p.10
Rushcutters Bay
Rushcutters B
R h tt Bay
(3km - 9min drive from Sydney CBD)
Vital Stats
Vital Stats
Units sold year ending Jul‐08 119
Median price Jul‐08 $375,000
Quarterly growth ‐2.2%
12 month growth 5.6%
Average annual growth (over 5 years) 8.4%
Weekly median advertised rent $440
y
Gross rental yield 6.1%
Avg days on the market 26
Insider Report Sydney inner-city units p.11
Rushcutters Bay
Rushcutters Bay is situated approximately three kilometres south of the Sydney CBD. The suburb enjoys quality access via William
Street and enjoys an excellent harbour front location. Rushcutters Bay has a current median unit price of $375,000 and during the last
12 months median prices have risen by 5.6 percent which is a strong result given how flat the Sydney market was during this time.
Housing More than 95 percent of all dwellings within Rushcutters Bay are units, with all other property types accounting for a minimal
portion of dwellings. The units within the suburb consists mainly of long established unit developments however, many have significant
internal renovation potential. Also many of these units are of substantial height and are close to the water meaning that many are
afforded exceptional harbour views.
Rental k t The R h tt Bay t l k t is
R t l market Th Rushcutters B rental market i exceptionally strong with more th 60 percent of all d lli
ti ll t ith than in the b b
t f ll dwellings i th suburb
detailed as being rented. Median rents currently sit at $440/week within Rushcutters Bay and units are achieving an average gross
rental yield of 6.1 percent.
Precincts Those units which are located on the harbour front will have the greatest demand and are likely to have the greatest value
growth potential. Those units located closer to the neighbouring suburb, Kings Cross may be adversely affected by late night noise from
the entertainment precinct. Finally, properties situated closer to William Street may also be impacted by significant traffic noise.
however,
Local amenity There are no supermarkets located within Rushcutters Bay however the adjoining suburbs of Edgecliff and Potts Point
have a number of supermarkets. There are several shopping centres located nearby in Edgecliff, Double Bay, Bondi Junction and the
Sydney CBD. Meanwhile, the local area including Rushcutters Bay, Darlinghurst and Potts Point has an abundance of restaurants and
bars, mainly located within the Kings Cross entertainment precinct.
Transport / Infrastructure Rushcutters Bay doesn’t have its own train station however, the adjacent suburbs of Edgecliff and Potts
Point both have a train station. Also, bus services run through Rushcutters Bay to the CBD and areas further afield.
Capital growth attributes: Rushcutters Bay units are well p
p g y poised for capital g
p growth in the future. The suburb is currently very
y y
affordable and unit prices are significantly more affordable than surrounding suburbs. The suburb has reasonably good public transport
amenity as well as being easily accessed via William Street. The suburb is well located close to an abundance of retail, dining and
social amenity and is just three kilometres from the CBD. The harbourside location also adds to the significant appeal of the local area.
On average, units for sale within the suburb sell within just 26 days suggesting properties are being snapped up reasonably quickly by
astute purchasers.
Demographic snapshot
Rushcutters Bay Sydney SD Dwelling Structure Rushcutters Bay Sydney SD
Total Population 2,234 4,119,191 Separate h
S t house (1.2%)
12 (1 2%) 905,635 (63.7%)
905 635 (63 7%)
Aged under 15 114 (5.1%) 805,032 (19.5%) Semi-Detached: 31 (3.1%) 168,433 (11.8%)
Aged 15 to 64 1,809 (81.0%) 2,808,186 (68.2%) Flat, unit or apartment:
1 to 2 storey block 52 92,166
Aged 65 and over 311 (13.9%) 505,974 (12.3%)
3 storey block 300 122,518
Average age 37 35
4 storey block or higher 601 122,373
Average indiv income $802 $518 Attached to a house 9 2,725
Average Household income $987 $1,154 Total 962 (95.1%) 339,782 (23.9%)
Average household size 1.4 2.7 Other dwelling: 7 (0.7%) 8,646 (0.6%)
Born in Australia 886 (39.7%) 2,486,711 (60.4%)
Born overseas 695 (31.1%) 1,307,416 (31.7%)
English speaking 1,269 (56.8%) 2,635,997 (64.0%) Dwelling tenure
Fully owned 190 (19.5%) 454,596 (32.9%)
Being purchased 185 (19.0%) 471,084 (34.1%)
Rented: 590 (60.7%) 445,691 (32.3%)
Recent Indicative Sales Other tenure type 7 (0.7%) 10,484 (0.8%)
Bayswater Rd, Rushcutters Bay Waratah St, Rushcutters Bay Queens Ave,Rushcutters Bay
2 bedroom, 1 bathroom unit 1 bedroom, 1 bathroom unit of 103sqm 2 bedroom, 2 bathroom unit
Sold for $375,000 in August 2008 Sold for $250,000 in April 2008 Sold for $785,000 in May 2008
A complete report of recent sales can be purchased from the My RP Data website: www.myrpdata.com
Insider Report Sydney inner-city units p.12
Potts Point
Potts P i t
P tt Point
(2km - 10min drive from Sydney CBD)
Vital Stats
Vital Stats
Units sold year ending Jul‐08 279
Median price Jul‐08 $380,000
Quarterly growth 2.7%
12 month growth 8.6%
Average annual growth (over 5 years) 8.2%
Weekly median advertised rent $380
y
Gross rental yield 5.2%
Avg days on the market 27
Semaphore
Park
Insider Report Sydney inner-city units p.13
Potts Point
Potts Point is located approximately two kilometres west of the Sydney CBD, the suburb sits on a peninsula which sits between
Woolloomooloo Bay and Elizabeth Bay. Over the last year, median unit prices have climbed by 8.6 percent which is a very strong result
given the value growth performance across Sydney during the last 12 months. With a median unit price of $380,000, investment within
Potts Point still represents very good value.
Housing Potts Point has a wide variety of unit offerings, being one of the first areas of Australia to see unit development. The suburb
houses a mix of older, art-deco units right through to modern units. Almost 93 percent of all dwellings within Potts Point are detailed as
units which means that other dwelling types make up a fairly small portion of the total market.
Rental k t Within th b b t f ll d lli
R t l market Withi the suburb, 63 percent of all dwellings are detailed as being rented, showing that the suburb enjoys significant
d t il d b i t d h i th t th b b j i ifi t
rental demand. This finding is supported by the fact that median rents currently sit at $380/week and average gross rental yields are 5.2
percent.
Precincts Those areas closer to the entertainment district at Kings Cross may be adversely affected by noise however, a location such
as this may hold significant appeal for some rental tenants. The areas with the best capital growth prospects will be those units located
on or as close as possible to the waterfront.
residents.
Local amenity Potts Point is home to two supermarkets catering to the needs of local residents The suburb is also within walking
distance of the Sydney CBD with its abundance of retail, dining a social amenity. There are a number of shopping centres located nearby
in Edgecliff, Double Bay, Bondi Junction and the Sydney CBD. The local area including Rushcutters Bay, Darlinghurst and Kings Cross
has an abundance of restaurants and bars within the Kings Cross district.
Transport / Infrastructure Potts Point is mainly serviced by public transport via the train station at Kings Cross. The suburb also enjoys
a ferry service which runs from Circular Quay to Garden Island and then onwards to Rose Bay.
Capital growth attributes: Capital g
p g p prospects within Potts Point are strong. The suburb is affordable and unit p
growth p p g prices are
significantly more affordable than surrounding suburbs. The suburb has a high level of public transport amenity and is within walking
distance to the Sydney CBD. The suburb is well located close to an abundance of retail, dining and social amenity. The harbour side
location also adds to the significant appeal of the local area as do the character units within the suburb. On average, units within Potts
Point sell after just 27 days, which suggests that they are sold fairly quickly after they are listed for sale.
Demographic snapshot
Potts Point Sydney SD Dwelling Structure Potts Point Sydney SD
Total Population 6,877 4,119,191 S
Separate h
t house (1.3%)
38 (1 3%) 905 635 (63 7%)
905,635 (63.7%)
Aged under 15 244 (3.5%) 805,032 (19.5%) Semi-Detached: 142 (5.0%) 168,433 (11.8%)
Aged 15 to 64 6,051 (88.0%) 2,808,186 (68.2%) Flat, unit or apartment:
1 to 2 storey block 60 92,166
Aged 65 and over 582 (8.5%) 505,974 (12.3%)
3 storey block 419 122,518
Average age 35 35
4 storey block or higher 2,152 122,373
Average indiv income $921 $518 Attached to a house 3 2,725
Average Household income $1,133 $1,154 Total 2,634 (92.8%) 339,782 (23.9%)
Average household size 1.5 2.7 Other dwelling: 25 (0.9%) 8,646 (0.6%)
Born in Australia 2,933 (42.6%) 2,486,711 (60.4%)
Born overseas 1,920 (27.9%) 1,307,416 (31.7%)
English speaking 4,087 (59.4%) 2,635,997 (64.0%) Dwelling tenure
Fully owned 441 (16.0%) 454,596 (32.9%)
Being purchased 572 (20.7%) 471,084 (34.1%)
Rented: 1,740 (63.0%) 445,691 (32.3%)
Recent Indicative Sales Other tenure type 8 (0.3%) 10,484 (0.8%)
Orwell St, Potts Point Bayswater Rd, Potts Point Brougham St, Potts Point
1 bedroom, 1 bathroom unit 1 bedroom, 1 bathroom unit 2 bedroom, 1 bathroom unit
Sold for $360,000 in May 2008 Sold for $262,000 in February 2008 Sold for $530,000 in April 2008
A complete report of recent sales can be purchased from the My RP Data website: www.myrpdata.com
Insider Report Sydney inner-city units p.14
Forest Lodge
Forest Lodge
F tL d
(4km - 10min drive from Sydney CBD)
Vital Stats
Vital Stats
Units sold year ending Jul‐08 33
Median price Jul‐08 $400,000
Quarterly growth ‐14.9%
12 month growth ‐14.4%
Average annual growth (over 5 years) 7.5%
Weekly median advertised rent $420
y
Gross rental yield 5.5%
Avg days on the market 37
Insider Report Sydney inner-city units p.15
Forest Lodge
Forest Lodge is situated approximately four kilometres south-west of the Sydney CBD. During the last 12 months the median unit price
has dropped within the suburb by 14.4 percent, a significant price decline. The median unit price now sits at $400,000 which shows
significant value when compared to nearby suburbs.
Housing Forest Lodge is well and truly dominated by older unit dwellings with a couple of newer developments popping up during recent
years. The older units are generally in small blocks with most having less than 12 units, this is likely to result in lower body corporate
fees. The 2006 Census recorded 34 percent of all dwellings within the suburb were units with semi-detached dwellings accounting for
the largest portion of dwellings at almost 57 percent.
Rental k t Within th b b th
R t l market Withi the suburb, more than 53 percent of all dwellings are detailed as being rented, showing that the suburb h very
t f ll d lli d t il d b i t d h i th t th b b has
strong rental demand. Median rents currently sit at $380/week and this equates to an average gross rental yield of 5.5 percent. The
rental market draws strong demand from the nearby University of Sydney.
Precincts Forest Lodge is a fairly small suburb. Areas which are situated closer to Parramatta Road are likely to be the least desirable
due to a possible impact by traffic noise on these units.
Local amenity Most of Forest Lodge’s retail amenity is located outside of the suburb in Glebe where there are a number of
supermarkets. however,
supermarkets The Broadway Shopping Centre within Broadway is the closest major retail however there is an abundance of retail
amenity nearby in the Sydney CBD. Within the suburbs there are a number of small bars and cafes whilst there is an abundance of
restaurants in the neighbouring suburb, Glebe.
Transport / Infrastructure The suburb enjoys a light rail station at Jubilee Park which affords the suburb direct access to the CBD.
Meanwhile, regular bus services also service the suburb carrying passengers to the Sydney CBD.
Capital growth attributes: Forest Lodge’s capital growth prospects are very strong. The suburb is affordable and unit prices are
significantly more affordable than those found in surrounding suburbs with Annandale the second most affordable of the surrounding
g y g g
suburbs with a median price which is $35,000 greater than Forest Lodge’s. Forest Lodge has good public transport amenity with both
light rail and buses servicing the suburb. The suburb is well located close to an abundance of retail, dining and social amenity in the
neighbouring suburb, Glebe and nearby Broadway. The inner city location coupled with the proximity to the Sydney CBD and University
of Sydney means that rental demand in the suburb is particularly strong. Currently, units within Forest Lodge sell after 33 days, which is a
quicker time to sell than that which is currently recorded across Sydney.
Demographic snapshot
Forest Lodge Sydney SD Dwelling Structure Forest Lodge Sydney SD
Total Population 2,406 4,119,191 S
Separate h
t house (8.0%)
77 (8 0%) 905,635 (63.7%)
905 635 (63 7%)
Aged under 15 228 (9.5%) 805,032 (19.5%) Semi-Detached: 547 (56.6%) 168,433 (11.8%)
Aged 15 to 64 2,042 (84.9%) 2,808,186 (68.2%) Flat, unit or apartment:
1 to 2 storey block 87 92,166
Aged 65 and over 136 (5.7%) 505,974 (12.3%)
3 storey block 204 122,518
Average age 32 35
4 storey block or higher 38 122,373
Average indiv income $766 $518 Attached to a house 0 2,725
Average Household income $1,526 $1,154 Total 329 (34.0%) 339,782 (23.9%)
Average household size 2.2 2.7 Other dwelling: 14 (1.4%) 8,646 (0.6%)
Born in Australia 1,396 (58.0%) 2,486,711 (60.4%)
Born overseas 675 (28.1%) 1,307,416 (31.7%)
English speaking 1,753 (72.9%) 2,635,997 (64.0%) Dwelling tenure
Fully owned 163 (17.3%) 454,596 (32.9%)
Being purchased 271 (28.7%) 471,084 (34.1%)
Rented: 503 (53.3%) 445,691 (32.3%)
Recent Indicative Sales Other tenure type 6 (0.6%) 10,484 (0.8%)
Hereford St, Forest Lodge Foss St, Forest Lodge Wood St, Forest Lodge
2 bedroom, 1 bathroom unit 1 bedroom, 1 bathroom unit 3 bedroom, 3 bathroom unit
Sold for $415,000 in July 2008 Sold for $315,000 in June 2008 Sold for $611,000 in April 2008
Insider Report Sydney inner-city units p.16
Woolloomooloo
Woolloomooloo
W ll l
(2km - 7min drive from Sydney CBD)
Vital Stats
Vital Stats
Units sold year ending Jul‐08 112
Median price Jul‐08 $420,000
Quarterly growth ‐11.1%
12 month growth ‐10.6%
Average annual growth (over 5 years) 0.8%
Weekly median advertised rent $650
y
Gross rental yield 8.0%
Avg days on the market 51
Insider Report Sydney inner-city units p.17
Woolloomooloo
Woolloomooloo is located approximately two kilometres from the Sydney CBD and sits on Woolloomooloo Bay on Sydney Harbour.
During the last 12 months median unit prices have decreased by 10.6 percent with the median unit price sitting at $420,000. The location
and proximity of the suburb to the Sydney CBD and Sydney Harbour suggests that it is likely to see further value growth.
Housing The dominant dwelling type within Woolloomooloo is units which account for more than 69 percent of all dwellings. Separate
houses account for less than one percent of housing stock whilst semi-detached properties account for almost 24 percent of the suburbs
dwellings. The suburb has a mixture of very modern unit developments following gentrification which has occurred during the last 15 to
20 years. There are still a number of older units available which in many cases are within converted terrace houses or converted
factories and buildings.
Rental market Within Woolloomooloo more than three quarters of dwellings are detailed as being rented, highlighting the exceptionally
strong demand for rental properties within the suburb. The median rent currently sits at $650/week which represents a very impressive
average gross rental yield of 8.0 percent.
Precincts Within Woolloomooloo there are still pockets of housing commission properties, units within or close to these buildings should
be avoided as this can be detrimental to value growth and rental return prospects. Units which are located on or close to the waterfront
and those in elevated positions with views are likely to enjoy the greatest demand. Meanwhile, units located closer to the Kings Cross
noise.
entertainment precinct may be adversely affected by late night noise
Local amenity Woolloomooloo has little retail amenity, with most based in the surrounding areas of the Sydney CBD and Potts Point.
Local retail, dining a social amenity is found nearby in Potts Point and the adjacent Sydney CBD as well as some upmarket restaurants
located within the suburb. There are a number of shopping centres located within surrounding suburbs.
Transport / Infrastructure Train amenity is found nearby within Potts Point and the Sydney CBD, whilst a number of buses run through
the Kings Cross area and ferries stop at nearby Garden Island. The suburbs proximity to the CBD means that it is afforded good access
to numerous areas of Greater Sydney.
y y
Capital growth attributes: Woolloomooloo has strong capital growth prospects. The suburbs proximity to the Sydney CBD and
proximity to Sydney Harbour makes it a very desirable residential location. The abundance of retail, social and dining amenity all within
walking distance of the suburb helps to add to the significant appeal of the area. Woolloomooloo units currently have an average time on
market of 51 days, suggesting that there is scope for price negotiation within the market.
Demographic snapshot
Woolloomooloo Sydney SD Dwelling Structure Woolloomooloo Sydney SD
Total Population 3,518 4,119,191 S
Separate h
t house (0.5%)
8 (0 5%) 905,635 (63.7%)
905 635 (63 7%)
Aged under 15 257 (7.3%) 805,032 (19.5%) Semi-Detached: 372 (23.5%) 168,433 (11.8%)
Aged 15 to 64 2,928 (83.2%) 2,808,186 (68.2%) Flat, unit or apartment:
1 to 2 storey block 53 92,166
Aged 65 and over 333 (9.5%) 505,974 (12.3%)
3 storey block 311 122,518
Average age 36 35
4 storey block or higher 728 122,373
Average indiv income $736 $518 Attached to a house 0 2,725
Average Household income $1,075 $1,154 Total 1,092 (69.1%) 339,782 (23.9%)
Average household size 1.7 2.7 Other dwelling: 108 (6.8%) 8,646 (0.6%)
Born in Australia 1,567 (44.5%) 2,486,711 (60.4%)
Born overseas 1,153 (32.8%) 1,307,416 (31.7%)
English speaking 2,062 (58.6%) 2,635,997 (64.0%) Dwelling tenure
Fully owned 149 (10.3%) 454,596 (32.9%)
Being purchased 186 (12.9%) 471,084 (34.1%)
Rented: 1,093 (75.6%) 445,691 (32.3%)
Recent Indicative Sales Other tenure type 18 (1.2%) 10,484 (0.8%)
Dowling St, Woolloomooloo Forbes St, Woolloomooloo Palmer St , Woolloomooloo
1 bedroom, 1 bathroom unit 2 bedroom, 1 bathroom unit of 106sqm 2 bedroom, 1 bathroom unit
Sold for $410,000 in May 2008 Sold for $397,500 in May 2008 Sold for $535,000 in June 2008
A complete report of recent sales can be purchased from the My RP Data website: www.myrpdata.com
Insider Report Sydney inner-city units p.18
Crows Nest
Crows N t
C Nest
(4km - 9min drive from Sydney CBD)
Vital Stats
Vital Stats
Units sold year ending Jul‐08 101
Median price Jul‐08 $450,000
Quarterly growth 3.1%
12 month growth 12.9%
Average annual growth (over 5 years) 6.4%
Weekly median advertised rent $395
y
Gross rental yield 4.6%
Avg days on the market 34
Insider Report Sydney inner-city units p.19
Crows Nest
Crows Nest is situated on Sydney’s Lower North Shore and is just four kilometres north of the Sydney CBD. The suburb is a long
established residential area and the current median unit price sits at $450,000, making it one of the more affordable suburbs of the Lower
North Shore. Over the last 12 months, median unit prices have increased by 12.9 percent which is an exceptionally strong rate of growth
compared to those recorded throughout Greater Sydney.
Housing More than 38 percent of all dwellings within Crows Nest are detailed as units, with semi-detached dwellings accounting for the
largest portion of property type (39.4 percent). Separate houses account for just over 15 percent of all properties within the suburb. The
suburb houses a wide range of older style walk up units (many of which appear to have been refurbished) and modern, architecturally
designed unit blocks.
Rental market 49 percent of all dwellings in Crows Nest are detailed as rented, indicating a very strong rental market within the suburb.
The median weekly rental is $395, which equates to an average gross rental yield of 4.6 percent.
Precincts Those unit developments which are located closer to the Pacific Highway and the Warringah Freeway are likely to have their
capital growth prospects dampened somewhat due to these roads being particularly busy and carrying a significant amount of traffic
through most times of the day and night.
supermarkets,
Local amenity Crows Nest has a significant amount of shopping amenity within the suburb with a number of supermarkets whilst
nearby North Sydney has a number of shopping centres. Crows Nest also has an abundance of restaurants and cafes to cater to the
needs of the local residents.
Transport / Infrastructure The closest train station to Crows Nest is situated in the adjacent suburbs of Wollstonecraft and St Leonards,
both within close proximity to most areas of the suburb. Numerous buses service Crows Nest, whilst access to the suburb is excellent
via the Warringah Freeway and the Pacific Highway.
Capital growth attributes: Crows Nest’s capital g
p g p growth p p
prospects are strong. The suburb is within close p
g proximity to the major office
y j
markets at North Sydney, Chatswood and the Sydney CBD, creating strong rental demand. The nearby Royal North Shore Hospital also
helps drive rental demand. The local area has an abundance of retail, social and dining amenity which adds significantly to the appeal.
Access to the area is excellent and train stations are located nearby. The current median unit price of $450,000 is relatively affordable
compared with surrounding suburbs. Properties for sale within the suburb sit on the market for an average of 34 days suggesting that
units for sale within the suburbs are being purchased relatively quickly.
Demographic snapshot
Crows Nest Sydney SD Dwelling Structure Crows Nest Sydney SD
Total Population 3,154 4,119,191 Separate h
S t house (15.2%)
222 (15 2%) 905 635 (63 7%)
905,635 (63.7%)
Aged under 15 359 (11.4%) 805,032 (19.5%) Semi-Detached: 575 (39.4%) 168,433 (11.8%)
Aged 15 to 64 2,556 (81.0%) 2,808,186 (68.2%) Flat, unit or apartment:
1 to 2 storey block 164 92,166
Aged 65 and over 240 (7.6%) 505,974 (12.3%)
3 storey block 227 122,518
Average age 33 35
4 storey block or higher 167 122,373
Average indiv income $954 $518 Attached to a house 0 2,725
Average Household income $1,639 $1,154 Total 558 (38.2%) 339,782 (23.9%)
Average household size 1.9 2.7 Other dwelling: 106 (7.3%) 8,646 (0.6%)
Born in Australia 1,878 (59.5%) 2,486,711 (60.4%)
Born overseas 960 (30.4%) 1,307,416 (31.7%)
English speaking 2,378 (75.4%) 2,635,997 (64.0%) Dwelling tenure
Fully owned 305 (21.3%) 454,596 (32.9%)
Being purchased 409 (28.6%) 471,084 (34.1%)
Rented: 706 (49.4%) 445,691 (32.3%)
Recent Indicative Sales Other tenure type 9 (0.6%) 10,484 (0.8%)
David St, Crows Nest Atchison St, Crows Nest Holterman St, Crows Nest
1 bedroom, 1 bathroom unit 1 bedroom, 1 bathroom unit 2 bedroom, 2 bathroom unit
Sold for $450,000 in February 2008 Sold for $380,000 in May2008 Sold for $515,000 in May 2008
A complete report of recent sales can be purchased from the My RP Data website: www.myrpdata.com
Insider Report Sydney inner-city units p.20
Lilyfield
Lilyfield
Lil fi ld
(4km - 10min drive from Sydney CBD)
Vital Stats
Vital Stats
Units sold year ending Jul‐08 34
Median price Jul‐08 $473,750
Quarterly growth ‐5.3%
12 month growth ‐8.6%
Average annual growth (over 5 years) 6.5%
Weekly median advertised rent $420
y
Gross rental yield 4.6%
Avg days on the market 26
Insider Report Sydney inner-city units p.21
Lilyfield
Lilyfield is located four kilometres west of the Sydney CBD. The suburb is a long established area of inner Sydney which sits on the
Parramatta River and has witnessed significant gentrification over recent years. Lilyfield’s current median unit price sits at $473,750
which is significantly more affordable than surrounding areas. Over the last year median unit prices decreased by 8.6 percent however,
the suburb still has significant opportunity.
Housing Separate houses are the dominant dwelling type within Lilyfield, accounting for almost 57 percent of all dwellings within the
suburb. Units account for almost one fifth of all dwellings within the suburb, whilst semi detached properties account for almost 23
percent of all dwellings. The unit offering within Lilyfield is still dominated by older units which in most cases have a maximum height of
around four stories, there has also been some modern product delivered in recent years again, this product is generally lowset and
includes l f
i l d examples of modern td terraces.
Rental market Lilyfield has a strong rental market with almost 38 percent of all dwellings detailed as being rented. Median rents within
the suburb currently sit at $420/week and this rent reflects an average gross rental yield of 4.6 percent.
Precincts Most areas of Lilyfield are desirable however, unit developments situated further away from the City West link Road are likely
to be more desirable. Whilst the suburb enjoys a waterfront location, no properties have absolute waterfront. With this being the case,
units which are located closer to the water, or those which receive views are likely to enjoy the greatest demand.
Local amenity There is little shopping amenity within Lilyfield however, grocery stores are located in the adjacent suburbs, Rozelle and
Leichhardt. Market Place Shopping Centre at nearby Leichhardt caters to the suburbs major retail needs. Rozelle and Leichhardt also
have an abundance of restaurants and cafes to cater to local residents dining requirements.
Transport / Infrastructure Lilyfield has its own light rail station, which affords direct access to the Sydney CBD, from the CBD, many
other areas of Greater Sydney can be accessed via, bus, train and ferry. Many buses also service the suburb providing public transport
to the Sydney CBD and areas further afield. By private vehicle the suburb is easily accessed via the City West Link Rd.
Capital growth attributes: The continued capital growth prospects within Lilyfield are strong. The suburb enjoys good access to the
Sydney CBD and is the only suburb within the surrounding area which has rail amenity. Although the suburb doesn’t enjoy the waterfront
location like its surrounding suburbs, it is significantly more affordable with a median unit price of $473,750. The suburb is also located
close to the Rozelle Hospital which helps drive significant rental demand for local units. Properties listed for sale sit on the market for an
average of 26 days which suggests they are snapped up relatively quickly by astute buyers.
Demographic snapshot
Lilyfield Sydney SD Dwelling Structure Lilyfield Sydney SD
Total Population 6,761 4,119,191 S
Separate h
t house 1 512 (56 9%)
1,512 (56.9%) 905 635 (63 7%)
905,635 (63.7%)
Aged under 15 1,130 (16.7%) 805,032 (19.5%) Semi-Detached: 607 (22.8%) 168,433 (11.8%)
Aged 15 to 64 4,769 (70.5%) 2,808,186 (68.2%) Flat, unit or apartment:
1 to 2 storey block 255 92,166
Aged 65 and over 862 (12.7%) 505,974 (12.3%)
3 storey block 179 122,518
Average age 38 35
4 storey block or higher 92 122,373
Average indiv income $711 $518 Attached to a house 4 2,725
Average Household income $1,431 $1,154 Total 530 (19.9%) 339,782 (23.9%)
Average household size 2.3 2.7 Other dwelling: 9 (0.3%) 8,646 (0.6%)
Born in Australia 4,427 (65.5%) 2,486,711 (60.4%)
Born overseas 1,755 (26.0%) 1,307,416 (31.7%)
English speaking 5,108 (75.6%) 2,635,997 (64.0%) Dwelling tenure
Fully owned 724 (27.9%) 454,596 (32.9%)
Being purchased 881 (34.0%) 471,084 (34.1%)
Rented: 972 (37.5%) 445,691 (32.3%)
Recent Indicative Sales Other tenure type 16 (0.6%) 10,484 (0.8%)
Balmain Rd, Lilyfield Balmain Rd, Lilyfield Alberto St, Lilyfield
2 bedroom, 2 bathroom unit 1 bedroom, 1 bathroom unit 3 bedroom, 3 bathroom unit
Sold for $460,000 in March 2008 Sold for $335,000 in April 2008 Sold for $820,000 in May 2008
A complete report of recent sales can be purchased from the My RP Data website: www.myrpdata.com
Insider Report Sydney inner-city units p.22
Chiswick
Chiswick
Chi i k
(6km - 20min drive from Sydney CBD)
Vital Stats
Vital Stats
Units sold year ending Jul‐08 61
Median price Jul‐08 $488,000
Quarterly growth ‐1.4%
12 month growth 3.8%
Average annual growth (over 5 years) 7.9%
Weekly median advertised rent $420
y
Gross rental yield 4.5%
Avg days on the market 32
Insider Report Sydney inner-city units p.23
Chiswick
Chiswick is situated in a waterfront location on the Parramatta River between Abbotsford and Five Dock Bays, approximately six
kilometres west of the Sydney CBD. The suburb has a current median unit price of $488,000 and has witnessed price growth of 3.8
percent during the last 12 months. In the context of the wider market this is a reasonably strong rate of growth however, compared to
surrounding suburbs, price growth has lagged well behind.
Housing According to the 2006 Census, almost 73 percent of all dwellings within Chiswick are detailed as units, with around 23 percent
separate houses and approximately 4 percent semi-detached dwellings. The unit offering within the suburb is dominated by older style
units, many of which have a riverfront location, enjoy excellent views and are likely to have internal renovation potential.
R t l market Th rental market within Chi i k i exceptionally strong with 57 2 percent of all d lli
Rental k t The t l k t ithi Chiswick is ti ll t ith 57.2 detailed being t d
t f ll dwellings d t il d as b i rented
compared to 32 percent throughout Sydney. The median rent currently sits at $420/week and this result equates to an average gross
rental yield of 4.5 percent.
Precincts There are no particular areas of Chiswick to avoid, as it is on a peninsula it enjoys minimal through traffic. Units located on
the waterfront are likely to be particularly desirable due to this feature, meanwhile units at the top of buildings away from the river which
achieve views will also be particularly desirable.
suburb, Concord, Burwood,
Local amenity Chiswick has little retail amenity within the suburb with supermarkets situated in nearby Concord Burwood Drummoyne
and Strathfield. Major retail is found nearby at Birkenhead Shopping Centre at Drummoyne and Strathfield Plaza at Strathfield. Chiswick
has a couple of restaurants and cafes however, most local restaurants and cafes are found in the adjoining suburbs of Five Dock,
Wareemba and Abbotsford.
Transport / Infrastructure Chiswick and its surrounding suburbs are not particularly well serviced by rail amenity with the closest train
station situated at Burwood. However, Chiswick does have a ferry terminal which runs to Parramatta and to Circular Quay in the Sydney
CBD. A number of bus routes also service the suburb running to the Sydney CBD.
Capital growth attributes: The capital growth prospects within Chiswick are strong. Units are still relatively affordable when compared
to surrounding waterfront locations. In fact with a current median price of $488,000, Chiswick is $30,000 more affordable than the next
cheapest surrounding suburb, Five Dock. A number of properties have great renovation potential and are afforded water frontage. The
suburb also has good retail, dining and social amenity available within surrounding suburbs. Properties listed for sale sit on the market for
an average of just 32 days which suggests that there may be some scope for price negotiation.
Demographic snapshot
Chiswick Sydney SD Dwelling Structure Chiswick Sydney SD
Total Population 2,376 4,119,191 S
Separate h
t house (23.1%)
229 (23 1%) 905,635 (63.7%)
905 635 (63 7%)
Aged under 15 296 (12.5%) 805,032 (19.5%) Semi-Detached: 41 (4.1%) 168,433 (11.8%)
Aged 15 to 64 1,833 (77.1%) 2,808,186 (68.2%) Flat, unit or apartment:
1 to 2 storey block 51 92,166
Aged 65 and over 247 (10.4%) 505,974 (12.3%)
3 storey block 102 122,518
Average age 34 35
4 storey block or higher 569 122,373
Average indiv income $979 $518 Attached to a house 0 2,725
Average Household income $1,836 $1,154 Total 722 (72.8%) 339,782 (23.9%)
Average household size 2.1 2.7 Other dwelling: 0 (0.0%) 8,646 (0.6%)
Born in Australia 1,334 (56.1%) 2,486,711 (60.4%)
Born overseas 716 (30.1%) 1,307,416 (31.7%)
English speaking 1,473 (62.0%) 2,635,997 (64.0%) Dwelling tenure
Fully owned 236 (24.4%) 454,596 (32.9%)
Being purchased 177 (18.3%) 471,084 (34.1%)
Rented: 553 (57.2%) 445,691 (32.3%)
Recent Indicative Sales Other tenure type 0 (0.0%) 10,484 (0.8%)
Borthfield Dr, Chiswick Dolphin Cl, Chiswick Borthfield Dr, Chiswick
3 bedroom, 1 bathroom unit of 105sqm 1 bedroom, 1 bathroom unit 3 bedroom, 1 bathroom unit
Sold for $485,000 in June 2008 Sold for $385,000 in April 2008 Sold for $528,000 in January 2008
A complete report of recent sales can be purchased from the My RP Data website: www.myrpdata.com
Insider Report Sydney inner-city units p.24
Your Local RP Data Powered Agents
RP Data Powered Agents:
Real Estate Name Principal Mobile Email Phone Suburb
City Fringe Realty Mr Peter Fragakis 9318 1719 CHIPPENDALE
A S U Properties Mr Ken Wong asup@mail.com 9281 8222 ULTIMO
Grand Sydney Realty Mr Wilson Choi 0416 038 228 gsrealty@grandsydney.com.au 9212 3023 ULTIMO
Central Sydney Realty Ms Susan Sun centralsydneyrealty@yahoo.com.au 9518 8088 ULTIMO
Dalgety Square Property Service Ms Julia Chan 9280 1617 ULTIMO
Nationwide Incorporated Mr Gabriel Akis 0411 503 903 g.akis@nation‐wide.com.au 9529 3448 BROADWAY
Woodbury Bell Ms Simone Caralis 0414 662 066 scaralis@woodburybell.com.au 9282 9633 ULTIMO
Atlas Realty Mr Ulysses Schisas 0413 744 435 8507 0180 PYRMONT
L.J. Hooker Crows Nest Ms Annie Brougham crowsnest@ljh.com.au 9439 1200 CROWS NEST
Elders Gilmore Real Estate Mr Tony Broome admin@elderscrowsnest.co.au 9901 3333 CROWS NEST
Hockeys First National Real Estate
Hockeys First National Real Estate Mr Colin Hockey
Mr Colin Hockey colini@hockeys com au
colini@hockeys.com.au 9439 6499
9439 6499 NAREMBURN
Northside Realtors Crows Nest Mrs Lisa Todarello lisa@northsiderealtors.com.au 9906 2011 CROWS NEST
Raine & Horne Crows Nest Mr Christopher L'Estrange 0412 274 555 sales@rhcrowsnest.com.au 9439 3488 SYDNEY
Raine & Horne St Leonards Mr John Morgan 9439 2233 ST LEONARDS
Marriott Lane Real Estate Mr Wayne Marriott 0400 540 423 wayne@marriottlane.com.au 9906 2300 CROWS NEST
Morton & Morton Ms Rebecca Holland 0419 257 199 morton@rpdata.com.au 8424 9999 CROWS NEST
Imperial Apartments Mr Tony Pugliese 9436 0346 ST LEONDARDS
Millennium Property Group Mr John Shiper 9966 0699 CROWS NEST
Laing & Simmons Residential Mr Glenn Martin pm3@tpg.com.au 9438 4511 CROWS NEST
Washington Brown Depreciation Mr Tyron Hyde info@washingtonbrown.com.au 9906 1212 CROWS NEST
Positive Real Estate Mr Max Tennant sam@positiverealestate.com.au 9430 1102 ST LEONARDS
Total Realty First National Ms Rose Lambert 0408 932 355 admin@totalrealty.com.au 9906 5377 CROWS NEST
Location 2065 Mr Ajay Valanju 0413 338 853 avalanju@jpg.com.au 9439 3188 ST LEONARDS
Fernwood Hotel Group Ms Kim Ganderton 9906 5933 CROWS NEST
Ray White Elizabeth Bay Mr Ian Campbell 9331 9600 POTTS POINT
Vantage Real Estate 9356 3300 POTTS POINT
R & W Elizabeth Bay / Potts Point Ms Natalie Wykes officeadmin@rwebay.com.au 8356 2700 POTTS POINT
Hayek Real Estate 9357 0999 POTTS POINT
Residence Pty Ltd Mr Richard Rawle 0411 703 700 richard@residence.com.au ELIZABETH BAY
L J Hooker Elizabeth Bay
L.J. Hooker Elizabeth Bay Mr Ian Anderson
Mr Ian Anderson elizabethbay@ljh.com.au
elizabethbay@ljh com au 9357 7555 ELIZABETH BAY
9357 7555 ELIZABETH BAY
Laing & Simmons Potts Point Ms Joanne Black jo‐ann@lspp.com.au 9356 3655 POTTS POINT
Raine & Horne Elizabeth Bay Mr Ian Thau 0412 383 130 ian.elizabethbay@rh.com.au 9332 2000 POTTS POINT
Angus Levitt Real Estate Mr Sasha Levitt 9358 2588 POTTS POINT
Mersonn Ms Laura Reid 0405 405 605 laura@mersonn.com.au 9326 9962 POTTS POINT
Ramsay Real Estate Mr Ben Ramsay ben@ramsayre.com.au 9358 1122 POTTS POINT
Sydney Links Real Estate Ms Trisiana Muljono 0404 893 883 trish@sydneylinks.net 8302 3000 POTTS POINT
Keen Property Mr Darren Keen 0413 838 839 dmk@keenproperty.com.au 9380 2688 RUSHCUTTERSBAY
Podcorp Holdings Pty Ltd Mr Andrew Podgornik 0410 431 006 andrew@podcrop.com.au 9332 4511 RUSHCUTTERS BAY
Capreda
p Mr Noel Johnson j j p
0407 838 389 njohnson@johnsonscorporate.com.au 9358 6111 EAST SYDNEY
City Commercial Property Mr Warren Duncan 0410 508 816 warrend@citycommercial.com.au 8354 1180 POTTS POINT
RL Time Five Dock Mr Dean Kalos dean@deankalos.com.au 9712 1188 FIVE DOCK
Richardson & Wrench Five Dock Mr Sam Previtera 9712 3822 FIVE DOCK
Five Dock Realty Mr John La Mela 9713 2555 FIVE DOCK
L.J. Hooker Five Dock Mr Chris Condos 9712 3511 FIVE DOCK
Ray White Five Dock Mr Joseph Rupolo 0411 695 369 joseph.rupolo@rwfd.com.au 9712 2022 FIVE DOCK
Elite Partners Real Estate Mr Tony Lorenzo 0410 648 864 tony@elitepartnersrealestate.com.au 9713 2900 FIVE DOCK
Century 21 Natoli Real Estate Mr Anthony Natoli 0411 099 011 anthony@natolirealestate.com.au 9713 4044 FIVE DOCK
Ray White Glebe Ms Christina Anthony 9552 4333 GLEBE
Australian Property & ManagementP/L
A t li P t &M tP/L M B tM
Mr Bert Maroya l@ t t
general@austproperty.com.au 9660 4155 GLEBE
9660 4155
Richardson & Wrench Glebe/Pyrmont Mr Luke Waters 0410 578 700 luke@rwglebe.com.au GLEBE
Raine & Horne Leichhardt Mr Michael Montano 0413 313 488 leichhardt@ljhl.com.au 9568 2600 LEICHHARDT
Richardson & Wrench Leichhardt Mr Joseph Sulfaro 9569 0588 LEICHHARDT
Carrington Partners Real Estate Mr Michael Carrington 9569 9688 LEICHHARDT
Gerard Partners Real Estate Mr Gerard Inangeri 0418 611 186 gerard@gerardpartners.com.au 9560 8111 LEICHHARDT
McGrath Residential ‐ Inner West Mr The Principal 9386 3333 LEICHHARDT
John Vitt First National Mr Giovanni Vitiello 9550 0266 LEICHHARDT
PRD Nationwide Leichhardt Mr Nick La Rosa nick@prdleichhardt.com 9564 3177 LEICHHARDT
Plum Property
p y Ms Karen McGlinchey y 0411 639 420 p p p y
Karen@plumproperty.com.au LEICHHARDT
Jennifer Aaron Real Estate Ms Jennifer Aaron 0418 440 653 ja@jenniferaaron.com.au 9560 1259 LEICHHARDT
Property Secrets Mr Paul Giezekamp 0416 120 786 paul@propertysecrets.net.au 1300 653790 LEICHHARDT
Pirrello Platinum Realty Ms Maria Pirrello 0411 615 923 pirrellorealty@optusnet.com.au 9569 9688 LEICHHARDT
Ray White Leichhardt Mr Nathan Mainhoff 0404 889 344 sales@raywhiteleichhardt.com.au 9560 5588 LEICHHARDT
Insider Report Sydney inner-city units p.25