The eastern suburbs is remarkable for the sheer diversity of its suburbs.
Whether you want a waterfront penthouse pad in Woolloomooloo, cruisy beachside living at Coogee, the sophistication of cosmopolitan Darlinghurst or the bustling blend of Kensington – there’re a lot of lifestyles to live and love here. The enduring appeal of these blue-chip suburbs, with their strong fundamentals, means that they’re well-positioned to ride out the world’s current storms and maintain strong value long-term.
Beyond Potts Point, these are some other eastern suburbs hotspots I think you should keep an eye on:
This waterside suburb, with its easy access to the CBD, has increasingly been on homeowners and investors’ radars in recent years, and with good reason. Woolloomooloo reported annual capital growth of 5.69% in the year to April 2020, according to CoreLogic data.
There’s lots to love about Woolloomooloo, including its many terrace houses, which offer rare scope for improvement alongside heritage charm. The neighbourhood enjoys all of the benefits of inner-city living, being an easy stroll from some of Sydney’s best pubs, the Art Gallery of NSW, the Australian Museum, and the Royal Botanic Garden Sydney.
When it comes to eating out, residents have their pick, from a pie from famous Harry’s Café de Wheels by the harbour to a pint and a show at the Old Fitzroy Hotel or sophisticated dining at the many chic eateries alongside Woolloomooloo Wharf.
A popular area for both owners and investors, as of July 2020, Darlinghurst has seen annual growth of 8.8% with a median house price of $1,950,000. Units have enjoyed 7.20% growth over the same annual period.
Few neighbourhoods are as well-positioned as Darlinghurst, with its easy access to the best that the city and eastern suburbs have to offer. From here you can stroll to Sydney’s CBD, Surry Hills, Woolloomooloo, Elizabeth Bay and Rushcutters Bay, with its harbourside parks. The neighbourhood itself is a thriving hub of cafes, pubs, restaurants, boutiques and nightlife.
The face of the suburb has changed over the years with more upscale apartments springing up to feed demand from both city professionals and downsizing retirees seeking an urban lifestyle.
Coogee has long been seen as Bondi Beach’s laid-back sister suburb, popular with families, young professionals, students and backpackers alike. A lot has changed here in recent years – the Sydney South East Light Rail extension has improved the area’s accessibility by public transport and Merivale’s Coogee Pavilion has opened up options for drinking and dining by the seaside – yet the neighbourhood retains its friendly, casual character.
The beachside suburb has enjoyed strong growth with data from realestate.com.au showing current median property prices sitting at $2,700,000 for houses and $1,188,000 for units. In the past five years, Coogee has seen compound growth of 6.8% for houses and 6.6% for units.
Thanks to its thriving restaurant, café and bar scene, with many educational and recreational facilities also close to hand, this neighbourhood has ever-growing appeal for families, students and investors alike. The completion of the Sydney Light Rail has contributed to the suburb’s upward trajectory, enabling better, faster access to the CBD, Circular Quay, Randwick and Kingsford.
Adding to the neighbourhood’s appeal is the fact that it’s home to the University of NSW (UNSW) and the National Institute of Dramatic Art (NIDA). The nearby Randwick Health and Education Precinct, just up the hill, will become a leading centre for health and wellbeing. Kensington locals also enjoy an abundance of leisure activities close to hand including the Randwick Racecourse, Moore Park, Centennial Park and the Australian Golf Club.
Kensington ranked number two in Sydney in CoreLogic’s 2019 ‘Best of the Best’ report for suburbs that have seen the biggest changes in house values over the past five years (up 7.8%) with a median house price value of $2,464,477. The suburb also recorded the strongest positive price growth for units in 2019 (up 11.4%) with a median price of $881,090.
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