What is the currently most desirable location in Sydney?
The answer may surprise you.
Areas like the eastern suburbs of Sydney or the lower north shore may immediately spring to mind.
And yes, they have been and will continue to be desirable due to their affluence.
However, there is no doubt that the underestimated location in question, which has long been the underdog, is now dominating livability studies due its cultural amenities, transport options and great value.
Have you figured it out yet?
Well, it is none other than the inner west of Sydney.
The inner west is emerging as one of the most sought after local government areas in Sydney.
Domain suggests that “the unassuming inner west may once have been overshadowed by the flashy eastern suburbs, the bohemian inner city and the blue-ribbon lower north shore.
But in recent years, this cluster of neighbourhoods stretching due west of the CBD has emerged as Sydney’s liveliest and most livable precinct – and, for many prospective buyers, it’s now their top pick.”
So what makes the inner west so desirable?
Well let’s run through a few pointers.
- Love it or hate it, the inner west has the reputation of being the most liberal, socialist, green, intellectual part of Sydney.
Accordingly, the area has become increasingly gentrified over the past decade.
- The inner west shares the livability and similar cultural amenities to affluent areas like the Eastern Suburbs and Lower north shore but at a much more affordable price point making it fantastic value for owner occupiers and investors alike. First home buyers are also finding that their money stretches further in the inner west.
- The inner west is one of the oldest areas of Sydney with the architecture ranging from art deco apartments, terraced houses and small mansions that reflect its development in the Victorian and Federation periods.
This adds to the inner wests appeal and scarcity value.
Domain adds: “The region’s unique housing attributes are also helping it pull ahead of the pack. Much of the terraced housing stock in suburbs such as Newtown and Annandale dates back to the 1860s and has become coveted by affluent buyers seeking historic charm coupled with low-maintenance living.”
- It is one of the few local government areas that has access to Bus, ferry, light rail, train and cycle paths.
Transport infrastructure within the inner west has never been stronger with locals seeing the benefit as Sydney’s population continues to swell.
“There’s a lot to be said for excellent public transport, no matter your income level. The buses are excellent. The light rail gently wends its way from Dulwich Hill to the city. The Inner West train line connects even more suburbs. And people in Rozelle and Balmain can catch the ferry. All that choice is very attractive.” says Michael Glynn of The Agency Inner West.
The inner west has certainly proven to be an investment grade area that is both strong in having wealth building rates of growth but also stable, in that due to its local economic growth drivers will not fluctuate in value as much as the outer suburbs of Sydney.
Domain Group data scientist Nicola Powell says “any market slowdown in Sydney in 2018 will do little to affect the inner west’s long-term growth prospects.
We’re now moving into a market in the inner west, particularly for units, where growth will be at more modest levels, but all the long-term fundamentals for growth are there, and we are seeing significant urban regeneration which will further support growth.”
It’s difficult to deny the inner wests appeal, scarcity, unparalleled charm and outstanding value and we will continue to see the inner west and select suburbs dominate livability studies for decades to come.
If you’re looking for a top performing investment property in Sydney’s inner west…
… no one can help you quite like the independent property investment strategists at Metropole.
Remember the multi award winning team of property investment strategists at Metropole have no properties to sell, so their advice is unbiased.
Whether you are a beginner or a seasoned property investor, we would love to help you formulate an investment strategy or do a review of your existing portfolio, and help you take your property investment to the next level.
We’ve been buying properties for clients in Sydney’s inner west for over a decade – no one knows these suburbs like we do!
Please click here to organise a time for a chat. Or call us on 1300 20 30 30.
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