Eastern suburbs like Kingsford, Daceyville and Kensington are witnessing a strong upsurge in demand as buyers are moving away from more traditional areas without venturing too far from the CBD. From factors like lifestyle and natural beauty to convenience and vibrancy – the Eastern Suburbs remain attractive. Find out more about why these suburbs have become so alluring to buyers and renters in Sydney.
The Great Eastern Migration…
Many younger families can no longer afford traditional family-oriented suburbs, but that doesn’t mean that they need to move too far from the CBD. Trends have shown that many Eastern suburbs have soared in popularity because of the allure of the proposed light rail promising better connections to the CBD. The light rail network, which is currently amid construction, will likely make it easier for residents to get to their workplaces in the city.
Even older properties are in demand with prospective buyers willing to put in the money to give them a makeover thanks to the lucrative prospects of the region. Four and five bedroom homes are suddenly becoming hot prospects and are attracting a keen interest of buyers in areas like Kingsford and Kensington.
People now are willing to push out a bit further for bigger homes at slightly more affordable rates with suburbs like Kensington and Kingsford growing at over 10 percent.
Kensington has attracted keen interest among young families, not just for the under-construction light rail, but also for its strong educational framework with plenty of good schools and universities around. At a reasonable median of around the $1.5 million mark, Eastlakes has emerged as a potential prospect for buyers, having witnessed good price growth in the recent past. Fully renovated homes are going for between $1.5 million and $2 million in other Eastern suburbs like Rosebery, which has seen a 6 percent price growth increase this year.
Daceyville, a historic garden suburb fashioned around Letchworth in England’s Hertfordshire has also witnessed a surge in demand, but the stock available in the suburb in terms of homes on sale is relatively limited.
Suburbs like Centennial Park offer more affordable prices, but the real lure is the lifestyle. Centennial Park offers the perfect combination of hip bars, eclectic dining options, pristine beaches and city proximity.
The lifestyle appeal of Sydney’s Eastern suburbs has homes in the area getting snapped up pretty quickly in comparison to previous years. The Eastern suburbs are now leading the way in city auction clearances, pushing between 80 and 90 percent.
Homebuyers are increasingly looking at location and lifestyle, which is offered seamlessly by these newer Eastern suburbs without the same price tags as inner city homes.
Data has revealed though that the upsurge in demand isn’t necessarily supported without enough stock levels. Existing locals don’t want to leave, so the lack of homes cannot keep up with demand from younger, affluent families.
Nevertheless, the shift from traditional eastern suburbs like Randwick has made life easier for homebuyers who want the lifestyle without being too far from the city.