Sydney Housing Market Update 14/06/2018
I wanted to talk about exactly why people choose the Inner West to live in, especially our little corner of paradise, Marrickville, Dulwich Hill and Hurlstone Park.
I know - for most of you already residing here you're thinking that's a pretty obvious answer but I'll give you my perspective as a real estate agent.
Apart from it being a fantastic place to live in general, I can put down the pilgrimage to and transformation of this area down to three key factors :
- Affordability: It is increasingly less the case but initially when the Global Financial Crisis (GFC) broke out ten years ago the disparity between the Inner West and it's far more affluent Eastern suburbs and lower North Shore neighbors were stark. This led to many buyers seeing great value in coming to a place that was the exact same distance from the Sydney CBD but as much as fifty percent cheaper.
- Public Transport: I'll throw all of the New South Wales governments past and present from the last twenty years under the bus here (yes, pun fully intended) of both political persuasions by saying that there is very little great NEW public transport in Sydney. That leaves the best OLD public transport and on that front, the Inner West is by far and away the star performer. Whether it be trains, buses, cycleways, or light rail we are easily the most convenient part of the city to live in and get to and from. Even the NEW light rail is a piece of existing old track that lay dormant to the public for over a century.
- Schools: Whatever color of the education kaleidoscope you prefer there is a school to suit close by in the Inner West which is a huge drawcard to those either looking to start a family or who already have children. From public to private, independent and selective, the choice is truly amazing. Marrickville, for example, has four public primary schools and three high schools within its borders. Not bad.
You can also throw in the Cooks River, lovely wide original streetscapes, thriving cafe and entertainment precincts, etc but I believe most of that comes off the back of these other three features. For example, I can clearly remember the difficulty one had in finding a decent cafe and cup of coffee in Marrickville ten years ago. Fast forward to today and it's like an outbreak.
Next week I'll talk about some of the great properties we have coming up in the area for you all to view.
Until then, have a great weekend and I'll see you next Thursday.