Why Sydney’s inner west is booming in popularity right now
We have always loved Newtown, now the rest of Australia has finally caught up – it’s officially the most sought-after address in Australia.
More buyers are looking for their new house in the iconic Sydney suburb than any other location in the country, according to search results from Australia’s No.1 property website realestate.com.au.
Also illustrating the incredible attention centred on Sydney’s inner west is the heightened interest in suburbs around Newtown, including Stanmore and Annandale – which are also booming in popularity.
Stanmore is the sixth most popular suburb in Australia for all property searches for the 12 months through January, the data says. Annandale is the eight most wanted address in the country.
The current interest in the inner west is up to three times stronger than it was this time last year.
This represents a great opportunity to consider selling your inner west home.
Respected property expert Andrew Winter, and presenter of Selling Houses Australia and Love it or List it, says he can understand why Newtown and the rest of Sydney’s inner west is so hot right now.
“It’s become a cool, aspirational address,” he says.
“It has what a lot of people are looking for, such as access to the city, entertainment options and good established housing. That is very reliable data, more accurate than some of what you might read in the media. You can’t skew search data like that.
“It shows that interest in property is alive and kicking, And much of the focus of interest in the market is on those suburbs right now.”
Homes for sale in Newtown are attracting an incredible average of over 12,100 views per listing. Each property on the market in Stanmore is being viewed more than 7,500 times. In Annadale every property is being looked at 7,300 times.
Such figures show the huge number of prospective buyers out there in a market that is short on stock – very much a seller’s market.
Urbane’s Charles Bailey says the search data and his experience on the ground shows that Sydney’s inner west is now a “go-to place” for buyers keen to take advantage of record low interest rates.
“People are now really discovering Newtown and the rest of the inner west just like they have before with other suburbs like Paddington and Surry Hills,” he said.
“We are receiving hundreds of emails a week about the properties we have for sale
“The infrastructure here is good, transport is more accessible than other areas, the restaurants and cafes are great and there is so much variety. Buyers are seeing it as a great option and cheaper.”
Mr Bailey said interest was coming from a wide cross section of buyers.
“There are all types of interested buyers: lots of first-home buyers, downsizers, people coming from the suburbs, because everything is so convenient,” he said.
“The feedback we’re getting is that people really like the period homes and their features. They are very sought-after and they retain their value. Some modern homes can look very tired, very quickly.”
Mr Bailey’s advice to those thinking of selling is to get an appraisal on their home and go from there.
“If you’re thinking of selling, take advantage of the current market conditions. In terms of interest and demand in the market they can’t get much better. But it’s not going to last forever,” he said.
To enquire about an appraisal for your home, contact us at Urbane today.
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