What Your Money Buys You In The Inner City And Inner West
Thinking of buying a property in Sydney’s inner city or inner west during 2023?
If so, the good news is that prices are a little lower now than they were just 12 months ago. In fact, according to CoreLogic, the median Sydney house price has fallen -15.0% over the past year to $1,205,618, while the median apartment value has fallen -10.4% to $768,999.
Despite this, the market is still well ahead of where it was in mid-2020, and sellers are benefiting from the huge gains and steep price growth in late 2020 and 2021. But the heat has come out of the market, so it’s a great time to buy.
With that in mind, we look at how far your budget now stretches in our local area.
Under $1 million
The inner city and inner west are one of the very best locations in the entire city, and the good news is that there are plenty of great properties under the $1 million mark. That said, most properties in this range are apartments rather than townhouses, terraces or freestanding homes.
For less than $1 million, you can buy a good one- or two-bedroom apartment in pretty much any suburb throughout the inner city and inner west. Occasionally, you may even find an apartment with a third bedroom.
Here’s a breakdown of the median values for one- and two-bedroom in key suburbs through the inner city and inner west.
| Suburb | Median value one-bedroom apartment | Median value two-bedroom apartment |
|---|---|---|
| Alexandria | $674,000 | $983,000 |
| Waterloo | $675,000 | $950,000 |
| Erskineville | $695,000 | $1,083,000 |
| Redfern | $705,000 | $1,100,000 |
| Rosebery | $644,000 | $880,000 |
| Newtown | $653,000 | $970,000 |
| Marrickville | $605,000 | $825,000 |
* Source: Domain suburb profiles, accessed 9 Feb 2023
Who is buying? First-home buyers will be able to find something under the caps for the many grants and schemes on offer too. They’ll be competing with investors who see the value in being in such a great location with the good rental appeal.
Recent sales under $1 million
8/1A Gowrie Street, Newtown Sold for $846,000 in February 2023. This stunning one-bedroom New York-style loft retreat in a boutique warehouse conversion is situated in the heart of Newtown.
148/362 Mitchell Road, Alexandria Sold for $952,000 in February 2023. This two-bedroom, two-bathroom, ground-floor apartment near Sydney Park features an entertaining outdoor area and communal pool.
70/49 Henderson Road, Alexandria Sold for $955,000 in November 2022. Set in a sought-after complex, this oversized two-bedroom, two-bathroom apartment provides the ultimate lifestyle sanctuary.
$1 million - $2 million
If you’re buying in this price category, your budget will extend beyond two-bedroom apartments and into three bedders. You’ll also be able to afford many townhouses and even some terraces. In fact, this is probably the price bracket where most properties that sell in our local area fit, as the table below shows.
That said, if you’re after a house, you may even be able to afford three bedrooms - for instance, the median three-bedroom home value in Erskineville and Redfern is just shy of $2 million. Exactly what you’ll be able to afford will depend exactly on where it’s located and how high within this price bracket your budget exceeds.
| Suburb | Median value two-bedroom house | Median value three-bedroom house | Median value three-bedroom apartment |
|---|---|---|---|
| Alexandria | $1,580,000 | $2,030,000 | $1,515,000 |
| Beaconsfield | $1,350,000 | - | - |
| Erskineville | $1,450,000 | $1,910,000 | $1,083,000 |
| Redfern | $1,558,000 | $1,802,000 | $1,475,000 |
| Rosebery | $2,280,000 | $2,750,000 | $1,283,000 |
| Newtown | $1,538,000 | $1,843,000 | - |
| Marrickville | $1,575,000 | $1,853,000 | - |
* Source: Domain suburb profiles, accessed 9 Feb 2023
Recent Sales
192 Wyndham Street, Alexandria Sold for $1,155,000 in October 2022. This one-bedroom semi in an unbeatable city fringe location offers charm and character.
2/15-17 Larkin Street, Camperdown Sold for $1,240,000 in December 2022. This oversized two-bedroom, the two-bathroom apartment boasts a house-like layout, stylish modern interiors and superb alfresco entertaining.
17 Kensington Street, Waterloo Sold for $1,370,000 in November 2022. Beautifully enhanced with clever upgrades, this brilliant two-bedroom terrace assures a high measure of comfort in an ultra-convenient location.
50 Alexander Street, Alexandria Sold for $1,450,000 in September 2022. With its light-filled and modern style, this delightful 1920's two-bedroom semi offers a private open living and dining area and an alfresco entertainers' retreat in the prized Golden Triangle.
215 Belmont Street, Alexandria Sold for $1,840,000 in October 2022. This three-bedroom renovated terrace provides an idyllic family home of undeniable quality.
Who is buying? We see a lot of first home buyers in the price point, alongside young professionals, young families and those upsizing from a unit into a house.
$2 million - $3 million
In this price bracket, you’ll be able to afford something reasonably special. This might include a four-bedroom family home or an upmarket and recently renovated three-bedroom terrace. You may even find you can afford off-street parking and a backyard. The very best apartments in our area also often fall in this price range.
Who is buying? Upsizers and growing families dominate this price bracket, but we also start to see downsizers from larger properties in other areas entering the market at this price point.
Recent Sales
238A Lawrence Street, Alexandria Sold for $2,550,000 in October 2022. This stunning four-bedroom Torrens title warehouse conversion offers expansive interiors and a flexible layout.
2 Gibbes Street, Newtown Sold for $2,560,000 in September 2022. Characterised by its beautiful proportions, and elegant features, this stunning four-bedroom home is tucked away in a tranquil cul-de-sac lined with character homes.
26B Wells Street, Newtown Sold for $2,750,000 in September 2022. One of Newtown’s most significant homes, ‘West Lynne’ is a grand terrace featuring three bedrooms and two bathrooms.
Over $3 million
Once you hit the $3 million mark, you’re really in the market for outstanding and one-of-a-kind properties in Sydney’s inner city and inner west. This includes five-bedroom free-standing homes and ultra-luxury penthouse apartments. Many of the properties in this category sell off-market, given vendors tend to value their privacy. They’re also tightly held, and they’re scarcity means they don’t come on the market very often.
Who is buying? We see enormous interest in these larger, high-end properties when they do come on the market from a wide range of local and out-of-area buyers wanting the rarity of generous space to call their own in the inner city and inner west.
12 Darley Street, Newtown Sold for $3,200,000 in February 2022. This versatile freestanding residence had undergone an exquisite architectural redesign, showcasing an inspired palette of warm earthy hues, classic modern accents and state-of-the-art natural materials across its five bedrooms.
Want more?
With prices down and less heat in the market, now could actually be a great time to buy property in Sydney’s inner city and inner west.
If you’re looking to buy or sell in our area, contact my team today.
