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Artist’s impression of future developments in Hercules Street, Ashfield.
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A growing number of home buyers and investors are fanning out from central and prime districts to buy properties in Sydney’s inner west.
Properties in Sydney’s inner west have been rapidly gaining popularity among home buyers and investors in recent years as demonstrated by the sharp increase in house prices. According to reports, inner west house prices have shot up by approximately AU$1 million over the last 10 years, making this region the most consistent real estate market for price increases in Australia.
Research reveals that median house prices in Ashfield, Burwood and Canada Bay councils grew almost AU$100,000 each year since 2006, outpacing price growth in markets such as southwestern Sydney.
Among capital city councils, the Ashfield Local Government Area (LGA) had the highest average annual rate of house price growth, followed by Burwood.
The median house price in Ashfield council, which also includes Haberfield and Summer Hill, was AU$650,000 in 2006, but grew in value by 9.6 percent each year to hit AU$1.63 million today.
The median house price in Sydney as a whole was AU$485,000 in 2006 and has grown to AU$880,000 today.
The allure of Ashfield
That said, experts expect property prices in Sydney’s inner west, Ashfield in particular, to continue on an upward trend moving forward due to various factors such as convenience, affordability, easy accessibility to amenities and transportation links, close proximity to the central business district (CBD), a lively culture, as well as high rental yields.
According to the Ashfield Council, the suburb of Ashfield is a desirable place to live due to its location, proximity to public transport, affordable housing stock, pleasant natural environment, amenities and its infrastructure.
Affordability
Compared to prices of properties in Mosman, Woollahra and Waverley, which have a median house price of over AU$2.2 million, the inner west is a considerably more affordable option. For example, a house in any of the suburbs that make up Marrickville council, which is located approximately 10km from the CBD, cost AU$1.24 million on average.
And for businesses seeking a more affordable alternative to operating within the CBD, Ashfield is an ideal choice, as there is an abundance of reasonably priced office space and accommodation options, all of which are easily accessible via public transport, and only minutes away from the city.
A slew of amenities
For families with school-going children, there are several reputable schools to choose from including Ashfield Public, St Vincents, Yeo Park Infants, Ashfield Boys High School, Bethlehem College, and De La Salle College. Dining and shopping options are also aplenty – there is a main shopping centre Ashfield Mall, as well as many other shops, restaurants and supermarkets on Parramatta Road and Liverpool Road.
Easy accessibility
For those who do not drive, getting to other parts of Sydney will also be a breeze as Ashfield is well served by a train station and a slew of buses, which travel to Burwood, Bondi Junction, Drummoyne, Hurstville and more.
Close to the CBD
For those working in the CBD, they would be delighted to know that Ashfield is located just minutes away from the CBD.
Oasis by Crown – most luxurious residence in Ashfield
Setting a new benchmark price for apartments in Sydney’s inner west suburb is none other than Crown Group’s latest residential development, Oasis in Ashfield.
According to RPData, the starting price of AU$700,000 for a one-bedroom unit in Ashfield is well above the current market price – the median price for an Ashfield unit was AU$608,000.
Oasis development by Crown starts from only AU$486,000. Its location is the perfect retreat for city dwellers yearning for privacy and tranquillity, but do not wish to compromise on convenience, as the development is situated just 9km from Sydney’s CBD, 6km from The University of Sydney, 10km from Sydney’s airport, 300m from Ashfield Mall, and 750m from Ashfield train station.
Register your interest here – bit.ly/OasisSydney
