Inner West Side Story
Drive through the inner west on any Saturday and you're likely to pass large crowds lining up to inspect open homes. Of all the regions in Sydney, this one is where houses and units are most keenly fought over and where prices are rising faster than almost anywhere else. Auction clearance rates are sitting at more than 80 per cent and price growth is almost double the Sydney median, figures from Australian Property Monitors show.
This feverish activity is being driven by the dire shortage of properties in some suburbs, experts believe. But there are also more enduring reasons. The inner west is still more affordable than other inner-city areas, it has an ''eclectic'' mix of housing, restaurants, cafes and bars, and a high level of infrastructure such as hospitals and schools. Transport links to the city are another attraction.
''It's a rare gem in the Sydney urban sphere. That's why it's popular, it ticks all of those boxes,'' APM senior economist Dr Andrew Wilson says.
But this popularity has its downsides, especially for first home buyers or people upgrading from an apartment to a house.
The veneer of affordability is pretty thin for some buyers, who are being priced out of suburbs the longer they look. Those who can still afford to buy, often find the competition for properties overwhelming.
To counter this, many buyers are putting their names on agent databases so they have advance notice of coming sales; others are employing buyer's agents to look for them.
Increasingly, Michael Smith, Principal of Raine&Horne Marrickville has noticed strong growth in the office’s buyer database. “The database gives our buyers regular market alerts. They are updated on property which has come on the market, price changes and upcoming auctions.
“Joining an agency database gives buyers the peace of mind that they won’t miss out.”
Marrickville, located in the heart of the Inner West, is often dubbed the ‘new Paddington,’ and is arguably one of the most culturally diverse regions in Australia. “Marrickville earned the ‘new Paddington’ moniker due to the choice of quality homes in a variety of styles and price points, which are close to open spaces, great shopping and schools,” says Michael Smith.
“It is no longer just Marrickville that is experiencing a surge in popularity,” says Mr Smith. “Many nearby suburbs are also seeing increasing demand from buyers who value having the city only a short train ride away.”
“Plus you have the shopping strips of Marrickville and Newtown right around the corner and you’d be hard pressed to match the strong sense of community in suburbs like Tempe and St Peters,” he added.
To avoid disappointment Michael advises that buyers keep a clear head when purchasing. “There are still great buys across the local area. Buyers need to think about their current situation and make sure that any purchase fits in with their long term plan for the future.”
Raine&Horne Marrickville is on Facebook, like our page to keep up to date with property updates and local news from across the region http://www.facebook.com/rhmarrickville
Sourced from domain.com.au, original article by Antony Lawes.