How to buy in Newtown
When it comes to vibrancy, Newtown is right up there with the very best Sydney suburbs for people of all ages to hang out and soak up its funky atmosphere.
Walking along King Street, the centre of its commercial and entertainment activity, the choices are so plentiful that it would take months to work your away around all of the offerings.
Over the past few decades, Newtown has gentrified to become of the most popular suburbs for renters as well as prospective homebuyers.
In fact, the median age of its residents is just 33 years old with professionals and managers the dominant demographic.
But such is the demand from hopeful residents that there are usually very few available properties for rent or for sale – regardless of the general market conditions at the time.
Indeed, according to SQM Research, there is currently fewer than 200 rental properties available in Newtown.
The situation is even more dire for inspirational homebuyers with only 69 properties for sale at present.
It’s this consistently high demand that has turned Newtown into one of the most competitive markets in Sydney’s Inner West.
Of course, that is no surprise given the plethora of beautiful terrace homes that grace its landscape.
Everyone of a certain age can imagine living in one, but often that’s as far as it goes often because of the buy-in prices but also because there are always multiple potential purchasers for every listing that hits this hot market.
This fact is the reason why Newtown has recorded superior price growth over the past decade, with its median price increasing by about 10 per cent every year.
Along with its general funkiness, its location within walking distance of the central city, means that its popularity is set to remain elevated in the years ahead.
Opportunity knocks
At the start of the pandemic two years ago, while many people were hibernating physically and financially, one young couple reached out to us to make their dream of owning a property in Newtown a reality.
The timing was perfect because while stock on the market was low, there were fewer active property buyers in the market.
This meant that we are able to secure them a renovated two-bedroom terrace off market within walking distance of both King Street and Enmore Road, which also is festooned with food and beverage options.
Acting on behalf of our clients, we secured the property for $1.3 million, with its value having skyrocketing by nearly 40 per cent since that time to be worth about $1.8 million today.
Needless to say, our clients were thrilled to have secured a holding in such a desirable part of the Harbour City and are even more overjoyed to have the property increase in value by such an extraordinary percentage in less than two years.
Plus, their strategic property investment prowess didn’t stop there, with us helping the couple purchase a property in Bondi not long after – another one of the city’s most in-demand suburbs – which has achieved a similar level of superior price growth.
As you can see, it is possible to purchase into some of Sydney’s most in-demand suburbs by trading on the skills and strong local agent networks of professional buyers’ agents.
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