18 Jan The Sydney suburbs set to see big changes in 2017
As reported in the SMH today:
This year, we’ll be keeping an eye on these five locations, all of which are set to be redefined by significant property development or ambitious infrastructure projects.
Will these neighbourhoods become Sydney’s newest property hot spots? You be the judge.
Tempe & Sydenham
Young professionals and creative types have already begun moving west to Marrickville and the surrounding suburbs in response to rising rents in centrally located spots such as Newtown and Chippendale. Now, the Inner West Council has announced plans to re-zone the industrial area around Sydenham Station, on Marrickville’s south-eastern border, for entertainment.
The Sydenham Station Creative Hub proposal, which will be delivered to the Department of Planning and Environment this year for Gateway determination, would make way for live-music venues, restaurants and bars while allowing existing industry to remain. It could make the small residential suburbs of Tempe and Sydenham, which sit on the other side of Sydenham Station, much more attractive.
Randwick and surrounds
No suburb is set to benefit more from the Sydney Light Rail than sprawling Randwick, which relies on buses to link it with the city. Although light-rail services to and from Randwick aren’t scheduled to begin running until 2019, the commencement of track-slab construction in the suburb late last year – coupled with the state government’s announcement last month that installation of the tracks themselves would occur within weeks – is focusing attention on the area.
General pessimism about the project seems to be dissipating and developers and investors are beginning to consider the potential benefits that the light rail will bring. The nearby suburbs of Kensington and Kingsford, which will be serviced by a separate fork of the light rail, are also worth watching.
Last year, the big news on the northern beaches was that house values in the low-key suburb of Curl Curl had shot up more than 40 per cent in the six months to September. Seemingly overnight, the area’s relatively low prices and large blocks – many of which contained unrenovated houses from the 1950s – had begun drawing waves of investors and surf-loving families priced out of the eastern suburbs market.
“Lots of young families are moving in and are rebuilding all the older places,” popular agent James Smyth – known locally as “Mr Curl Curl” – told Domain in October. In 2017, the question is whether last year’s gold-rush buyers will attempt to flip their newly renovated properties for big profits or choose to hold on to their purchases, creating a tightly held enclave.
Parramatta and surrounds
All eyes will be on Parramatta Light Rail program director Tim Poole in the coming months as he prepares to unveil the final route for his ambitious infrastructure project. Once announced, the route is expected to impact prices in a slew of suburbs including Rosehill and Silverwater, although construction is not slated to begin until 2018.
Meanwhile, Parramatta town centre is thriving after significant investment in recent years. Increased retail and dining options, including the arrival of iconic inner-city eateries such as Gelato Messina, is creating a halo effect in the surrounding residential areas.
Don’t expect the remaining public housing in this historic suburb above The Rocks to last for long. The 125 or so houses sold to date have netted the NSW government almost $350 million, exceeding expectations, and the latest batch – four terraces and three apartment blocks, which went on the market in October – sold in a flash. With fewer than 60 public-housing tenants remaining, and demand for private property in the suburb exceedingly strong, the Baird government is likely to push ahead with further sales this year.
Meanwhile, openings at nearby Barangaroo are providing increased upscale dining and shopping options, making Millers Point even more attractive to prestige buyers.