A number of suburbs in the inner west have a strong local economy, infrastructure and sense of community that justifies the consistent increase in property values.
Located less than 1.5 kilometres from the city the inner western suburb, Newtown, has a median selling price of $1.2 million and a population of almost 15,000.
The current population density for Newtown, a major part of the inner west, is 9008 per square kilometre. This population density figure reflects the large amount of interest that has come to the inner west and the surrounding, more suburban, areas as a result of the many different types of properties available and the overall state of the housing market.
Erskineville, located immediately south of Newtown in the inner west, has a growth rate of 47 percent for the last three years, with next-door Marrickville’s growth rate sitting at more than 53 percent. These suburbs in the inner west have a growth rate of 33 percent for units, and an annual growth rate of 16.90 percent.
An average property in the inner west will stay on the market for 21 days, with another 7 days added if that property is a unit. The number of sales this year has reached 149 while for units it is 79, reflecting the amount of interest in the housing market and the value of property in the area.
The diversity of properties in Newtown matches that of its residents. Couples with children under 15 make up for 24 percent of the population of Newtown, 6 percent for those with kids over the age of 16, and 11 percent for one parent families. Childless couples, however, make up for more than 59 percent of the population.
Long term residents of Newtown are 45 percent of the population, and 58 percent for renters, reflecting a housing market in which it is easier to rent. The residents that own property in Newtown would be professionals or other established independents that can afford the median housing price of $1.2 million.
The number of students in Newtown consist of 14 percent of the population, and with Sydney University, UTS and other public schools like NHSPA less than 3 kilometres away it is no surprise. The percentage of uni students in Newtown is 11 percent higher than the percentage of students throughout sydney.
The local infrastructure in the inner west is a reason why the area is so convenient and well sought after among uni students as well as those residents who commute to work in the city via a short bus ride.
There are numerous modes of public transport and the inner west is in such close proximity to the surrounding areas, like the city or further west, that 5 percent of residents commute on a bike or walk.
Nightlife in the inner west is the envy of a lot of the areas throughout Sydney, with the numerous bars, restaurants and venues throughout the area and beloved local businesses in the surrounding suburbs.
The main street in Newtown, perhaps the most recognisable inner western suburb, King St is home to the Marlborough Hotel, Town Hall and Enmore theatre and countless other venues that give local and visiting patrons regular entertainment. The amount of local small businesses and community venues position Newtown as a hub of inner western culture and nightlife.
Heritage-listed, high valued property, good public transport systems, strong local economy and a strong sense of a local community all contribute to the strength of the housing market in the inner west as well as the sale of properties for more than $1.2 million.