Question 1

Is Haymarket a nice place to live?

Accepted Answer

Haymarket is a compact inner-city suburb on the southern edge of Sydney’s CBD, centred on Chinatown's Dixon Street and Paddy's Markets. It has a dense concentration of Asian restaurants, late-night eateries, specialty grocers and theatre venues including the Capitol Theatre, creating a round-the-clock, multicultural atmosphere. Housing is mainly apartments and converted warehouses popular with students and young professionals, and the suburb is well served by public transport and near Darling Harbour.

About 8,305 people live in Haymarket and the median age is 30. Couples without children make up 68.5% of families and 79.2% of dwellings are renter-occupied, so the area suits renters, students and young professionals. The City of Sydney's revitalisation strategy is active and the Museum of Chinese in Australia has opened in the former library. Whether Haymarket is right for you depends on if you want an inner-city, multicultural precinct with easy public transport and cultural amenities.

Question 2

Is it expensive to live in Haymarket?

Accepted Answer

On the figures for Haymarket, renting a unit would take a large share of a typical local household's income at the last Census. Units rent for about $1,250 a week, which is roughly 65% of the median local household weekly income of $1,931 recorded at the last Census. Buying a unit at the median price of $973,000 works out to about 9.7 times a typical local annual household income at the last Census, which sits in the high multiple range against local incomes. Whether that feels expensive depends on your own circumstances.

Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.

Question 3

Is Haymarket a good place to invest?

Accepted Answer

Unit values in Haymarket edged up 1.5% over the past 12 months, while unit rents rose 8.7% in the same period. The value change is a slight increase and the rent change is a solid rise, so rental income for units has been the stronger performer this year; value change reflects capital growth and rent change reflects rental income.

This information has been prepared without taking your objectives, needs and overall financial situation into account. It is not meant to be a substitute for professional financial advice. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.

	Houses	Units
Median price Past 3 months	N/A	$973K
Change in value Past 12 months	N/A	1.5%
Sold Past 3 months	N/A	36
Median days on market Past 12 months	N/A	78
Average rent Past 12 months	N/A	$1250
Change in rent Past 12 months	N/A	8.7%

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