Question 1

Is Woolloomooloo a nice place to live?

Accepted Answer

Woolloomooloo is an inner-city harbourside pocket beside the Royal Botanic Garden and within easy reach of the city. Its most recognisable feature is the Finger Wharf, a long timber wharf now home to apartments, restaurants and a waterfront promenade, and the suburb mixes 19th-century terraces and sandstone cottages with modern apartment buildings. Residents enjoy a compact, village-like lifestyle with harbour walks, small parks and waterside dining; the suburb is home to 3,792 people with a median age of 39 and a median household income of $2,001 a week.

The community is a mix of professionals, creative types and long-term locals, with families dominated by couple families without children and dwellings largely rented (72.3%). Ongoing and planned works aim to strengthen harbour connections and local amenity, from completing the Harbour Walk and a new commuter ferry wharf to local street and playground improvements, heritage repairs at the Finger Wharf and a mixed-use proposal that includes in-fill affordable housing. Whether Woolloomooloo suits you comes down to the compact, waterside, inner-city lifestyle you want.

Question 2

Is it expensive to live in Woolloomooloo?

Accepted Answer

On these figures, housing costs in Woolloomooloo sit well above what a typical local household earned at the last Census. A house rent of $1,100 a week would take about 55% of a typical local household's weekly income at the last Census, while unit rent of $850 a week would take about 42.5%.

Buying a unit at $870,000 works out to about 8.4 times a typical local household's annual income at the last Census, which places purchasing well above local incomes. If you're renting rather than buying, the rent share is the number that matters; if you're buying, the price multiple is the key figure. Whether that feels expensive depends on your own income and 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 Woolloomooloo a good place to invest?

Accepted Answer

Unit market movements stand out in Woolloomooloo this year. Unit values climbed 14.0% over the past 12 months, a strong rise, while unit rents increased 6.2%, a solid gain. House rents only edged up, rising 0.9% over the year, so unit rents have risen noticeably faster than house rents in the past year. The unit value change speaks to capital growth and the rent changes speak to rental income, and which matters most will depend on your own goals and circumstances.

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	$870K
Change in value Past 12 months	N/A	14.0%
Sold Past 3 months	2	19
Median days on market Past 12 months	N/A	72
Average rent Past 12 months	$1100	$850
Change in rent Past 12 months	0.9%	6.3%

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