Have Retail And Hospitality Driven Property Price Growth In Sydneys East?
When it comes to property price growth, most real estate agents will tell you that few things matter more than location.
But there’s another phenomenon we notice in Sydney’s eastern suburbs. People will also pay to be near the latest and most fashionable retail hubsshops, cafes and restaurants.
So when a quality new offering opens up in a suburb, it can drive demand for nearby properties and potentially add a premium to prices. While some of these cafes, restaurants, bars and shops may be closed or restricted to delivery-only right now, when COVID-19 finally passes, you can expect the same phenomenon to continue.
With that in mind, we thought it was time to take a look at some of the eastern suburbs that have recently experienced this phenomenon.
Bondi Beach has long been a hotspot for discerning buyers who often value proximity to world-leading cafes and bars as much as they do proximity to a world-renowned beach. But the opening of Totti’s in late 2018 has taken the area to a new level of desirability. Already, it has become an institution among locals, conjuring the best of the Mediterranean with its shared plates and outside dining under the shade of an olive tree.
Other quality culinary additions such as Bondi Road’s Carbón and La Favela, as well the recent move of Panama House into the Pacific Building (where we’re fortunate enough to be based), make Bondi the most obvious candidate for this proximity premium.
Who’s buying here? Bondi Beach appeals to the young and the young at heart. Families and young professionals mix with perhaps the highest concentration of entrepreneurs, models, athletes and celebrities in the country.
Recent Listing: 5/21 Lamrock Avenue, Bondi Beach is right in the heart of Bondi, giving you access to all the suburb’s cafes and bars on your doorstep.
Paddington and Woollahra
One of Sydney’s most sophisticated suburbs, Paddington is undergoing yet another revitalisation. This is being led by the redesign and re-emergence of classic pubs such as The Paddington (now home of Merivale-owned The Chicken Shop). However, exciting drinking options such as subterranean cocktail bar Charlie Parker’s and 10 William Street – which boasts potentially Australia’s best wine list – elevate the suburb’s entertainment options to a new level of refinement.
Next door in Woollahra we see classic favourites like Bistro Moncur and Chiswick alongside revamped venues like Hotel Centennial and The Lord Dudley.
Who’s buying here? Discerning buyers, including couples, families and downsizers who love being able to walk to everything.
Recent listings: 90 Queen Street Woollahra is an elegant 5-bedroom, 4.5 bathrooms Victorian home that’s just a few minutes walk from everything Paddington offers.
77 Wallaroy Road, Woollahra is an imposing 5-bedroom family home surrounded by magnificent gardens.
Almost since Sydney was founded Double Bay has enjoyed a reputation for being one of the city’s most premium addresses. But forget the old stereotypes surrounding this area, it’s actually often younger buyers getting into the area, who are attracted by the cosmopolitan lifestyle, cafes and great pubs. This includes the new Woolworths Centre, which turned Kiaora Place from a quiet backstreet to a vibrant community centre, complete with top-notch restaurants and cafes.
Who’s buying here? Young professionals, and downsizers, drawn in by Double Bay’s new buzz and wide range of quality property – from art deco and character flats to multi-million dollar harbourside family homes.
If you’re looking to buy or sell in Sydney’s eastern suburbs contact my team today.