07.11.2017 Buying Tips

Who’s Buying In Sydney’s Eastern Suburbs?

Who’s Buying In Sydney’s Eastern Suburbs?

Sydney’s eastern suburbs are made up of four key markets, each of which attracts different demographics for different reasons.

Both buyers and sellers can benefit from a deeper understanding of what these groups are looking for.

Here’s your guide to the various types of buyers who are focused on property across the eastern suburbs and where they’re likely to buy.

Investors: Buying for rental yield and capital growth

While a small number of overseas investors are buying at the luxury end of the market, the majority are locals looking at suburbs that will immediately show strong results in terms of rental yield like Darlinghurst, Surry Hills and Potts Point. Those who plan to live in their property and invest for the longer term are attracted to quieter beachside suburbs like Waverley or those near the CBD and South East Light Rail link, like Randwick and Kensington.

First-time buyers: Trading space for location

Those just breaking into the competitive eastern suburbs market know they have to compromise on at least one aspect of their property. Many will happily trade a second bedroom for a chance to live close to the action. Entry-level apartments in Potts Point and Surry Hills are the goal for these buyers.

Young professionals: Focused on the inner city

Young professionals who have already found their place on the property ladder provide some of the competition for first-time buyers when it comes to claiming an inner city apartment. But while these buyers are still focused on areas like Darlinghurst and Surry Hills, larger budgets means they can often stretch to the next price bracket and end up with a larger floor plan.

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Small families: Nesting near Centennial Park

For growing families, proximity to the CBD needs to be balanced against a desire for space. These buyers are looking for entry-level houses on either side of Centennial Park – Bondi Junction, Randwick and Kensington for more price conscious buyers, or Woollahra and Paddington for those with a more flexible budget.

Established families: Parkside or beachside, depending on budget

Larger families are also keen to find properties with room to move on either side of Centennial Park, but when these buyers are able to jump to the next price bracket they tend to expand their search to include the quieter beachside suburbs – areas of Coogee along with Waverley and Dover Heights.

Downsizers: Looking for location and views

For downsizers, a bigger budget means luxury apartments with views of the water or renovated terrace houses are high on the list. These buyers are also keen to live relatively close to the centre of the city, so they’re operating at the top of the market in areas like Potts Point, Paddington and Point Piper.

Appealing to each of these demographics calls for expertise and a clear understanding of the markets they’re interested in. If you’re planning to sell your eastern suburbs property, don’t hesitate to get in touch with our team.