6 Suburbs To Watch In 2020
Sydney’s eastern suburbs have remained strong throughout the somewhat shaky year that was 2019 for the Sydney property market.
Here are some of the suburbs that we’re tipping are worth keeping an eye on in 2020.
Kensington, or ‘Kenso’ as it’s affectionately known by locals, is currently one of Sydney’s strongest growth suburbs, thanks in no small part to the completion of the Sydney Light Rail, which has opened up access to the suburb with better connections to the CBD and Circular Quay, as well as Randwick and Kingsford. (Surry Hills is another area that’s enjoying a boost from the new service, which is expected to bring more retail and hospitality trade to the area.)
CoreLogic’s 2019 ‘Best of the Best’ report ranked Kensington number 2 in Sydney for suburbs that have seen the biggest positive change in house values over the past five years (up 7.8%) with a median house price value of $2,464,477. The suburb also recorded the strongest positive price growth for units in 2019 (up 11.4%) with a median price of $881,090.
Randwick is also enjoying a Light Rail boom with unit prices in the suburb up 9.6% last year with a median price of $952,234. The Randwick Campus redevelopment is also transforming health services in the community, bringing significant investment and upgrades to Randwick’s hospitals (Prince of Wales Hospital, The Sydney’s Children’s Hospital, Randwick and Royal Hospital for Women).
Paddington and Woollahra
These two blue chip suburbs are perennially popular for their cosmopolitan lifestyle and easy access to both the city and some of Sydney’s best beaches, not to mention offering great shopping, cafes and restaurants locally. Both Paddington and Woollahra have in recent years become hugely popular with prestige downsizers who, having sold the family home, have money to spend on a luxury unit, townhouse or terrace. Paddington boasts a range of lifestyles to choose from within one suburb, and enjoyed the 5th highest total value of sales in Sydney, according to CoreLogic’s ‘Best of the Best’, with a median house price value of $2,288,264.
It’s no secret that Vaucluse is one of Sydney’s most desirable suburbs, so it’s also unsurprising that it’s leading price growth in Sydney. The area ranked third in Sydney for the highest house prices in 2019, with a median price of $4,909,487. For investors lucky enough to own property here, Vaucluse was the second top performer in Sydney for advertised rents at a median weekly rent of $2,125, making for a 2.2% rental yield. We’ve also picked it because the prestige market started to warm up at the end of 2019, and we expect to see some good sales here in 2020.
Dover Heights recorded the highest change in house prices in Sydney over the past five years (up 8.5%), which made it one of the top performers in the city for house values. Last year it wound up with a median house price value of $3,652,700 according to CoreLogic’s ‘Best of the Best’. With large houses on decent sized blocks, Dover Heights has always had strong family appeal because it is a hop and skip from the water with amazing views, and close to the village atmosphere of Rose Bay and the beachside vibe of Bondi. Often overlooked in favour of its more prominent neighbours, we expect to see more action in Dover Heights in 2020.
Note that all data in CoreLogic’s ‘Best of the Best’ report is current to November 2019.
If you’re looking to buy or sell in Sydney’s eastern suburbs contact my team today.