07.04.2018 Suburb Spotlight

Centennial Park: The New Eastern Suburbs Property Hotspot

Centennial Park: The New Eastern Suburbs Property Hotspot

Centennial Park is fast becoming one of the east’s property hotspots.

If you’re looking to buy here or planning to sell your home, here are some of the main benefits of Centennial Park to keep in mind.

Centennial Park by the numbers

According to CoreLogic data, Centennial Park is home to:

  • 2,105 residents with a median age of 35
  • Average weekly income of $1,713
  • Average household size of 1.8 residents

According to realestate.com.au data, each property for sale in Centennial Park receives 2,295 visits, which is well above the NSW average of 854 per property.

Centennial Park is at least a third cheaper than Woollahra

The big, beautiful family home in leafy Woollahra is becoming an increasingly rare find. For buyers who are willing to move to the other side of Oxford Street, the same property could end up costing them a third to half as much per square metre.

Median price trend data from CoreLogic shows a sharp spike in prices at the start of 2016, but since then houses have become more affordable. By contrast, unit prices have been extremely consistent, currently sitting at an average of $795,000.

More green space but still close to Oxford Street

Woollahra and Paddington may be slightly closer to the CBD, but Centennial Park offers much more in terms of green space with direct access to the park itself along with proximity to Moore Park, Fox Studios and Allianz Stadium. Oxford Street, Queen Street and Bondi Junction are still within easy walking distance, and the CBD and South East Light Rail will eventually make the suburb even better connected.

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A more tightly-held market

While Centennial Park’s prices are often lower than those reached in neighbouring suburbs, buyers’ options are more limited. The vast space taken up by the park itself means the majority of residences are concentrated around Lang Road and Cook Road. When one of these properties does come onto the market, it’s always best to move quickly to secure it.

Recent sales in Centennial Park

Our team are seeing increasingly positive results in Centennial Park, particularly when it comes to high-end properties. (See our eastern suburbs market snapshot for information about the suburb record we set here.) Some of our other recent sales here include:

  • 24 Lang Road: A 5 bedroom home built around 1910 that was restored to its former glory.
  • 110 Lang Road: Another 5 bedroom property, this home also offered a pool and gourmet kitchen.
  • 56 Lang Road: This off-market sale reached $6.35 million at the end of 2015.

One of the big advantages of this suburb for buyers is that these types of properties are not the only ones on offer. Centennial Park is also home to units that are still below a median price of $800,000, compared to Woollahra’s median price of just over $1.35 million.

Centennial Park properties may enter the market less frequently than properties in Woollahra or Paddington, but when they do buyers often find their budgets go much further. For sellers at the top end of the market, the location and history of homes in this area means they also stand to gain on auction day.