09.20.2023 Suburb Spotlight

Discover Randwick

Discover Randwick

Tucked between sprawling parklands and sparkling beaches, Randwick is attracting a lot of attention.

With its university and three hospitals, proximity to the city, top-notch schools and diverse housing options, it has something for every buyer and investor. Join us as we delve into Randwick’s new status as an emerging prestige suburb and get the latest on the broader Randwick property market.

Nestled between hectares of parkland and the beautiful eastern beaches, Randwick is a suburb in demand. Home to a university and three major hospitals, close to the city and with excellent schools and a wide range of property types, this suburb has something for everyone.

We find out why Randwick is joining the list of Sydney’s prestige suburbs and get the latest on the wider Randwick property market.

Where parkside meets beachside

Randwick occupies the ideal middle ground between the lush green parklands of Centennial Park and the golden sands and crashing waves of Coogee and Clovelly. Both park and beach are within easy reach for Randwick residents, who also enjoy excellent connectivity to the city, only 6km away (via light rail, buses, cycleways and road) and the rest of the eastern suburbs. For example, Randwick North is just a stone’s throw from Queens Park and Bondi Junction. Randwick offers an extensive range of dining and retail facilities, and prestigious schooling options are close by. The suburb is also home to several significant employment centres – Royal Randwick Racecourse, the University of NSW and three major public hospitals – making it attractive to home buyers and investors alike.

Randwick’s broad range of property types

Randwick has a large footprint and is home to a wide range of property types. From the sought-after family homes of Randwick North to delightful Federation semis and one- and two-bedroom apartments near the racecourse and the hospital, there’s something for every buyer and investor. Unlike many Sydney suburbs, Randwick caters for buyers at all stages of the property journey, from first home buyers to families, to downsizers and everyone in between. Whether you’re hunting for your first apartment, a sound investment, your forever family home, or a downsized dwelling, there’s a good chance you’ll find what you’re looking for in Randwick.

Is Randwick the newest prestige market in Sydney?

With Sydney’s luxury property market going from strength to strength, there are signs that Randwick has joined the ranks of Sydney’s most exclusive suburbs. While it was once one of the eastern suburbs’ best-kept secrets, over the last year, prestige buyers have begun to cotton on to Randwick’s charms. In 2022, we sold the stunning Federation residence Wirringulla at 16 Francis Street, Randwick, for more than $9 million, setting a new suburb record. It was one of several Randwick sales that topped the $9 million mark over the last 12 months. The prestige market is moving so quickly that the suburb record we set with Wirringulla has already been reset.

The latest on the Randwick property market

It’s not just prestige buyers seeking out property in Randwick. There’s been renewed interest in Randwick across the board, and we’re fielding increased enquiries from families and investors keen to acquire property in the suburb. We meet many buyers, including young families, making the move to Randwick from areas like Paddington and Woollahra. Buying in Randwick means they can maintain their connection with Centennial Park while they upsize or upgrade into a more spacious home.

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This strong buyer demand is good news for Randwick vendors. Data from CoreLogic shows that every single house sold in Randwick in the March 2023 quarter was profitable, returning average gains of more than $1.1 million. Strong long-term price growth and robust buyer demand coupled with limited supply helped drive these substantial gains. Randwick units also recorded healthy profits, with a large proportion of all sales achieving average gains of between $352,500 and $495,000.

Real Estate Investar reports that Randwick house prices have climbed an incredible 25.71% over the last two years. According to realestate.com.au, Randwick’s median house price as of August 2023 is $3,214,500. While that’s 4.3% lower than 12 months ago, house values have been steadily climbing since May. Meanwhile, the value of Randwick units is rising again after declining from its late 2021 peak. The August median unit price was $1,057,500, up 4.65% in the four months since April.

With more than half (50.5%) of the Randwick population living in rental homes, it’s not surprising the suburb garners so much attention from property investors. With low vacancy rates (1.84%) confirming the suburb’s sought-after status with tenants, Randwick houses are currently returning yields of 2.3% and units 3.7%.

Spotlight on Govett Street

Govett Street, tucked in an exclusive pocket of Randwick North between Royal Randwick Racecourse and Centennial Park, is a picture-perfect example of why families are flocking to Randwick. Only 5 minute’s walk to 189 hectares of rolling green parkland at Centennial Park, this tree-lined street is defined by tastefully renovated Federation houses. Most residents (80%) of this tightly-held street are owner-occupiers. The average owner-occupier has lived on Govett Street for 13 years and four months. It was no surprise that both properties we sold on Govett Street in the past 12 months (47 Govett Street and 25 Govett Street) generated high levels of interest from buyers.

Contemporary Family Sanctuary 57 Govett Street has just come onto the market. Set on an oversized corner block, this sun-soaked parkside home features six bedrooms, a pool, and a double lock-up garage set opposite Govett Reserve and a mere stone’s throw from cafes, city transport and Centennial Park.

Thinking about buying or selling in Randwick? Get in touch with my team today.