10.19.2022 Suburb Spotlight

Suburb Spotlight: Randwick

Suburb Spotlight: Randwick

There’s a lot to love about living in Randwick.

After all, it’s stone’s throw from beautiful beaches and adjacent to hectares of parkland, with world-class educational institutions and healthcare facilities, only 6km from the CBD.

With a range of great schools, one of Australia’s leading universities, three major public hospitals, hectares of parkland, Randwick has a lot to offer. Never mind, that it’s also only 6km from the CBD and less than 2km to the beach.

We explore why demand for Randwick has surged over the past decade and look at reasons you should consider calling the suburb home.

Population snapshot: who lives in Randwick?

According to the 2021 Census, 28,943 people live in Randwick. Women comprise 52.9% of the Randwick population, while men make up 47.1%. The median age of a Randwick resident is 36. The average Randwick household consists of 2.2 people living in a home with 2.4 bedrooms and 1.2 cars.

Randwick property market snapshot

There’s probably a property style to suit any and every buyer in Randwick. This includes grand Victorian mansions that used to line every street (and still set suburb price records), Federation semis, Californian Bungalows, Art Deco and 1970s apartments, student studios and brand-new modern family townhouses.

In October 2022, Randwick’s median house price sits at $3,200,000, according to realestate.com.au, while the median unit price $1,115,000. Randwick house prices have remained static over the last year, but in the four years prior gained around a million dollars. According to realestateinvestar.com.au, they experienced 30.95% growth over the past two years alone.

Units values, however, have grown by 1.4% over the last year. The suburb is a mecca for apartment dwellers, with 68.3% of Randwick homes consisting of units. Townhouses, semis and terraces make up 16% of the area’s homes, while freestanding houses account for 13.8% of the neighbourhood’s dwellings.

Investor focus

As a suburb, Randwick attracts a high proportion of renters (50.5%), and a 2021 report by realestate.com.au showed that Randwick was the fourth most popular suburb for renters seeking units in NSW. Randwick houses are delivering a 2.0% rental yield, while units are returning 3.0%. Vacancy rates sit at a low 1.91%.

Randwick City Council recently made headlines by voting to investigate short term holiday rentals and look at the responses of other councils where “short-term letting is exacerbating housing shortages and affordability”. The move came after (rents rose risen 10% over the past year).

Five reasons the locals love Randwick

1 .The ideal location and lifestyle

Locals know that living in Randwick means the best of many worlds. Fancy a dip in the sea? Coogee and Clovelly beaches are less than 10 minutes’ drive away. From some parts of Randwick you can even walk to the beach. Perfect day for a picnic? Spend the day exploring the 189 hectares of rolling green parkland on your doorstep at Centennial Park. Looking for a glamorous day out? Royal Randwick Racecourse is Australia’s oldest key horseracing venue. Work in the city? Commuting is a breeze when the CBD is only 6km away. Flying for business or pleasure? Get to Sydney Airport in only 20 minutes. And within Randwick itself, you’ll find several shopping centres, a heritage-listed art deco cinema, one of Australia’s leading universities, three major public hospitals including specialist women’s and children’s hospitals, eclectic boutiques, and an abundance of restaurants, cafes, and bars. Randwick really does have it all.

2. It’s well-connected

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Situated only 6km southeast of the Sydney CBD, Randwick’s location has always been convenient, but for many years buses were the only public transport option for locals wanting to travel into the city. That changed in late 2019 when the Randwick Line of the Sydney Light Rail Network opened. Today Randwick residents can journey to Circular Quay via light rail in 30 minutes, with stops at Royal Randwick Racecourse, the University of New South Wales, Moore Park, Surry Hills, Haymarket, Chinatown, Town Hall, QVB and Wynyard along the way. Buses continue to ferry Randwick locals to Bondi Junction, Coogee, Eastgardens, Maroubra and Sydney Airport.

Another way Randwick locals like to get around is via bicycle. The suburb is well-serviced by both on and off-road cycle routes, linking local destinations like Centennial Park and UNSW, as well as strategic cycleways connecting Randwick to the CBD, airport and beyond. The state government announced a planned cycleway corridor extension from Randwick to Coogee in April 2022.

3. World-class health care for the whole community

Randwick residents have long been served by the Prince of Wales Hospital, the Royal Hospital for Women and the Sydney Children’s Hospital at the Randwick Hospitals’ Campus. Now the site is undergoing major redevelopment to create the Randwick Health and Innovation Precinct. Works include the creation of a state-of-the-art paediatric health care facility, incorporating the Sydney Children’s Hospital and the new Minderoo Children’s Comprehensive Cancer Centre. The construction of a new acute services building for the Prince of Wales Hospital and the development of the UNSW Health Translation Hub, a health education, training and research facility, are also in the works.

4. University life

The University of NSW campus sits along the Randwick / Kensington border, and its presence lends the surrounding neighbourhood a dynamic atmosphere. One of Australia’s leading research and teaching universities, the UNSW campus features lawns, sporting fields, libraries, eateries, the NIDA theatres, a bar and a fitness and aquatic centre open to the public. The University even offers on-campus events and activities throughout the year for primary and secondary schools and students.

5. Family-friendly culture

Given its proximity to the open green parklands of Centennial Park, stunning beaches and the city, it’s no surprise to find that Randwick is popular with families. Parents are drawn to the suburb’s many excellent schools. When it comes to primary schools, Randwick is home to two state schools (Randwick Public School and Rainbow Street Public School), an Anglican school (Claremont College), two Catholic schools (Our Lady of the Sacred Heart and St Margaret Mary’s), and an independent boys’ school (Coogee Boys’ Preparatory School). Randwick high schools include the public schools Randwick Boys’ and Randwick Girls’ High Schools and Catholic schools Brigidine College for girls and Marcellin College for boys. Emanuel School is a Jewish school catering for preschool through to year 12, and selective high schools Sydney Boys and Sydney Girls High Schools are a short commute away in Moore Park and Surry Hills.

16 Frances Street, Randwick is currently on the market. Occupying a wonderfully private 772sqm parcel, ‘Wirringulla’ is a five bedroom federation home that affords a lifestyle of rare elegance, grandeur and effortless convenience, a stone’s throw from the park.

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