Spotlight On Woollahra: A Heritage Location With The Best Of All Worlds
Leafy, historic and centrally located, Woollahra offers so much in a pocket-sized area. We’ve taken a close look at the recent spike in house prices to find out what’s driving the current sellers’ market.
Woollahra has it all. A location just 5km from the city, quick access to Sydney’s world-class beaches, quality education options for families, historic architecture and tree-lined streets.
With neighbouring suburbs like Paddington seeing steady price increases, it’s no wonder Woollahra has followed suit – especially in the last two years. Here’s a closer look at how the market has changed and what this means for buyers and sellers.
Population snapshot: Who lives in Woollahra?
Despite its relatively small size, the number of people living in Woollahra has reached just over 7,000. Most residents are couples with children working in professional areas, which makes Woollahra’s proximity to the city all the more important.
Sales price snapshot: House prices rising sharply since 2015
If you’re looking to buy a house in Woollahra, be ready to negotiate in a strong sellers’ market. According to RP Data, the median house price is currently $3 million, up from $1.9 million in 2012. The majority of this growth has occurred since the start of 2015. Before that point, we saw median prices remain relatively stable with only a gradual increase year-on-year.
If you’re focused on buying a unit, median sale prices have remained around the $1 million mark for the past year. That’s on par with nearby suburbs like Waverley, which has had units on the market for just under $1 million since the start of 2016.
Likely in response to this uptick in prices, the number of houses sold across Woollahra dropped to 99 in 2016, down from 150 in 2015. The number of units sold was also down slightly year-on-year from 102 to 95.
The benefits: Five key reasons Woollahra is so desirable
- A huge range of housing options: With its mix of established, often heritage-listed homes and new architecturally designed residences, Woollahra has something to tempt every buyer. The suburb covers the top end of the market with prestigious addresses like Wallaroy Road, along with more affordable options in terms of units, terraces and townhouses.
- A gourmet destination: Across the eastern suburbs we’re seeing a full-scale revival of the restaurant scene. Along with new cafés, delis and pubs, high-end options like Chiswick on Ocean Street and chef Justin North’s revitalised Centennial Hotel are taking back their territory and luring residents back from Westfield Bondi Junction.
- A village atmosphere: Taking up just one square kilometre, Woollahra has a compact, boutique feel that’s slightly different to what you’ll find in neighbouring suburbs. Compared with Paddington, for example, Woollahra has a lower percentage of renters and a higher percentage of houses, which contributes to its established character.
- Sought-after schools: Considering the key role of education options in homebuyers’ decisions, it’s no surprise Woollahra is so appealing to families with school-aged children. Woollahra Public and Glenmore Road Public School are both nearby along with private options such as Holy Cross Catholic and Sydney Grammar’s Edgecliff Preparatory.
- Unbeatable accessibility: Woollahra’s proximity to the city isn’t even its top selling point in terms of location. Centennial Park, the harbour foreshore and Bondi are all on the doorstep, giving residents access to everything the east has to offer.
Despite the recent increase in house prices, we’re not expecting activity in Woollahra to slow down in 2017. If this suburb is on your watch list, don’t hesitate to get in touch with our team today.