Speaking with buyers who are ready to buy now but are unsure. Why? Well, they are reading headlines about interest rates, watching prices move down and wondering whether they should buy now or wait 6 months. The reality is Sydney isn’t one market. Different suburbs, property types and price points behave very differently… at the same time.
And when you look at the Inner West over the longer term, there are some pretty simple reasons why buyers continue to want to live or move here.
The Fundamentals Don't Lie
When assessing each property, I always first consider the things you can’t easily change.
Location. Transport. Street. Land. Floor plan. Access to shops, schools and amenities.
Buying in The Inner West typically ticks a lot… if not all of these boxes. You’re close to the CBD, there are strong train, bus, light rail and now Metro connections, and you’ve got established shopping strips, parks, schools, cafes and restaurants throughout the area.
But there’s also a big difference from suburb to suburb. Balmain and Rozelle have a completely different feel to Haberfield, Summer Hill or Marrickville. Even within individual suburbs, one street can perform very differently to another. And that variety is part of the appeal... people aren’t just buying a house or apartment for shelter. There are buying into a particular village, school catchment, transport link or lifestyle they want to be around for a long time. That ongoing demand is one of the reasons well-located Inner West property has historically remained so tightly held.
The Next Wave: Gentrification and Infrastructure
The Inner West has obviously changed enormously over the past 20 or 30 years, and that change is still happening.
Suburbs such as Marrickville, Sydenham and St Peters are good examples. Areas that were once heavily industrial have increasingly become residential, hospitality and creative hubs. You’ve seen new cafes, restaurants, breweries and businesses move in alongside existing communities.
There’s also the flow-on effect from neighbouring suburbs. When buyers can’t justify the price in Newtown, Stanmore or some of the more established Inner West locations, they often start looking one or two suburbs further out.
Transport improvements have also made a difference. The Sydney Metro through Sydenham and Marrickville has improved connectivity and changed the way some buyers think about these suburbs.
That doesn’t mean every property near new infrastructure is automatically a good buy. You still need to consider the street, noise, zoning, future development, the quality of the property and what you’re actually paying for it. Infrastructure can help an area, but you still have to buy the right property within it.
The Biggest Mistake Investors Make: Emotion vs. Strategy
One of the biggest mistakes buyers make is falling in love with the presentation rather than looking closely enough at the property underneath it. A nice kitchen, fresh paint and great furniture can make a property feel great at an inspection. (side note – there are interior designers whose job it is to make a place look amazing upon viewing but often the place isn’t practical to live how they’ve styled it… anyway that’s a rant for another time)/
You can’t easily change the position of the property, the block of land, the orientation, the street, the floor plan or what is being built next door.
- For an investor, the numbers need to stack up
- For an owner-occupier, there will naturally be more emotion involved… you’re buying somewhere to live after all… but you still need to know where to draw the line
That becomes particularly important at auction or when there are multiple buyers competing. Before getting into a negotiation, you should know what comparable properties have actually sold for and have a clear idea of your maximum price. Sometimes the best decision you make is buying the property. Other times it’s walking away.
Part of my role as your buyer’s agent is helping you make that decision objectively. Think about it this way – I want you to love your house now and, in the future… why? Because when people vistor and you show the place off, you say how much you love it, I hope that you mention me as someone that helped you secure the right place… and also rejecting the wrong ones
We assess comparable sales, inspect properties, complete due diligence, review the things that could impact value or resale and speak with agents regularly about properties that are on-market, pre-market and off-market.
Your Strategy for Success
There will always be commentary about whether the Sydney market is going up, down or sideways. Why? Because Aussies love to talk about property and make money out of it.
The Inner West continues to benefit from its proximity to the CBD, established infrastructure, transport and the fact that there is only a limited supply of well-located houses and smaller boutique apartment blocks.
But that doesn’t mean every property in the Inner West is amazing. There are properties I’d happily recommend to a client to avoid. That’s why your search should start with the brief and the numbers, not with whichever property happens to come up on a real estate portal that weekend.
Work out what you need, where you can realistically afford to buy and what type of property gives you the best chance of achieving your goals.
Then be patient enough to wait for the right one.
My approach has always been pretty simple: buy right, not buy now.