The inner west draws buyers because of its attractive houses in vibrant neighbourhoods, but also because it’s so centrally located.
Its suburbs are close to train, tram and bus lines, which have made it even more appealing as Sydney’s traffic increases.
Consider that when the Dulwich Hill – Lilyfield light rail extension was announced in 2010, the median house price was $820,000, as per REA Group.
By the time it was running in 2014, the median price jumped to $1.1m. It’s now closer to $1.5m, says REA Group.
The challenge with suburbs like Dulwich Hill, Lilyfield or Leichhardt, however, is competition. A short supply of homes, especially in winter, will likely keep prices up and certainly much higher than $1.5m in some instances.
Competition is no less in Marrickville, but prices are slightly lower at $1.2m for two bedroom houses and $1.4m for three bedders, says REA Group.
Inner West auctions week to July 16
Number of auctions 55
Clearance rate 67%
By comparison 84 auctions in North Sydney/Hornsby (77% clearance rate).
84 auctions in the Inner South West (69% clearance rate).
Auction figures from CoreLogic RP Data.