NSW Kensington/Randwick/Kingsford Outlook

Just curious to everyone's thoughts on the area, especially with the light rail?

Looking at purchasing a block (approx 450sqm+) but it seems there's always a developer at auctions simply pushing up the prices hard up hard (2.5 - 3m)

I was surprised that areas near the light rail stops seemed to generate such a big premium - is the new light rail supposed to be some kind of breakthrough transport for the area? On paper it sounds slow and shares the same road as main traffic.

Or has there been some kind of rezoning overhaul that everything has R3 zoning?

One example of a tiny block (250sqm) sold for almost 1.9m, I don't even know how any kind of redevelopment can be done here given the size (unless u buy next door) and yet the advertising keeps emphasising R3 zoning?

38 Houston Road, Kingsford, NSW 2032 - Property Details

Anyone with intimate knowledge of the area have any views?

 

I used to spend a lot of time in the area with friends from UNSW. it's very popular area with overseas students so much so UNSW developed new student lodges to meet the demand. I believe these areas are going to be growing steadily. light rail helps.

 

Thanks. any one else with views? I am surprised such a high demand area doesn't have more response.

 

If you believe there's high demand, then you got your answer. Speak to the agents on the ground or Council regarding zoning. I think most PCers avoid buying in Sydney now. Perhaps find a thread relating to these areas in the somersoft forum here Somersoft Property Investment Forums

 

Kingsford is definitely in the midst of heat. If you're going with an investment, small/medium sized apartments will appeal to uni students.

 

Inner East. Light rail coming (same as Inner West a few years ago). Not far from the beach or SYD airport. Centennial Park. What's not to like?

 

Lol I was one of the sticky beaks at that auction. From recollection it went for $1.8/9 mill. Bought by what looked like a Chinese (local) investor. There wasn't an OO in sight.

Yes the area is hot, just like elsewhere in Sydney. I think the light rail is a replacement for the bus system but not really a significant 'improvement'. A lot of people think the LR will be ferrying less people than the buses from a capacity perspective

I own a house in the area not far from the one in Houston Rd. Mine allows a building height of 9.5m ie 3 storeys depending on how you design the roof. There's a perception that it might increase to 4 ie 12m within cooee of the LR.

Should excite me (well, a little) but alas, am considering moving into that house so I've gone from pro development to anti development overnight

Would I buy now? Probably not. If it doesn't correct, then I reckon we're heading into a period of extended stagnation.

If you buy in now, make no mistake you're buying at the peak or close to. Caveat emptor.

 

It's a very high demand area and it has always been. I lived in the area for more than 10 years, now moved one suburb away in Maroubra.

Big uni (UNSW) that attracts a lot of overseas students (and their parents buying properties for their children). Close to the city and the beach. Lots of cafes.

A lots of apartments are being built in Kensington - on Anzac Pde. The explosion of people living here and the traffic driving me nuts lol.

 

Case in point. This sold today for $2.57m. Price guide was $1.85m. Hot enough for you?

7 Duke Street Kensington NSW 2033 - House for Sale #123836410 - realestate.com.au

 

For such a small block that home and price commanded is impressive.

 

land size has nutin to do with it.....

 

@Lacrim i used to hang out with friends in their rented house on Houston Rd. good times. sounds like you're onto good money if you develop.

These areas are only going to have more people moving in... and wasn't there news to redevelop long Bay gaol?

 

I own a semi unfortunately Doesn't mean I can't join forces with a row of neighbours to form a large site. That being said, we plan to move into it in the next year or two so for the moment am praying we don't get any undesirable unit blocks/boarding houses going up nearby.

 

If you think that was bad, this one sold too for $3.49m! I'd hazard a guess that it would've fetched under $2m merely 3 years ago.

8-8A Houston Road Kensington NSW 2033 - House for Sale #123776574 - realestate.com.au

 

Yes the redevelopment of Long Bay is on the cards...not sure when though. Watch Malabar go up (not that it hasn't already).

But that whole coastal strip from Maroubra to La Perouse will continue to gentrify. You see it every few months with more houses being renovated. Certainly Maroubra is coming into its own these days.

 

You've done well. either way you've made good money on paper.

 

Yes I was there bidding by proxy , two builders battling it out from $2.5m onwards all the way up... the area is nuts!

 

I don't know anything about Sydney - but this is exactly the issue with Melbourne trams. They're so slow and inefficient - they work as a novelty for travellers but they are lacking if you take them regularly to get to work.