I've been following the inner west market for a while and Marrickville is of particular interest, more likely owner occupancy than an IP. There has been a huge growth in prices over the past 4 years but that seems to have slowed. Would it be worth buying now or waiting for prices to potentially dip ?
House prices in Marrickville and the surrounding inner west have flat-lined, rather than declined imo. As for when to buy, if it's for your PPOR and you plan on staying put for at least 5 years, now is as good a time as any. With the heat out it's a buyers market. (speaking as a resident)
Great value area there & surrounding suburbs like Dulwich Hill - lots of future potential! I'm seeing most areas have slowed (with exception of the top end east). In some areas there has been a reversal/decline so in relative terms the areas around Marrickville have been robust.
Agree with Smasher, especially if you can add value over the next few years as this can build equity and then set you up to use that equity to purchase your next property.
Agree with the above. Marrickville houses have quite recently taken a dip, but Dulwich Hill and Marrickville apartments seem to have just flatlined for now and the right properties still selling for solid prices.
Yep, the froth has been knocked off in Marrickville and the auctions I have been to have been a bit subdued, but properties are still moving. A friend of mine sold his house recently for a bit under $2m. In the frenzy of the boom peak it would have gone for over $2m. No evidence for that, it's just my feeling. Hard to know what prices will do. The area is still undergoing rapid change - I think we are up to 8 craft breweries and they keep finding new places to open cafes. I noticed yesterday there was a new bar I hadn't even heard of. I think the constant evolution will put a bit of a floor under prices while Sydney goes through its predictable downturn.
Any updates on marrickville? I’m about to settle my apartment in three months and am a bit worried with the val. The prices have definitely taken a dip albeit a little compared to neighbouring areas ( for apartments anyway ). Even older red brick ones still achieve modest results
I haven't really been keeping an eye on local prices. There are lots of new buildings that will be coming on line later this year so there will be a supply glut and consequent price softening. That is a given. But I still think Marrickville will be fine medium term. It is not a suburb that exuberant investors piled into for no reason other than FOMO. I saw a new block going up in a lousy part of Homebush the other day and there is nothing near it of any use or interest. I bet lots of investors bought into that one. Marrickville has two train lines + the light rail at Dulwich Hill and it has become hipster central. There are more small bars and restaurants popping up all the time. On the Marrickville FaceBook page, a bloke made a post yesterday with a survey on what people wanted in a new local bar/restaurant. He's planning one and wanted to make sure as much as he could that he met the expectations of locals. It was a very clever move, I thought. Mirvac are doing a development on the corner of Marrickville and Livingston Roads. It was a redundant council owned site that used to be a hospital. The council shopped the site around and Mirvac took it. The deal was that they get to build some apartments, but also have to restore some old buildings and provide a library and community buildings. Lots of locals were up in arms about the deal, but I know that architect and I had a look at the progress of the site today and it's going to be a truly great addition to the suburb - it will be the first library I have joined since I was at school.
I totally forgot about the marrixkville page. Thanks for the reminder! Yes i bought into the Mirvac site. I was pleased when I found out metro will be getting a big mall upgrade. I’ll have to find the coffee post on Facebook!
You'll be fine with the Mirvac development. But of course prices in the development will have slipped. Mirvac build well and they engage good architects. Really good location. 10-15 minute walk to the train station. Maybe 40 cafes, bars and restaurants within a 15 minute walk. New library etc on site. I would love to have a look in your apartment when you get the keys.
Marrickville is such a big suburb, and I haven't been there in 10 odd years. Fill me in: where are the new hipsters mostly moving in/opening up craft breweries? Are they sprinkled all over, or more concentrated in certain areas, eg around M'ville Metro/Enmore end, or all along M'ville Road, or closer to Dulwich Hill, etc.?
Hi Luce, The breweries are in the industrial pockets. There are four of them near The Factory theatre. Batch is on Sydenham Road and is the biggest of the local breweries. My favourite is called Black Font. It’s tiny and was only open on Friday and Saturday afternoons. I haven’t been there for a while so I’m not sure when it opens now. It’s on the lane behind Meeks Road near Paesanella - the cheese factory. Marrickville and Illawarra Roads are where the bars are happening. Dulwich Hill hasn't taken off like I thought it would. We went out on Friday night for a friend's birthday. We walked down the road and had a drink at a small bar, walked to a Japanese restaurant (the only Japanese one amid 20 Vietnamese ones) for dinner, walked to a second bar that has live music every night, and then went to a place on the way home that makes great ice creams. That sort of night wasn't possible when we first moved to Marrickville.
Thanks Scott, that helps a lot. So it seems it's mostly the Enmore/St Peters/Sydenham end? Makes sense if it's cultural overflow from Newtown. So much has changed! I can't wait to see it all one day when I get back. Also super keen to see Chippendale now.
Cultural overflow is what is changing Marrickville, but the location of the breweries is more about the availability of shabby commercial spaces. They are in the area sort of west of Sydenham station and around the Factory Theatre. West of The station is also where music venues like Camelot and the Red Rattler are. Marrickville Bowlo (Bollinger club) is also there. I missed a great thing at the bowlo not so long ago. I was in a cafe one Saturday morning, a cafe I often go to early on a Saturday. Young Jason who was making me a coffee said sort of conspiratorially, 'Hey, you know who is playing at the bowlo this arvo? The Oils.' I knew they had been in Marrickville rehearsing before their reunion tour, but I said to Jason, 'Pffft. If word has filtered through to someone as unconnected to me about a gig like that, it’s nonsense.' I was wrong. They played that afternoon to a modest crowd of people in the know. And I wasn’t there.
I saw Midnight Oil when they played a gig here in NY last year - they are still a force to be reckoned with and as powerful as ever. Was sold out with a nice mix of expats and American fans.
Wow, bet you're spewing about that. You should have gone along hoping for nothing but a good meal and a schooner and waited to see. Next time
