Chippendale property on the rise

Quoting today's Sunday Telegraph:

Some of Sydney's inner city suburbs have outperformed many of their more affluent eastern suburbs neighbours, taking out three positions in the top 10 best-performing suburbs for the past year, Residex's survey figures show.

Chippendale, a tiny suburb wedged between Haymarket, Surry Hills and Darlington, was the second-best performing suburb in Sydney after perennial favourite Whale Beach. The median property value for homes in the inner city rose by an impressive 25.1 per cent in the 12 months to the end of March 2008. The median value of homes there is $638,500.

Nearby Waterloo, once an industrial and commercial hub, came in at the number four spot with median property values jumping 24.3 per cent to $600,000. And Surry Hills, which has performed well in recent years, continues to impress in the number seven spot after registering growth of 23 per cent to post a median property value of $919,500.

Property experts claim this strength is typical of the start of a housing cycle. But local agents say the popularity of these suburbs is due to more than just market forces.

Ivan Bresic of Bresic Whitney in Darlinghurst says Chippendale and Waterloo have been sleeper suburbs. But new, vibrant cafe strips in both suburbs and their proximity to the CBD have attracted young professionals and those priced out of more expensive Surry Hills and Paddington.

"Chippendale has always been a tier or two down from places like nearby Surry Hills and even East Redfern, but that's not so much the case any more," Bresic says.

In Surry Hills, improved infrastructure, a popular restaurant and cafe strip along Crown St and renovations, combined with stylish new homes, kept it on the property radar.

Between the CUB development, Sustainable Sydney 2030 and ever-rising petrol prices, this trend can only continue.