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Is Erskineville Inner Sydney's last remaining affordable residential enclave?

The Property Addict / Distinct Dwellings

Oct 31 2016

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As demand for homes in Sydney's Inner West continues to outstrip supply and auction clearing rates achieve record levels, a new South Sydney Market Update by CBRE has revealed off-the-plan apartment prices in inner city Sydney suburbs such as Surry Hills have just hit a record $19,000 - $20,000 per square metre " equal to $1M for a 50sqm apartment.   However, some experts predict that average prices may decline with South Sydney's remaining commercial and industrial sites transitioning to residential apartment buildings within the next 2-3 years. So how do prospective homeowners decide where best to purchase next?   CBRE's report also reveals formerly unfashionable suburbs like Redfern, Green Square and Camperdown are now selling for $14,000 - $16,000 per square metre. That leaves just one sleeper suburb in Sydney's inner west " Erskineville " now emerging as the next up and coming residential enclave to capture buyers' imaginations.   Bordering Newtown (where there are no new apartment buildings and auction clearance rates continue to hit record highs), historic Erskineville's charming village atmosphere is home to three high quality new developments " Eve, Erko and One A.   Eve and Erko are now completed and sold out, achieving record high prices for the area at the time. One A, by listed property trust, Abacus Property Group, in partnership with boutique residential developer, Linear Group, is currently under construction with 140 of the 175 apartments already sold off-the-plan at a relatively modest average price of $13,300 per square metre.   This means a 2-bed, 2-bath apartment with car space at One A costs $1.04M on average, compared to similar properties in Surry Hills ($1.94M), Camperdown ($1.33M), Waterloo ($1.24M) and Green Square ($1.17M).   For buyers priced out of the house market in suburbs like Surry Hills or who regularly lose out at auctions, One A represents a great buying opportunity in a heated market " and located in a suburb that is, by all measures, a hidden gem.   Designed by KannFinch in association with rising star architect, Toby Breakspear, with interiors by BKH, a range of new apartment designs is currently being introduced by CBRE to buyers. These include large, sunny North-East facing 2-bedroom apartments and generously-sized terrace houses, all redesigned to meet the demands of an increasingly sophisticated owner-occupier market.   The development is also part of the suburb's last remaining industrial precinct Ashmore Estate - City of Sydney's Master Plan to transform Erskineville's industrial buildings into an exclusive residential estate which features a network of green pedestrian and cycle paths, a large new beautifully landscaped precinct park, retail shops and wide, tree-lined streets.   An easy stroll from verdant Sydney Park, Newtown's King Street, the attractive Erskineville village and a railway  station that's only two stops from the CBD, Ashmore Estate's convenience and desirability may soon push prices to the astonishing levels witnessed in other formerly unfashionable inner-city suburbs.   All Ashmore Estate's residential developments have been subject to design competitions, resulting in low-rise apartment buildings and terrace houses that feature superb design excellence.   One A's display suite is located at 93 McDonald Street Erskineville and open Saturday-Sunday 1-4pm.



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