Though living circumstances might have changed during the pandemic, with more people avoiding inner-city areas in favour of a sea-change or tree-change, Redfern posted double-digit property market growth from October 2020 to September 2021 and remains one of the suburbs to watch in the Sydney property market.
Highlights
- Property prices in Redfern grew by 24.14 per cent despite Covid lockdown uncertainty and upheaval.
- The median house price is now at $1,800,000 for the period of October 2020 to September 2021.
- The unit market also increased to 4.71 per cent despite a lull in apartment buying activities across Sydney due to border closures.
House Price Growth
From October 2020 to September 2021, Redfern’s property market grew by 24.14 per cent, per data from Property Market Updates. Despite the lockdown gloom, market confidence remains high and resilient in this suburb, as 107 properties sold during this period within an average of 35 days on market.
House sales were mostly swift, coming in under a month for three-bedroom homes in Redfern, where the median house price now sits at $1,800,000. Without a doubt, the diversity of this suburb — with dwelling options ranging from public housing, to trendy studios, stunning warehouse conversions, and charming Victorian-era terraces — continues to have a wider appeal to buyers looking for places their buck.
The transformation of Redfern from a formerly industrial, uninviting inner city area into an inner city urban haven has been attracting more families who prefer the conveniences and amenities of city living. With pocket parks next to pre-schools or primary schools and several unique shops close to everything, Redfern has drawn a number of inquiries from young professionals with kids.
In September 2021, a gorgeous, fully transformed four-bedroom terrace house on Great Buckingham Street, one of Redfern’s highly-coveted locations, sold at $4.65 million, the highest price for the period. This elegantly updated house, with its own garden and parking space, is only 50 metres next to the heritage-listed Redfern Park and a short walk to the Our Lady of Mount Carmel Catholic School, the Sydney Boys High School, and the Inner Sydney High School.
Unit Price Growth
The unit market in Redfern remained strong and in high demand compared to the rest of Sydney, despite the lack of student renters during the border lockdowns, with buyers sensing numerous opportunities to invest. In fact, Redfern’s apartment sales grew by 4.17 per cent for the period of October 2020 to September 2021, with 181 units sold within an average of 33 days on market.
Though Redfern’s median unit price is still not back to its pre-pandemic status, buyers’ interest has been largely sustained because this suburb’s unit market is still more affordable. There’s no question that Sydney has one of the most expensive property markets in the world, but smart and keen buyers could still snap up a lovely inner city unit for less than a million in Redfern.
About Redfern
Situated just three kilometres to the south of Sydney CBD, Redfern is a solid example of an affordable, gentrifying suburb with a strong community spirit. Home to Indigenous people and a vibrant art scene, Redfern has a rich cultural heritage that thrives in the midst of its modern transformation.
Photo Credit: Google Maps
After a series of work done on its landscaping, streets, and parks, Redfern has become a child-friendly, pet-friendly, and cycling-friendly city with access to heaps of bars, cafes, and restaurants. Though the conveniences of city life and commercial developments are there, the hustle and bustle in the streets are replaced by calming, well-kept green spaces everywhere.
Redfern has an eclectic mix of residents. Apart from the Indigenous communities, generations of Italian and Greek immigrants, Russian families, young Sydney families, and single professionals have called this place their home over the years, contributing to the fabric of the suburb’s cosmopolitan lifestyle.
“Redfern is becoming an inner city suburb on the watch! With recent developments, government changes, residential and commercial growth, it’s fast becoming the new Surry Hills.”
Brendan A
” I love this area sooooooooooooooooo much. I walk home from the city at 1.30am every weekend and I am never affraid. It is so well lit and so clean and nice that no one bothers you. To me, Redfern is THE place to be in Sydney for affordability, cleanliness, and lifestyle.”
Melissa
“I had lived in George Street in Redfern since 2006, and it is perfectly positioned in arguably one of Redfern’s finest streets. It is also a short walk to Prince Alfred Park, Central Station, and the CBD. Recently, Prince Alfred Park has been fully renovated and there are a lot of more new shops, fitness centre opening in this area. I can easily drive or walk to Broadway shopping centre, Chinatown, University of Sydney, UTS, and beaches.”
Richard